Repeal of retirement criteria change for HPORS and SRS

Added an age requirement for newer hires: members hired on or after July 1, 2023, must be at least 50 years old to retire with a nonforfeitable benefit, in addition to having 20 years of service.

Clarified that members hired before July 1, 2023, retain the ability to retire after just 20 years of service without a minimum age requirement.

Updated the definition of 'normal retirement age' for tax compliance purposes to reflect the new age 50 threshold for newer hires.

Removed the specific language regarding an 'immediate effective date' and retroactive applicability, replacing it with a standard effective date upon passage and approval, though the retroactive clause remains for new hires.

The bill title and header were updated to include the new bill number (SB 7.1) and adjusted line numbering to match standard legislative formatting.

The text was restructured from a single continuous block into a standard bill format with distinct sections for the title, enactment clause, and specific amendments to MCA sections 19-6-501 and 19-7-501.

The signature page layout was altered to separate the Senate and House certification sections, though the required signatures and dates remain the same.

Page numbering and footer text were updated to reflect the new version of the authorized print.

Members hired on or after July 1, 2023, must now meet two criteria to retire: complete 20 years of service AND reach age 50. Members hired before this date only need 20 years of service.

The definition of a 'vested member' for Internal Revenue Code compliance was updated to explicitly state that age 50 and 20 years of service are treated as occurring later if both are required.

The effective date and retroactive applicability dates were reaffirmed to apply immediately and retroactively to members hired on or after July 1, 2023.

Added a provision for an immediate effective date and retroactive applicability for members hired on or after July 1, 2023.

Changed the bill number from LC 0226 to SB 7 and updated the sponsor information.