HB330 Summary

• Establishes an optional 25-year superannuation retirement benefit for employees who commence membership in Jefferson County's General Retirement System on or after October 1, 2022, allowing retirement after 25 years of paid service regardless of age.

• Requires members electing the 25-year benefit to contribute an additional 8 percent of compensation beyond the standard 6 percent employee contribution, with all additional contributions being the member's obligation rather than the county's.

• Maintains the employer contribution at 6 percent of compensation for members choosing the optional benefit and allows members to terminate contributions after attaining 25 years of paid membership time, at which point employer contributions also cease.

• Authorizes the pension board to establish rules, procedures, and forms to implement the 25-year superannuation benefit and calculates the benefit at 2.5 percent multiplied by basic average salary multiplied by years of paid membership time.

• Applies only to individuals commencing membership after October 1, 2022, and becomes effective on that date.