HB1325 Summary

• Modifies "final average compensation" definition for OPERS members whose first participating service occurs on or after July 1, 2013, changing from highest 3 years to highest 5 years of earnings in the last 10 years.

• Requires participating employers to submit retiring member information (last day physically on job, last day on payroll, final unused sick leave balance) by the 15th of the month of retirement.

• Makes employers responsible for errors in submitted information that disqualify retirement eligibility; employers must reemploy or retain member on payroll for up to 2 months to reach eligibility.

• Increases the amount payable without probate requirements from $10,000 to $25,000 for deceased members with no living beneficiary.

• Modifies benefit payment provisions upon retired member's death, including changing payment destination from "estate" to "beneficiary" and adjusting related death benefit procedures.