DE SB95

Establishes a 20-year retirement eligibility option for correction officers and specified peace officers who have 20 years of credited service as a correction officer or specified peace officer, regardless of age.

Increases the pension multiplier for correction officers and specified peace officers to 2.5% of final average compensation for the first 20 years of service after January 1, 2018, and 3.5% for years of service beyond 20 years.

Raises the employee contribution rate for correction officers and specified peace officers to a uniform 7% of annual compensation in excess of $6,000 (increased from 5%).

Maintains existing multiplier rates of 1.85% to 2.45% for service prior to January 1, 2018.

Becomes effective January 1, 2018 for pension calculation and contribution provisions, and January 1, 2020 for eligibility provisions, contingent upon Board of Pension Trustees receiving a favorable legal opinion regarding qualified status of the plan.