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AR HB1343
Bill
Status
3/23/2021
Primary Sponsor
Les Warren
Click for details
AI Summary
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Increases employer contributions to the State Police Retirement System from 22% to 26% of active member payroll.
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Reduces service requirements for retirement eligibility from 30 years to 28 years of actual service across Tier I and Tier Two benefit plans.
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Increases the benefit multiplier for Tier I members from 1.55% to 1.66% of final average compensation per year of service.
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Increases the benefit multiplier for Tier Two members from 2.475% to 2.65% of final average compensation per year of service.
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Allows both active and retired members enrolled in Tier I benefits to serve on the Board of Trustees of the State Police Retirement System, and permits state police officers with 28+ years of service to participate in deferred retirement option plans with board approval.
Legislative Description
Concerning Voluntary Retirement, Deferred Retirement, Employer Contributions, The Benefit Multiplier, The Election To Participate, The Board Of Trustees Of The State Police Retirement System, And System Costs.
Last Action
Notification that HB1343 is now Act 415
3/23/2021