Certain state police retirement-system members would be able to buy credit for past state employee service, subject to payment rules, deadlines, and approval of related bills.
Certain retirement-system members could buy credit for past state employee service by paying its actuarial value, but they must meet a deadline and cannot count the same service twice.
For covered retirement-system members, the retirement act would take priority over conflicting terms in a collective bargaining agreement.
The retirement system would grant credit for certain state employee service when an eligible member pays its actuarial value. This applies to members described in sections 4(1)(b), 4(1)(d), and 4(1)(f). The member does not have to buy any service or all of the covered service. The same service cannot also support a retirement allowance from another retirement system. The retirement system would set payment methods, including tax-deferred or additional payments. Purchased service would count toward vesting under section 42b. A member could start a purchase only by October 15, 2027, at 5 p.m. Eastern Daylight Saving Time, and must finish paying within four years after starting.
The retirement act would control when it conflicts with a collective bargaining agreement. This applies to members described in sections 4(1)(b) through 4(1)(g).
No hearings or votes scheduled.