House Bill 400 Summary

• Amends Section 59-1346 of Idaho Code regarding computation of early retirement allowances for Public Employee Retirement System members.

• Revises early retirement benefit reduction rates: reduces from two-thirds of one percent (.6667%) to .6042% (effective October 1, 1992), .5417% (effective October 1, 1993), and .4792% (effective October 1, 1994) per additional month of early retirement.

• Establishes a tiered schedule requiring members to meet minimum combined credited service and age thresholds (ranging from 80 to 90) based on their service retirement ratio to receive full early retirement benefits.

• Adds provisions for members with multiple separate employment periods, establishing a minimum accrued retirement allowance equal to the largest benefit calculated at each period's final contribution date, with service credit bridging adjustments applied.

• Clarifies that initial early retirement benefits cannot exceed the member's accrued benefit as of May 1, 1990, or 100% of average compensation for the three highest consecutive compensation years, whichever is greater.