CT HB07276

Creates "MERS 2.0" as a new benefit tier within Connecticut's Municipal Employees Retirement System, applicable to new members starting July 1, 2027 for participating municipalities or July 1, 2026 for non-participating municipalities

Establishes retirement eligibility at 30 years of aggregate service or age 65 with 5 years continuous service for general employees; public safety employees may retire after 25 years of service or at age 55 with 5 years continuous service

Sets employee contribution rates at 5% of base pay for general members and 8% for public safety employees, with retirement benefits calculated at 1.8% of average annual pay per year of service (2.2% for public safety)

Requires the Connecticut Municipal Employees Retirement Commission to create a defined contribution plan by July 1, 2026, with all members contributing 0.25% of pay plus additional contributions on overtime pay

Authorizes the Commission to establish an alternative annuity plan for municipalities not currently participating in the retirement system, with the State Comptroller serving as administrator