Bill > H4133

This bill aims to preserve the practice of including annual payments in lieu of vacation as regular compensation for current retirees and active retirement system members where such benefit existed as of May 2018. The key provisions are: 1. Retirement allowances that included annual payments in lieu of vacation leave as part of their calculation will not be reduced, modified, or changed due to the inclusion of such payments. 2. Any payments made annually to members in service in lieu of vacation, pursuant to a collective bargaining agreement, individual employment contract, or municipal plan in effect as of May 1, 2018, will be considered "regular compensation" for the purposes of the retirement system, as long as such payments are permitted under the applicable agreement or plan. 3. The retirement systems subject to the bill's requirements must regard any payments in lieu of vacation leave made to members in service after May 1, 2018, as regular compensation and take appropriate measures to implement this provision.