IN HB1148

Reduces the years of participation required to reach normal retirement age in the public employees' defined contribution plan from 10 years to 5 years, while maintaining the minimum age requirement of 62

Adds a new requirement that members must not perform any service in a fund-covered position for at least 30 days after terminating service before becoming entitled to withdraw vested account amounts

Allows members to withdraw vested account amounts as a lump sum, direct rollover to another eligible retirement plan, or monthly annuity (if at normal retirement age)

Effective date is July 1, 2013