Bill
Bill > HB2688
summary
Introduced
02/11/2025
02/11/2025
In Committee
05/21/2025
05/21/2025
Crossed Over
05/08/2025
05/08/2025
Passed
06/20/2025
06/20/2025
Dead
Signed/Enacted/Adopted
06/20/2025
06/20/2025
Introduced Session
89th Legislature Regular Session
Bill Summary
AN ACT relating to the public retirement systems of certain municipalities.
AI Summary
This bill modifies the public retirement systems for firefighters and police officers in municipalities with populations of at least 2,000,000 (previously 1,600,000), making several key changes to their pension and retirement regulations. The bill updates the definition of "normal retirement age" for both firefighters and police officers, allowing members to retire when they reach 20 years of service or when they are at least 50 years old with 10 years of service, removing previous age and service combination formulas. It extends the maximum Deferred Retirement Option Plan (DROP) participation period from 13 to 15 years and modifies how DROP accounts are credited and managed. The bill also updates actuarial calculation methods, specifically changing the "entry age normal" actuarial cost method to calculate benefits for individual employees rather than just newly hired employees. Additionally, the bill adjusts provisions related to deferred pension benefits, allowing members with 10-20 years of service to receive a monthly pension starting at age 50, and removes some previous distinctions between members hired before and after specific dates. These changes aim to provide more clarity and potentially more flexibility in retirement planning for firefighters and police officers in large municipalities. The bill is set to take effect on September 1, 2025.
Committee Categories
Budget and Finance, Labor and Employment
Sponsors (26)
Sam Harless (R)*,
Joan Huffman (R)*,
Will Metcalf (R)*,
Tom Oliverson (R)*,
Mary Ann Perez (D)*,
Senfronia Thompson (D)*,
Alma Allen (D),
Carol Alvarado (D),
Jeffrey Barry (R),
Molly Cook (D),
Harold Dutton (D),
Gary Gates (R),
Charlie Geren (R),
Lacey Hull (R),
Ann Johnson (D),
Jo Jones (D),
Stan Lambert (R),
Christina Morales (D),
Penny Morales Shaw (D),
Dennis Paul (R),
Jon Rosenthal (D),
Valoree Swanson (R),
Cody Vasut (R),
Hubert Vo (D),
Armando Walle (D),
Charlene Ward Johnson (D),
Last Action
Effective on 9/1/25 (on 06/20/2025)
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