Senate Bill 600 Summary

• Grants up to six years of service credit in the Teachers' Retirement Fund (TRF) for members' past active duty military service, with service credit usable only for benefits paid after June 30, 2013 (or June 30, 2011 for World War II veterans).

• Grants up to six years of service credit in the 1977 police officers' and firefighters' pension and disability fund for active duty military service, with the same effective dates for benefit computation as the TRF.

• Requires eligible members to have at least ten years of in-state service credit (for TRF) or one year of credited service (for 1977 fund), receive an honorable discharge, and not be entitled to benefits from another military or governmental retirement system for the same service.

• Allows members to purchase up to two additional years of service credit by making contributions equal to the actuarial present value of the benefit, with options for lump sum or periodic payments.

• Becomes effective July 1, 2011, and applies to members regardless of retirement date.