SB 939: Public employees’ retirement: service credit: payments.

This bill aims to modify the public employees' retirement system by introducing stricter payment deadlines for service credit and contributions. Elections made on or after January 1, 2028, will require payment to be received by the system within 90 days of retirement or death. The payment deadline will apply to all types of elections, including those for normal contributions, arrears, absences, and public service. If a payment is not made within the specified timeframe, the service credit included in the election will be reduced or eliminated. The bill also limits the option for a member to reduce their allowance by the actuarial equivalent of any balance remaining unpaid to elections made on or after January 1, 2020. Additionally, the bill modifies the process for members who elect to receive credit for service under the system, requiring them to make payment within 90 days of retireme…