Senate Bill 1132 Summary

• Changes vesting language in Section 64 of the State Employees' Retirement Act from "shall vest" to "vests" for employer contributions to Tier 2.

• Maintains existing vesting schedule for regular qualified participants: 50% after 2 years of service, 75% after 3 years, and 100% after 4 years of service.

• Creates accelerated vesting schedule for qualified participants appointed after December 31, 2014 to unclassified state civil service positions or appointed legislative positions: 50% immediate vesting, 75% after 1 year, and 100% after 2 years of service.

• Establishes health insurance coverage eligibility requirements for Tier 2 participants, including provisions for those with 10 years of service hired before January 1, 2012, and for former Tier 1 members who elected to participate in Tier 2.