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DIGEST OF INTRODUCED BILL
Public employees' retirement fund benefits. Reduces from ten to eight the number of years of creditable service a member of the public employees' retirement fund (PERF) must earn to obtain vested status. Reduces from 20 to 12 the number of calendar quarters used in the computation of the "average of the annual compensation" for a PERF member. Allows a PERF employer to elect to increase from 1.1% to 1.67% the multiplier used by the employer's PERF members who retire after the date the election is effective to calculate the pension portion of the retirement benefit for creditable service earned after the date the election is effective. Requires an employer that first becomes a participant in PERF after June 30, 2008, to use the 1.67% multiplier.