HB5449 Summary

• Allows Tier 2 security employees of Department of Human Services, Department of Corrections, Department of Juvenile Justice, and investigators for the Department of the Lottery to receive alternative retirement annuity with 20 years of service credit and age 55, regardless of whether they are still employed.

• Permits Department of Human Services security employees to convert up to 13 years of prior service credit into eligible creditable service by paying the difference in contributions plus interest.

• Removes the bachelor's or advanced degree requirement for Department of Juvenile Justice employees to earn eligible creditable service under alternative retirement annuity provisions, effective with the first pay period after enactment.

• Allows Department of Juvenile Justice employees to convert prior service credit earned in rehabilitative, supervisory, or training roles into eligible creditable service by paying contribution differences plus interest.

• Excludes benefit increases from this Act from the definition of "new benefit increase," preventing automatic 5-year expiration; effective January 1, 2025.