H.B. 378 Summary

• Establishes a deferred retirement option program for police officers who have reached the service requirements for retirement, allowing them to continue working beyond their retirement eligibility date.

• Police officers enrolled in the deferred retirement option program must enroll within twelve months of becoming eligible for normal retirement and may participate for a maximum of 120 months as long as total tenure does not exceed 35 years.

• Service and benefit levels are locked as of the enrollment date; pension payments are deposited monthly to a deferred retirement option account and paid upon program termination; participants do not contribute to the retirement system.

• Participants receive healthcare benefits as retirees, accrue vacation and sick leave (with vacation leave paid into their account upon termination), and are deemed retirees of the pension fund who cannot earn additional service credit or receive disability benefits.

• Program enrollment ceases if a participant is unable to work as an active police officer for longer than twenty working days (excluding vacation), and participants are ineligible for deferred compensation.