HB0421 Summary

• Requires the General Assembly Retirement System to establish a self-directed retirement plan for active participants effective upon passage of the bill.

• Changes State funding goal from 90% to 100% of total actuarial liabilities by fiscal year 2045, using level dollar contributions and projected unit credit actuarial cost method.

• Freezes pensionable salary of active participants at the level as of the bill's effective date, preventing salary increases from affecting retirement benefits.

• Prohibits automatic increases in retirement annuities for current annuitants unless the System reaches 100% funding of actuarial liabilities.

• Increases retirement ages for active participants ineligible to retire under a schedule developed by the Public Pension Division, with new participants required to reach Social Security Normal Retirement Age and current participants required to reach age 59 minimum.