The bill amends the State Police Retirement Act of 1986 by adding new sections (24c, 24d, 24e, and 24f) that allow certain members to purchase service credit for time served under the State Employees' Retirement Act of 1943. Members described in specific sections (4(1)(b), 4(1)(d), and 4(1)(f)) can obtain this service credit by paying an amount equal to the actuarial value of the service as determined by the retirement system's actuary. However, service under the State Employees' Retirement Act will not be credited if the member is receiving a retirement allowance for the same service from another retirement system. Members have until October 17, 2027, to initiate the purchase and must complete payment within four years.

Additionally, the bill stipulates that the retirement system must establish a method for implementing the payment options, which may include tax-deferred payments or additional payments. Importantly, the new provisions will take precedence over any conflicting terms in collective bargaining agreements for the specified members. The enactment of this bill is contingent upon the passage of two other related bills in the 103rd Legislature.

Statutes affected:
House Introduced Bill: 38.1601, 38.1674