HB2582 Summary

• Changes the calculation of "average final salary" for public employee pension benefits from an annual to a monthly basis

• Increases the consecutive period used for calculating average final salary from 52 pay periods to 520 paid days of service

• Changes the divisor in the average final salary calculation from 2 to 24

• Adds administrative rule language specifying how partial work days and corresponding salary fractions are counted in the calculation

• Takes effect immediately upon becoming law