SB 1054 Summary

• Amends the Corrections Officer Retirement Plan by adding "plan year" or "fiscal year" definition as the period from July 1 through June 30.

• Allows members and beneficiaries to make direct rollovers of eligible rollover distributions to Roth individual retirement accounts and allows nonspouse designated beneficiaries to rollover distributions to inherited individual retirement accounts.

• Modifies section 38-906 regarding health insurance benefits for retired members by clarifying that forfeitures of member interest in health benefit accounts reduce future employer contributions.

• Updates military service credit provisions to comply with Internal Revenue Code section 414(u), including allowing credited service during qualified military service and providing survivor benefits if a member dies while performing qualified military service.

• Makes technical corrections changing "upon notification" to "on notification" and replacing "per cent" with "percent" throughout the statute.