AN ACT RELATING TO EDUCATION -- TEACHER'S RETIREMENT

HB 5762 proposes to recalculate retirement allowances and pension benefits for teachers, state employees, and municipal employees. The bill establishes new percentage allowance schedules for determining benefits based on an employee's years of service, with different rates for various periods of service. It also revises the method for calculating a retiree's average highest compensation, specifying different look-back periods depending on their retirement date and membership start date. These changes include new calculation methods for service before and after July 1, 2012, with additional adjustments taking effect on July 1, 2025.