The bill amends the State Police Retirement Act of 1986, specifically section 24, to update various provisions regarding retirement eligibility and benefits for members of the state police. Key changes include the removal of the previous subsection (14) and the insertion of a new subsection (15), which alters the retirement application process for members who first joined before June 10, 2012, allowing them to retire after 25 years of service. The bill also clarifies that a member who reaches 56 years of age must retire and specifies that retirement allowances will be based on the member's final average compensation.

Additionally, the bill introduces new language regarding the designation of retirement allowance beneficiaries, particularly in cases of divorce, and outlines the conditions under which a retirant can change their beneficiary. It establishes that if a retirant's designated beneficiary predeceases them, their retirement allowance will revert to a straight retirement allowance. The bill also includes provisions for the payment of retirement allowances to trusts under certain conditions and specifies that retirement benefits will not be paid if the member is on suspension without pay for misconduct. Overall, these amendments aim to clarify and modernize the retirement process for state police members.

Statutes affected:
House Introduced Bill: 38.1624