HB3303 Summary

• Freezes service credit accrual for all active participants in the 5 State-funded retirement systems (Articles 2, 14, 15, 16, 18) effective immediately upon passage.

• Caps pensionable salary of active participants at their salary level as of the bill's effective date with no increases permitted.

• Eliminates automatic cost-of-living increases in retirement annuities for all annuitants going forward.

• Increases retirement age eligibility: new hires must reach Social Security Normal Retirement Age; existing participants unable to retire must wait until age 59 or later per an administrative schedule.

• Establishes self-directed retirement plans (401(k)-style) for current and future employees with 3-8% employee contributions and matching 3-7% employer contributions, and changes State funding from 90% to 100% funding goal using level dollar amortization through fiscal year 2045.