HB 5471 Summary

• Eliminates cost-sharing requirement for unfunded actuarial accrued liability (UAAL) contributions for members who became members on or after February 1, 2018, making these contributions employer-paid only rather than 50/50 split between employer and employee.

• Removes provisions allowing employee contributions for UAAL to be treated as picked-up contributions under the Internal Revenue Code, simplifying the contribution structure for newer members.

• Deletes automatic retirement age increase provisions that would have raised the regular retirement age for Tier 2 members based on mortality experience studies showing increased life expectancy.

• Clarifies language regarding service credit eligibility for retirement and removes redundant language about "regular retirement age" requirements for members aged 60 or older with 10+ years of service.

• Makes technical corrections to statutory language, including replacing "is" with "are" for proper grammar and changing prepositions for consistency throughout the affected sections.