HB 1011 - Retirement Technical Corrections Act of 2016

• Modifies firefighter and rescue squad worker pension eligibility to allow workers age 35 and older to purchase retroactive service credit through lump sum payments based on actuarial valuation.

• Changes military service credit requirements from "honorably discharged" to "not dishonorably discharged" and allows members with 10+ years of service to receive credit for military service not creditable under other government retirement systems.

• Allows members to make one-time, irrevocable elections to transfer eligible accumulated contributions from supplemental retirement plans to the Teachers' and State Employees' Retirement System or Local Governmental Employees' Retirement System in exchange for a special retirement allowance.

• Clarifies that leaves of absence for educational purposes (up to 6 years for teachers and state employees, 4 years for local government employees) qualify for creditable service purchase if the member is enrolled in a full-time degree program.

• Modifies contribution collection procedures to allow one-time exceptions for late employer contributions due to exigent circumstances and specifies that contributions to deferred compensation accounts must be in U.S. Dollars rather than cash.