Introduction and first reading, referred to State Government Finance and Policy
Summary
Under the amendment, a worker who has at least half a year of credit in two or more state retirement systems and meets the longest vesting requirement can elect to collect an annuity from each system. The annuities are calculated using each plan’s rules, the employee’s highest five years of salary, and capped accrual rates. The changes also set rules for overlapping service credit and limit deferred‑annuity augmentation to specific dates.
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