Bill > H7444

This bill, effective immediately upon passage, amends the retirement benefits for police officers and firefighters by establishing a new calculation for their retirement allowance starting July 1, 2026. Under this new provision, all retired members, regardless of their age or years of service, will receive a retirement allowance that includes their "accrued benefit" (the total value of their pension benefits earned up to June 30, 2026) plus an additional amount calculated as 2.5% of their "final compensation" (typically the average of their highest earning years) multiplied by their years of service after June 30, 2026. However, members who retire at age 57 with at least 30 years of service will continue to receive their retirement allowance as calculated under the previous rules for service up to June 30, 2026, and then be credited at the new 2.5% rate for service after that date.

Housing and Urban Affairs

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