Allows teachers, state and municipal employees to retire upon the earlier of reaching age sixty (60) with thirty (30) years of service or the employee's retirement eligibility date under present state statutes.
Enables school teachers, state and municipal employees to retire earlier.
Provides an option for members to receive retirement allowances, without reduction, upon reaching twenty-five (25) years of total service or after twenty (20) years of service upon reaching age fifty-seven (57).
Provides an option for members to receive retirement allowances, without reduction, upon reaching twenty-five (25) years of total service or after twenty (20) years of service upon reaching age fifty-seven (57).
Amends sections of law relating to retirement of various public employees and the calculation of their final average salary and service accruals.
Reduces the number of years from five (5) to three (3), when calculating for retirement purposes, the average of the highest consecutive years of compensation, for teachers, and state and municipal employees.
Provides all retired teachers and all retired state employees a one-time stipend in the amount of three percent (3%) of the lesser of either the member's retirement allowance or forty thousand dollars ($40,000) of the member's retirement allowance.