SB 871 Summary

• Changes final compensation calculation for state employees hired on or after November 10, 2010, from State Bargaining Units 6, 7, 9, and excluded/legislative/judicial/CSU employees from 12-month to 36-month average period.

• Modifies retirement formulas for state miscellaneous members hired on or after November 10, 2010, from "2% at 55" to "2% at 60" (unless superseded by existing memorandum of understanding).

• Establishes "2.5% at 55" retirement formula for peace officer/firefighter members in State Bargaining Units 6 and 7, and state/legislative/judicial/CSU peace officers hired on or after November 10, 2010.

• Changes safety member retirement formula from "2.5% at 55" to "2% at 55" for those first employed by the state and CSU on or after November 10, 2010.

• Takes effect immediately as an urgency statute.