H.B. 1070 Summary

• Extends the benefit finalization period for members retiring on December 31 from six to seven calendar months, while maintaining the six-month period for members retiring on the first day of the month.

• Modifies interest payment provisions for late benefit finalizations, with interest accrual beginning in the seventh month (for December 31 retirements) or sixth month (for first-day-of-month retirements) following retirement.

• Extends the deadline for employers to pay additional pension contributions under Section 88-100 from a lump sum in one fiscal year to within two fiscal years following retirement, with provisions for three-year installment payments under certain circumstances.

• Authorizes the board of trustees to delegate disability retirement approvals and service-connected death benefit determinations to entities other than the medical board, while maintaining the board of trustees' final approval authority.

• Allows retirement to be effective on the first or last day of December for disability and death benefit cases, in addition to the first day of other months.

• Takes effect July 1, 2050.