Concerning termination and restatement of plan 1 of the law enforcement officers' and firefighters' retirement system.

Summary

The law ends the existing Plan 1 of the law‑enforcement and firefighters retirement system and creates a restated plan that carries over all current benefits. It transfers enough assets—120 % of the actuarial value of projected benefits—to a new defined‑benefit fund managed by the state treasurer, with any remaining surplus reverting to the state. The change is aimed at handling the plan’s large surplus and ensuring continued benefit security for retirees and survivors.

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