A5160

Automatically enrolls certain Defined Contribution Retirement Program participants in the Public Employees’ Retirement System.

This bill mandates the automatic transfer of certain participants of the Defined Contribution Retirement Program to the Public Employees’ Retirement System, unless they opt out. It ensures that all current, non-retired members of the Public Employees’ Retirement System receive the same benefits as those who enrolled before July 1, 2007. Employees who opt out will remain in the Defined Contribution Retirement Program. The bill also allows members receiving long-term disability insurance to apply for disability retirement benefits.