AB 1054: Public employees’ retirement: deferred retirement option program: public employee health benefits.

This bill creates a voluntary retirement program within the Public Employees' Retirement System for employees of state bargaining units 5 and 8. To participate, employees must waive any claims related to age and other employment discrimination laws. The program allows participants to choose between a lump sum payment or monthly payments in addition to their regular retirement allowance. A program account is established for each participant, and the board of administration must provide annual statements displaying the account's value or balance. Participants can designate beneficiaries at any time. The board of administration must submit an actuarial analysis report to specified entities every 5 years starting from July 1, 2027. Participants who entered the program before any modifications can opt to remain subject to the existing program or adopt the modified provisions.