Bill > H2271

This bill allows certain state employees who withdrew funds from their retirement savings and have creditable service (meaning time counted towards their pension) before January 1, 1986, to repay those withdrawn funds without paying actuarial interest, which is the calculated cost of the benefit, if they make the repayment within one year of being reinstated or re-entering the system, or within one year after April 2, 2012, whichever is later. The bill also mandates that the Public Employee Retirement Administration Commission, which oversees retirement systems for public employees, must provide clear and timely notice to all members whose retirement benefits will be significantly affected by changes to retirement laws, with such notice requiring delivery by certified mail at least 10 days before the change takes effect.