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ID H0429
Bill
Status
3/12/2024
Primary Sponsor
Commerce and Human Resources Committee
Click for details
AI Summary
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Allows active or inactive vested members of the Public Employee Retirement System to purchase up to 48 months of membership service within 90 days prior to their retirement date.
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Members must pay the full actuarial cost of purchased service as determined by the retirement board, with payment required in full before any service credit is awarded.
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The retirement board may offer payment options including periodic payments, and employers may voluntarily contribute to the cost at their discretion.
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Caps the total aggregate purchase at 48 months of membership service per member.
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Effective date is July 1, 2024, with an emergency clause declared.
Legislative Description
Amends existing law to provide that a purchase of membership service shall be made within 90 days prior to the date of retirement.
PERSI
Last Action
Reported Signed by Governor on March 11, 2024 Session Law Chapter 18 Effective: 07/01/2024
3/12/2024