This bill amends the municipal fire and police retirement system to allow members to retire at the age of 50, provided they have completed at least 22 years of creditable service. Members opting for early retirement will receive a reduced service retirement allowance, which will be calculated based on their average final compensation, with a percentage multiplier that is adjusted by the board of trustees for each month the retirement date precedes the member's 55th birthday. The board will determine the reduction percentage annually, ensuring that the early retirement option does not increase costs to the retirement system.

Additionally, the bill updates the language in existing law to include the new early retirement option under subsection 2A, which specifies the conditions and calculations for the reduced retirement allowance. It also clarifies that in the event of a member's death while receiving a retirement allowance, benefits will be payable under the provisions of the new subsection as well as existing ones. This change aligns the municipal fire and police retirement system with similar provisions in the peace officers retirement, accident, and disability system.

Statutes affected:
Introduced: 411.6