HB1166 Summary: Pension Fund Solvency Act of 2013

• Increases retirement age thresholds for "Tier I participants" (public employees who joined before January 1, 2011) based on their age at the bill's effective date, with increases ranging from 1 to 5 years depending on the participant's age cohort.

• Modifies eligibility requirements across multiple pension systems (Articles 2, 14, 15, and 16) by raising the ages at which participants can claim retirement annuities, with specific age increases tied to when participants initially entered the system.

• Creates four Tier I participant age cohorts with graduated phase-in periods: those 45+ retain current ages, those 40-44 see 1-year increases, those 35-39 see 3-year increases, and those under 35 see 5-year increases.

• Applies changes to various retirement formulas and service credit requirements, affecting when employees can access "Rule of 85" provisions and alternative retirement annuities in police and firefighter pension plans.

• Exempts the state from reimbursing local governments for costs of implementing these pension changes under the State Mandates Act.