The bill amends the State Police Retirement Act of 1986 by updating definitions and provisions related to retirement benefits for members of the state police and other specified departments. Key changes include the introduction of a "banked leave time program," which allows members to exchange pay reductions for additional annual leave hours. The definitions of "final average compensation" and "eligible retirement plan" have been expanded to include various compensation items and retirement accounts, respectively. Additionally, the bill clarifies the criteria for determining "credited service" and the conditions under which members can be classified as "deferred members" or "DROP participants."

Significant revisions also include the redefinition of "member" to encompass a broader range of employees, including those who have opted out of the state employees' retirement system and new hires after specific dates. The bill specifies that members who first join after June 9, 2012, will be treated under a different tier of benefits, known as Tier 2. Furthermore, the bill stipulates that it will only take effect if certain related bills are enacted into law, ensuring a coordinated approach to retirement system reforms.

Statutes affected:
House Introduced Bill: 38.1603, 38.1604