Failure to pay the required contribution and interest payment for any police officer or firefighter who transferred from the Public Employees Retirement System to the Municipal Police Officers and Firefighters Retirement System

HB 3193 establishes a process for police officers and firefighters hired on or after July 1, 2015, to transfer from the Public Employees Retirement System (PERS) to the Municipal Police Officers and Firefighters Retirement System. It requires municipalities to elect participation in the new system by July 1, 2025, and notify eligible employees within 30 days of that election. Employees then have 90 days to choose to transfer, triggering a 60-day timeline for the state retirement agency to move their service credit and assets (with 7.5% annual interest) from PERS to the municipal system. This bill directly affects municipalities deciding to adopt the system and eligible post-2015 hires who may switch retirement plans.