House Enrolled Act 1127 Summary

• Allows fund members of the 1977 fund (sheriff's pension fund) who complete service after June 30, 2010 to purchase service credit for prior service in five specified public retirement funds
• Requires purchasing members to have at least one year of creditable service in the 1977 fund and not be vested in the public retirement fund from which they are purchasing service credit
• Contributions for service credit purchases are calculated based on a first class patrolman/firefighter's salary, an age-based actuarial rate, and the number of years of service credit being purchased, plus accrued interest
• Allows members to reduce required contributions through trustee-to-trustee transfers from their existing public retirement fund accounts or through employer contributions
• Requires members to accumulate at least 20 years of service in the 1977 fund before receiving retirement benefits for purchased service credit, with a maximum of 32 total years of service