Bill > H3189

This bill establishes an early retirement incentive program for employees within the executive department of the Commonwealth, which includes offices under the Governor and executive offices. To be eligible, employees must be members of the state retirement system, eligible for retirement benefits, and employed by the executive department as of the bill's effective date, with specific exclusions for those funded by federal grants, elected officials, or those already eligible for another retirement incentive program. The program allows eligible employees to receive a combination of additional creditable service years and age, totaling no more than five years, to calculate their retirement allowance, with a cap on the total retirement allowance at 80% of their regular compensation. The bill also mandates retirement counseling for participants, outlines application deadlines for retirement between April 15, 2015, and July 15, 2015, with a retirement date of July 31, 2015, and details how payments for accrued vacation and sick leave will be disbursed over several years for those retiring under this program. Additionally, it sets limits on refilling vacated positions and restricts reemployment of retired employees within 120 days of their retirement, with reporting requirements for the Comptroller, the Public Employee Retirement Administration Commission, and the Secretary of Administration and Finance to track costs and savings associated with the program.