HB 1062 Summary

• Amends the definition of "salary" for retirement calculations to exclude bonuses, overtime, and expense allowances for highway patrolmen and public employees retirement systems.

• Clarifies military service credit provisions under the Uniformed Services Employment and Reemployment Rights Act, including treatment of military differential wage payments and death benefits for members who die while performing qualified military service.

• Modifies retirement benefit calculation methods for members with service credit in multiple retirement systems, allowing employees to choose between using final average salary from a single system or combining service across eligible systems.

• Updates Internal Revenue Code compliance provisions for defined benefit and defined contribution plans, including adjusted benefit limitations, minimum distribution rules, and compensation limitations effective after each legislative session.

• Establishes that temporary employees employed after July 31, 2015 must meet full-time employee definitions to participate in group health insurance, while grandfathering certain temporary employees employed before August 1, 2015; applies retroactively to military service credit provisions.