SB1307 Summary

• Extends alternative retirement annuity provisions under the State Employees' Retirement System (SERS) to Tier 2 State highway maintenance workers.

• Allows Tier 2 State highway maintenance workers to convert up to 8 years of service credit established before the bill's effective date into eligible creditable service upon application and payment of a specified contribution.

• Excludes any benefit increases resulting from this bill from the definition of "new benefit increase" for purposes of sunset and funding requirements under Section 14-152.1.