State Retirement and Pension System - Alterations and Clarifications

Changed DROP eligibility for members joining on or before June 30, 2011, from 22 years of service to 22 years of employment in eligible positions, and for those joining after July 1, 2011, from 25 years to 25 years of employment in eligible positions.

Updated DROP participation period calculation to use 'employment in eligible positions' instead of 'eligibility service' when determining the maximum DROP duration.

Added requirement for Investment Committee to submit reports by November 1 instead of September 1 each year.

Added new report requirement for Board of Trustees to include ratio of funds invested in projects to total venture capital funds raised in the State.

Changed bill sponsor from Senator Jackson to Senator M. Jackson and updated committee report status to favorable with Senate adoption.