HB 2410 Summary

• Reduces the minimum credited service requirement for Tier 2 members (those joining after June 30, 2012) to achieve vested benefit status from 10 years to 5 years, matching Tier 1 members' requirements.

• Applies to members in service as of July 1, 2025, or who return to service/become members after June 30, 2025, for retirement allowance eligibility purposes.

• Extends the same 5-year vesting requirement to Class H members (judges and certain public officials) who meet the same timeframe criteria.

• Actuarial analysis indicates the change will extend the full funding period by approximately 4 months and will not require increased contribution rates.

• Appropriates $9.8 million from general revenues for fiscal year 2024-2025 for Employees' Retirement System investments.