Loading chat...
AR SB234
Bill
Status
1/27/2021
Primary Sponsor
Jason Rapert
Click for details
AI Summary
-
Increases minimum years of service requirement from 5 to 10 years for disability retirement eligibility and vested benefits under both Tier I and Tier II of the State Police Retirement System
-
Reduces maximum service years for early retirement from 30 to 25 years for voluntary retirement without age requirement under both Tier I and Tier II plans
-
Increases pension benefit multipliers: Tier I noncontributory members from 1.55% to 1.86% and Tier II members from 2.475% to 2.97% of final average compensation per year of service
-
Converts noncontributory members to contributory members effective July 1, 2022, requiring phased employee salary contributions of 1% (2022), 2% (2023), and 3% (2024 and ongoing)
-
Exempts members who were already contributory before July 1, 2022, from the new contribution requirements
Legislative Description
To Amend The Law Concerning Retirement Eligibility, Noncontributory Members, Member Contributions, And The Benefit Multiplier Under The State Police Retirement System.
Last Action
Sine Die adjournment
10/15/2021