Local governmental correctional service retirement plan modification

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 sets the annual post‑retirement benefit increase at a minimum of 1%, tied to the Social Security COLA, with a maximum of 3% unless the plan’s asset ratio triggers a lower cap of 1.5%. These changes take effect on January 1, 2027.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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