Local government correctional service retirement plan; employee and employer contribution rates reduced, and postretirement adjustments increased.

Summary

The bill lowers the employee contribution from 6.83% to 6% of salary and the employer contribution from 10.25% to 9% for members of the local government correctional service retirement plan. It also raises the maximum annual post‑retirement adjustment to 3% (or 1.5% in certain asset‑liability conditions) and makes the increase automatic unless the retiree opts out. The changes take effect on January 1, 2027.

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