DE HB429

Amends pension calculation for Correction Officers effective January 1, 2017, establishing a uniform multiplier of 2.5% of final average compensation multiplied by years of credited service after January 1, 2017, replacing the previous tiered structure of 1.85%, 2.0%, or 2.45%.

Eliminates the previous provision that Correction Officers received an additional 2.45% multiplier for years of service above 25 years.

Establishes a uniform employee contribution rate of 7% of annual compensation (in excess of $6,000) for all Correction Officers effective January 1, 2017, consolidating previous rates of 5% and 7%.

Intended to modernize pension benefits, offset increased costs, and improve recruitment and retention of qualified Correction Officers.