Senate Bill 276: Retirement Administrative Changes Act of 2021

• Authorizes local governments to establish irrevocable trusts to pre-fund contribution-based benefit cap liabilities under LGERS and allows collection of additional employer contributions to amortize pension spiking liabilities.

• Clarifies payment due dates for contribution-based benefit cap liabilities to trigger state appropriation interceptions and specifies the due date as 12 months after member's retirement or six months after invoice, whichever is later.

• Standardizes the definition of "actuarial equivalent" under both LGERS and TSERS to reference actuarial assumptions adopted by the Board of Trustees rather than specific mortality tables and interest rates.

• Requires State departments, agencies, and local government employers to adopt written policies prohibiting law enforcement officers from choosing between cash payments and retirement system transfers for lump sum separation buyouts.

• Authorizes the Department of State Treasurer and Supplemental Retirement Board to adopt administrative fees capped at 0.25% of assets for the Supplemental Retirement Plan and Deferred Compensation Plan, and 0.05% for the Public School Teachers' Investment Plan, with public notice and comment requirements.

• Allows clawback of Disability Income Plan overpayments by prohibiting enrollment in the State Health Plan for Teachers and State Employees until overpayments are paid or approved payment arrangements are made.

• Takes effect July 1, 2021.