Modifies the total cost of living adjustments for members of the Public School Retirement System and the Public Education Employee Retirement System

HB 329 changes how retirement benefits are calculated for members of the Public School Retirement System and Public Education Employee Retirement System. It offers multiple payment options based on years of service and age, such as: - A standard formula (2.5% of final average salary per year of service for 30+ years) - Modified rates for those with 25-29 years of service (e.g., 2.35% for 28+ years) - Survivor benefit choices (e.g., continuing payments to a nominated beneficiary after death). The bill directly affects current and future retirees in these systems, allowing them to select payment structures that best suit their service history and retirement timing. It does not alter funding levels but modifies benefit calculation mechanics.