AN ACT RELATING TO EDUCATION -- TEACHER'S RETIREMENT

Senate Bill 659 proposes to revise how retirement allowances are calculated for teachers, state employees, and municipal employees. The bill introduces new formulas and percentage allowances based on an employee's years of service and the date their membership in the retirement system began. It also modifies the period of compensation used to determine a retirement allowance, shifting between three and five highest consecutive years depending on the employee's retirement eligibility and date. These changes would apply to different groups of employees based on their service dates and retirement timelines, with some provisions taking effect as late as July 1, 2025.