HB 477

Abstract

This Act provides a post-2011 employee who relied on misinformation that the employee would have a vested right to a reduced pension if the employee can prove, by a preponderance of the evidence, that the employee: (a) Was employed by a non-State employer. (b) While employed by a non-State employer, the employee vested in a pension plan that would pay the employee a greater amount than the employee projected to be payable to the employee as a post 2011-employee, based on the employment under which the employee first became a post-2011 employee. (c) But for the employee’s reasonable understanding that the employee would vest in a pension as a pre-2011 employee, the employee would not have resigned from employment with the non-State employer. Under this Act, the Board of Pension Trustee’s Executive Secretary makes the determination whether a post-2011 employee qualifies for a pension as a pre-2011 employee, and Executive Secretary’s determination is appealable to the Board. If the Executive Secretary determines that a post-2011 employee has met the standard for vested in a pension as a pre-2011 employee, when the employee has 5 years of qualifying credited service and is 62 years or older, the employee is eligible to receive a pension that is reduced by 4/10 percent of each month the employee has less than 15 years. This Act takes effect January 1, 2019.