Increases the basic monthly pension benefit payable to a member of the 1977 police officers' and firefighters' pension and disability fund (1977 fund) who retires after June 30, 2026, with 20 years of service. Increases the contribution rate of 1977 fund members. Increases the lump sum death benefit payable to the heirs or estate of a 1977 fund member. Provides that a 1977 fund member may extend their deferred retirement option plan (DROP) retirement date up to 60 months after the member entered the DROP. Makes conforming changes.

Statutes affected:
Introduced Senate Bill (S): 36-8-8-8, 36-8-8-11, 36-8-8-16, 36-8-8.5-10.5, 36-8-8.5-14