Synopsis
This Amendment retains the current 25 years eligibility for retirement. It also addresses the calculation of state employee pension benefits for correctional officers and specified peace officers. It creates multipliers for correctional officers and specified peace officers of 2.0% of final average compensation in service years prior to January 1, 1997, which is added to 1.85 of final average compensation in service years between January 1, 1997, and December 31, 2018. If the correctional officer or specified peace officer has accumulated more than 25 years of service prior to January 1, 2019, the multiplier for years above 25 in that time period is 2.45% of final average compensation. Finally, beginning January 1, 2019, the pension multiplier for correctional officers and specified peace officer is 2.50% of final average compensation for years of service less than 20 years after January 1, 2019. For years of service greater than 20 years after January 1, 2019, the multiplier is 3.50% of final average compensation. The amendment also changes the effective date in the bill from January 1, 2018 to January 1, 2019.