Provides service credit for PERS member for former membership in transit retirement program.

This bill amends the Public Employees’ Retirement System (PERS) to credit members with service time from the Transit Employees’ Retirement Program (TERP) if they were TERP members before July 30, 2006. Specifically, PERS will credit one year of service for every 3.5 years of TERP service, provided that member and employer contributions are transferred from TERP to PERS. This credit is final unless the member discontinues service for more than two consecutive years. The bill also specifies that no additional contributions are required for the credited service.

Provides service credit for PERS member for former membership in transit retirement program.

This bill amends the Public Employees’ Retirement System (PERS) to credit members with service time from the Transit Employees’ Retirement Program (TERP) if they were TERP members before July 30, 2006. Specifically, PERS will credit one year of service for every 3.5 years of TERP service, provided that member and employer contributions are transferred from TERP to PERS. This credit is final unless the member discontinues service for more than two consecutive years. The bill also specifies that no additional contributions are required for the credited service.