HB 362 Summary: State Highway Patrol Retirement System

• Restricts early retirement eligibility to members who became members before January 1, 2020; members must have 25 years of service credit and reach age 48, or 20 years of service credit and reach age 52.

• Establishes reduced pension options for members ages 48-51 with 20 years of service, ranging from 75% to 93% of normal service pension, with the greater of $900 or calculated amount.

• Allows up to 7 years of military service credit for members honorably discharged and re-employed within 90 days, with members required to pay back contributions plus compound interest if delayed beyond 5 years.

• Modifies surviving spouse pension provisions based on effective dates: members dying on or after the amendment effective date receive increased base pension of $900 with annual increases, plus an additional pension if member was eligible for retirement at death.

• Changes disability retirement service credit requirements from 20 years to 12 years for determinations made on or after the amendment effective date for disabilities incurred not in the line of duty.