HB1142 Summary

• Increases retirement eligibility ages for employees who become Employees' Retirement System (ERS) members after June 30, 2012, raising the standard retirement age from 55 to 60 and from 62 to 65 for class H members.

• Maintains existing retirement benefits for members who became members before July 1, 2012, with no changes to their eligibility requirements or benefit calculations.

• Establishes separate retirement formulas for new members (after 6/30/12) including adjusted age reduction factors and special provisions for judges, elective officers, and legislative officers.

• Adds emergency medical technician as a category eligible for unreduced retirement benefits if they have 25 years of credited service with the last 5 years in that capacity and attain age 55 (for new members).

• Effective date July 1, 2011, creating a bifurcated retirement system based on membership date with higher retirement ages for newly hired employees.