Senate Bill 3083 Summary

• Limits paid leave used in calculating average compensation for retirement benefits to 30 days, except for leave earned under federal regulations before July 1, 1976.

• Provides surviving spouses of deceased members with benefits equal to the higher of 20% of average compensation or Option 2 benefits, and allows spouses previously penalized for remarriage to receive increased benefits effective July 1, 2010.

• Allows retired members who continue in municipal or county elected office to do so only if it does not result in prohibited in-service distributions, requiring the municipality or county to pay employer contributions on the full compensation for that office.

• Expands eligible rating agencies for corporate and taxable municipal bond investments to include any SEC-designated Nationally Recognized Statistical Rating Organization, and modifies how regular interest is annually credited to member accounts.

• Permits members and beneficiaries of the Public Employees' Retirement System, Supplemental Legislative Retirement Plan, Highway Safety Patrol Retirement System, and municipal retirement systems to waive all or any portion of their benefits.