HB134 Summary

• Allows Tier II plan members of the Teachers' Retirement System to retire with 30 years of creditable service, with benefits reduced by 2% for each year before age 62.

• Increases member contribution rates for Tier II plan members effective October 1, 2022, from 6.5% to 6.5% of earnable compensation (7.5% for correctional officers, firefighters, and law enforcement officers).

• Modifies eligibility requirements for disability retirement for Tier II plan members to include those who have completed 30 years of creditable service.

• Requires a two-thirds vote of the elected membership of each house of the Legislature to increase the retirement age for Tier II plan members above age 62.

• Becomes effective immediately upon passage and approval by the Governor.