House Bill 554 Summary

• Amends Section 59-1302 of Idaho Code to define terms, revise definitions, and make technical corrections related to the Public Employee Retirement System.

• Adds definition of "Early retirement" as retirement by a member prior to age 60 years for police officer members or age 65 years for general members.

• Adds definition of "Service retirement" as retirement by a member at or after age 60 years for police officer members or at or after age 65 years for general members.

• Provides technical corrections and clarifications to existing retirement system definitions including "Alternate payee," "Approved domestic retirement order," "Base period," and "Segregated account."

• Effective date: July 1, 2022, with an emergency declaration allowing immediate implementation.