Early retirement reduction factors modification for annuity commencement before retirement age

Summary

The legislation revises how school districts calculate pension adjustment revenue and raises employer contribution percentages, while also modifying the early‑retirement reduction factor for teachers' annuities. It lessens the penalty for teachers who retire before normal retirement age, especially those with 30 or more years of service, and sets caps on state pension‑adjustment revenue. The changes become effective July 1, 2026.

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