H.B. 927 Summary

• Increases minimum years of creditable service required for members hired on or after August 1, 2011, to qualify for retirement benefits (e.g., 10 years instead of 5 for general members, 10 years instead of 5 for law enforcement officers at age 55)

• Raises the earliest retirement age from 50 to 65 years for non-law enforcement members hired after August 1, 2011, while maintaining age 50 eligibility for law enforcement officers with 15+ years of service

• Extends the application deadline for submitting retirement requests from 90 days to 120 days after filing with the Board of Trustees

• Creates four new misdemeanor offenses (Class 1) for fraudulently receiving a deceased retiree's retirement allowance more than two months after the retiree's death without attempting to notify the retirement system

• Amends the special separation allowance for law enforcement officers hired after August 1, 2011, to require 10 years of continuous service instead of 5 years to qualify for benefits