Bill > H2912

This bill introduces a specialized retirement framework for public safety officers, which includes probation officers, trial court officers, police officers, corrections officers, firefighters, and environmental police officers. The legislation allows eligible public safety officers to retire at age 65, with an option to retire earlier if they have at least 20 years of service. Upon retirement, these officers will receive a retirement allowance equal to 60% of their highest three-year average compensation, with the potential to increase up to 75% based on additional years of service (one-twelfth of 3% for each full month over 20 years). Veterans among these public safety officers will receive an additional $15 per year of creditable service, not exceeding $300. The bill requires members to contribute 12% to their retirement fund and provides a two-hundred-and-seventy-day window for current public safety officers to opt into this new retirement system. Members who elect to participate must contribute at the 12% rate for at least three years, with provisions for prorated contributions if they retire earlier. The legislation also mandates periodic actuarial reviews of the retirement system's financial impact and will remain in effect for five years from its passage. This bill aims to provide more favorable retirement benefits specifically tailored to the unique demands of public safety professions.

Labor and Employment

https://malegislature.gov/Bills/194/H2912