Highlights of Chapter 136 of the Laws of 2003: Enables Tier 2 retirees who suspend their pension and restore their active status to receive an additional benefit after two extra years of service credit. By extension, this new law also covers members who retire under Tier 4. Previously, Tier 2 and 4 retirees had to complete five extra years of service credit to be eligible for an additional benefit.
Please Note: Members who receive an additional benefit will still lose any state retirement incentive service previously credited.
To be eligible for a recalculated benefit based on their service credit both before and after restoring their active status, members would still need to a) complete five years of service credit after restoration, and b) repay the System the benefits they received before restoration, plus interest.
Signed into Law: July 22, 2003. Effective immediately.