Modifies retirement system provisions, including pension benefit payments and supplemental payments.
Modifies provisions relating to retirement systems by repealing certain sections and enacting new ones. Prohibits plans from adopting additional benefit increases beyond current provisions. Requires the state to contribute no funds for a one-time supplemental payment, subject to appropriations. Specifies the amount and timing of the supplemental payment, which is in addition to regular pension benefits. The board of trustees must make applicable tax withholding and deductions before disbursing the payment.
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- Legal Framework
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