Bill No.: HB0172                  Drafter:  LGC

LSO No.:  07LSO-0519              Effective Date:  7/1/2007

Enrolled Act No.:  HEA0024

Chapter No.:       41

Prime Sponsor:     Representative Landon

Catch Title:       Public employee retirement-purchase of service credit.

Subject:            Public employee retirement.

Summary/Major Elements:

· Under current law a vested member of the public employee retirement system may purchase up to five years of service credit for prior service.

· The act removes the requirement of prior service.

· The act sets the price for service credit to be computed based on the individual's age and the benefit structure of the plan.