AB 1383: Public employees’ retirement benefits.

This bill aims to improve public employees' retirement benefits by introducing new retirement formulas for employees hired after January 1, 2027. The formulas would be 2.5% at age 55, 2.7% at age 55, or 3% at age 55. New members hired before January 1, 2027, who are safety members would have their formulas adjusted to one of the three options closest to the original formula. Employers and employees can negotiate a prospective increase to retirement benefit formulas, subject to certain requirements. The bill also allows employers and employees to agree to a higher or lower safety plan, as long as the agreement is collectively bargained. This bill would make an appropriation by increasing contributions to and expenditures from funds.