H270 - Death Benefits Parity/Fire & Rescue Increase

• Establishes uniform death benefit of $50,000 for members of the Teachers' and State Employees' Retirement System, Local Governmental Employees' Retirement System, and Legislative Retirement System who die in service after one year of membership, effective January 1, 2024.

• Increases death benefit for Legislative Retirement System members from $15,000 to $50,000 maximum, effective January 1, 2020.

• Increases monthly contributions for firefighters and rescue squad workers from $10.00 to $15.00 per month, effective July 1, 2023.

• Increases monthly pension payments for firefighters and rescue squad workers from $170.00 to $175.00 per month for those age 55 with 20 years of service, effective July 1, 2023.

• Applies increased benefit amounts to all pension scenarios including disability benefits, line-of-duty death benefits, and survivor benefits for firefighters and rescue squad workers.