H988 - 2024 Retirement Technical Corrections. (SL 2024-9)

Overview: S.L. 2024-9 makes technical corrections to the statutes for the Teachers' and State Employees' Retirement System (TSERS), the Local Governmental Employees' Retirement System (LGERS), the Consolidated Judicial Retirement System (CJRS), the Legislative Retirement System (LRS), and the State Health Plan. The following is a broad outline of the changes made in the act: (i) corrects the title of the Executive Director of the Retirement Systems Division in various statutes; (ii) corrects references to Average Final Compensation; (iii) conforms the lump sum contribution payment criteria to federal law; and (iv) makes several other technical and conforming changes. Additional detail regarding statutory changes are provided in the Bill Analysis section of the summary.

The act became effective June 20, 2024.