Modifies provisions relating to lump sum payment options for certain public employee retirement benefit plans

Summary

The measure updates the Year 2000 retirement plan for state workers hired after 2011, setting new age‑and‑service thresholds for normal and early retirement and requiring a 4% contribution that the state pays on the employee’s behalf. It creates a lump‑sum payment option for members who stay employed beyond normal retirement age and outlines four annuity reduction choices. The changes also detail refund, survivor, and interest credit rules.

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