SCS/SB 333 - This act changes the vesting requirement for normal retirement eligibility from ten years to five for members of the state retirement benefit plan known as the Year 2000 Plan who first become employees on or after January 1, 2011.
Additionally, the act modifies the benefits of such members who have vested, but are no longer state employees and are not statewide elected officials or members of the General Assembly. Members shall receive a cost of living adjustment twenty four months after retirement, rather than at twelve months following retirement. If a vested former member dies prior to his or her retirement date, his or her spouse will receive the member's retirement annuity at the date that the member would have retired had he or she not died, rather than at the time of death. Finally, a vested former member who terminates employment prior to normal retirement eligibility is not allowed to convert unused sick leave into credited service.
The provisions of this act are effective January 1, 2018, and are substantially similar to provisions also found in HCS/HB 729 (2017), SCS/HCS/HB 831 (2017), the truly agreed to and finally passed version of SB 62 (2017), and HCS/SB 394 (2017).