SCS/SB 748 - This act provides temporary medical and retirement incentives for active employees currently eligible to retire under eighty-and-out provisions. The act provides that employees currently eligible to retire under such provisions will receive medical coverage at the active employee rate, which will then revert to the regular retiree rate after three years or upon becoming eligible for Medicare, whichever occurs first.
The medical benefits will be available to any employee currently active on the effective date of this act who is eligible to receive a normal annuity based on the attainment of at least forty-eight years of age with a total of years of age and years of credited service which is at least eighty, and whose annuity commences on or after May 1, 2006, but no later than August 1, 2006.
Any person electing to continue coverage under this section will be prohibited from any employment with any department for a period of three years from the date of election.
All of the vacated positions are held to a twenty-five percent rehire limitation, with exceptions for critical, seasonal, or federally-funded positions. The exceptions are defined by rules promulgated by the Office of Administration.
This act has an emergency clause.
This act is similar to SCS/SB 466 (2005).