H.B. 628 Summary

• Caps maximum annual retirement allowances for employees who become ERS members after December 31, 2019, at 75% of the governor's annual salary as last recommended by the executive salary commission at time of retirement.

• Applies the salary cap to service retirement, ordinary disability retirement, and service-connected disability retirement allowances for contributory, non-contributory, and hybrid plan members.

• Exempts existing members (those who became members before January 1, 2020) from the new salary cap limit.

• Effective upon approval with no retroactive application to rights, duties, and proceedings that matured before the bill's effective date.