HB3519 Summary

• Allows Department of Corrections and Department of Juvenile Justice security employees under Tier 2 to receive alternative retirement annuity with 20 years of service and age 55 (instead of age 60).

• Changes Tier 2 retirement eligibility under Articles 7, 8, 9, 14, and 15 to age 60 with 20 years of service or age 67 with 10 years of service.

• Reduces final average salary calculation period from 96 months to 60 months of highest earnings within the last 120 months.

• Changes automatic annual retirement annuity increases from the lesser to the greater of 3% or one-half annual unadjusted consumer price index-u increase.

• Makes amendments retroactive to January 1, 2011 regardless of active service status; requires implementation without state reimbursement under State Mandates Act.