SB 1049 Summary

• Uniformed highway patrol members hired on or after January 1, 2011 must retire no later than age 62, whereas previously they could retire at age 55 with 4 years of service.

• State employees hired on or after January 1, 2011 must reach age 62 with 5 years of service (or age 62 with 3 biennial assemblies for legislators, or age 62 with 4 years for statewide elected officials) to be eligible for normal retirement.

• New employees and judges hired on or after January 1, 2011 are required to contribute 5 percent of compensation to the retirement system, with contributions picked up by the employer and credited at 4 percent annual interest.

• Judges hired on or after January 1, 2011 are ineligible for reduced retirement benefits and cost-of-living increases previously available to judges hired before that date.

• Retired judges who are rehired on or after January 1, 2011 in executive or legislative branch positions (requiring at least 1,040 hours annually) lose retirement benefits for any month in which they are employed.