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Summary:
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The Public Employees' Retirement Law provides a
comprehensive set of rights and benefits based upon age, service credit,
and final compensation. That law establishes retirement formulas, known as the
Second Tier, modified First Tier, and First Tier, that are applicable to
specified members of the Public Employees' Retirement System. Under that
law, a member who elects to be subject to Second Tier benefits shall be
paid his or her accumulated contributions plus interest, subject to
specified conditions. Under that law, effective January 1, 2000, a member
who received service credit subject to Second Tier benefits may elect to
become subject to First Tier benefits and contribution rates. That law requires
a member who elects to become subject to First Tier benefits to deposit
accumulated contributions the member withdrew while he or she was subject
to Second Tier benefits, plus interest, as specified. This bill would make
technical, and nonsubstantive changes to these provisions.
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