HB308 Summary

• Allows Tier II plan members of the Employees' Retirement System to retire with 30 years of creditable service without reduction in retirement allowance, with benefits reduced by 2% for each year under age 62.

• Eliminates the ability of Tier II plan members to convert unused accrued sick leave into membership service credit for retirement eligibility purposes.

• Increases employee contribution rates for Tier II plan members to 6.5% of earnable compensation effective October 1, 2022, with varying rates for state police and correctional/law enforcement officers.

• Establishes hazardous duty time credit for firefighters, law enforcement officers, and correctional officers, awarding one year of credit for every five years of service upon meeting contribution requirements.

• Prohibits future increases to the Tier II retirement age above 62 without a two-thirds vote of both houses of the Legislature.