SB3482 Summary

• Eliminates the requirement for state employees to pay an additional amount equal to the employer's normal cost of benefits plus interest when purchasing service credit for up to 4 years of active military service under Section 14-104(j).

• Specifies that the change applies only to credit purchased on or after the bill's effective date and does not entitle anyone to refunds of contributions or interest already paid.

• Removes the military service credit provision from the definition of "new benefit increase" in Section 14-152.1, exempting it from the 5-year expiration requirement for new pension benefits.

• Maintains existing provisions regarding interest calculations, which are computed from the employee's membership date or November 19, 1991 (whichever is later) to the payment date.

• Takes effect immediately upon becoming law.