Vote Smart's Synopsis:

Vote to pass a bill that expands retirement benefits for public school teachers, including establishing a "Tier III" retirement plan among other provisions.

Highlights:

• Establishes the termination of enrollment of teachers in the Tier II retirement plan on and after October 1, 2020 (Sec. 2).

• Establishes a new Tier III retirement plan for public school teachers which will begin their active and eligible service on and after October 1, 2020 (Sec. 2)

• Specifies that Tier II Plan members may opt to remain on their plan and not transfer over to the Tier III Plan (Sec. 2).

• Specifies that used or unused sick leave days conversion to countable membership service applies to the Tier III Plan as well (Sec. 2).

• Establishes that a Tier III Plan member may retire after the completion of no less than 30 years of creditable service (Sec. 2).

• Establishes the benefit multiplier for Tier III Plan members to be 2 upon retirement (Sec. 2)

• Establishes a 7.5% payroll deduction for Tier III members (Sec. 2).

• Specifies an exception for correctional officers, firefighters, or law enforcement officers who will have a 7.75% payroll deduction rate (Sec. 2).

Full Bill Text