Relates to public retirement systems for certain municipalities' firefighters.
This bill amends the public retirement systems for certain municipalities' firefighters, including changes to actuarial assumptions, member contributions, and survivor benefits. It allows Group B firefighters to elect actuarially reduced life annuities, mandates interest credits for Deferred Retirement Option Program (DROP) accounts, and sets conditions for cost-of-living adjustments. It also modifies the composition of the board of trustees and the process for setting actuarial assumptions. The changes take effect January 1, 2026.
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