Bill > H3487

This bill establishes a retirement incentive program for state employees, allowing eligible individuals with at least 20 years of creditable service to retire with enhanced benefits. The program, referred to as the "state employee replacement program," requires employees to apply for retirement between July 1, 2015, and June 30, 2017, and to notify their supervisor a month prior to their retirement date. Eligible employees can make an advance payment to the state retirement system, equivalent to one to three years of their current annual contributions, to potentially increase their retirement benefits by adding years to their creditable service. The bill mandates that state agencies be informed of potential retirements and begin recruiting replacements within six months of an employee's departure, with new hires starting at the entry-level of the position. The Secretary of Administration and Finance will track vacant positions and report on their refilling status.