Senate Enrolled Act 148 Summary

• Allows retired public employees' retirement fund members to rejoin the defined contribution plan for reemployment beginning more than 30 days after retirement, if the state or political subdivision adopts an election to permit this.

• Permits individuals who are members of both the retirement fund and defined contribution plan to purchase service credit in the fund using their vested defined contribution plan account balance, subject to actuarial calculations and a 10-year vesting requirement.

• Clarifies that employees who separate from employment and return to the same political subdivision cannot make a second election regarding fund or plan membership if they previously had the opportunity to elect.

• Establishes that individuals who do not elect fund membership must automatically become defined contribution plan members under employer ordinances or resolutions adopted by political subdivisions.

• Directs the legislative interim study committee on pension management to examine whether the defined contribution plan should be the default option for new state employees eligible for retirement fund membership, with findings due by November 1, 2016.