Synopsis
This Amendment retains the current 25 years eligibility for retirement and amends the multiplier for the calculation of state employee pension benefits for correctional officers from either 1.85%, 2.0%, or 2.45% to a uniform 2.5% for years up to 20 years, and 3.5% for years 20 and beyond. The increased multipliers reflect increased costs, reduced benefits, and the need to recruit and retain qualified and competent correction officers with a modernized pension benefit.