Reduces the current varying percentages for early retirement penalty for teachers, municipal and state employees to a cumulative annual reduction of 3% and monthly reduction of .25%.
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.
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.
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 state and municipal employees.
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.
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.
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.
Reduces the current varying percentages for early retirement penalty for teachers, municipal and state employees to a cumulative annual reduction of 3% and monthly reduction of .25%.