Modifies retirement plans to provide that members who first become employed by an employer in an eligible position on or after July 1, 2012, are not eligible for alternate early retirement provisions . The bill also provides that teachers who first become employed by an employer in an eligible position on or after July 1, 2012, shall become members of plan 3.   Official Text and Analysis.

Makes a technical correction to the date.

Provides that members of PERS, TRS, and SERS who first establish membership after June 30, 2012, are ineligible for the alternative early retirement and enhanced early retirement options. A member with at least 20 years of service credit may retire early beginning at age 55, however the retirement allowance of a member choosing to do so will be subject to a reduction reflecting the full actuarial impact of early retirement. PERS, TRS, and SERS Plans 2 are closed to new members after June 30, 2012; on July 1, 2012, new members will be enrolled in Plans 3. The employer contributions collected in PERS, TRS, SERS, and PSERS for the purpose of paying off the unfunded UAALs of PERS Plan 1 and TRS Plan 1 are suspended for Fiscal Year 2013. Employer UAAL contributions resume in Fiscal Year 2014.

Strikes the bill in its entirey and replaces it with new language that closes alternate early retirement benefits to new members of the Public Employees' Retirement System (PERS), the Teachers' Retirement System (TRS), and the School Employees' Retirement System (SERS). Creates a new subsidized early retirement benefit for members joining PERS, TRS, or SERS Plans 2 and 3 on or after May 1, 2013, that provides a 5 percent per year reduction in benefits from age 65 for members retiring with 30 or more years of service. Changes the investment rate of return assumption used for calculating contribution rates in the state retirement systems on July 1, 2013, to 7.9 percent, on July 1, 2015, to 7.8 percent, and on July 1, 2017, to 7.7 percent.

Strikes the bill in its entirey and replaces it with new language that closes alternate early retirement benefits to new members of the Public Employees' Retirement System (PERS), the Teachers' Retirement System (TRS), and the School Employees' Retirement System (SERS). Creates a new subsidized early retirement benefit for members joining PERS, TRS, or SERS Plans 2 and 3 on or after May 1, 2013, that provides a 5 percent per year reduction in benefits from age 65 for members retiring with 30 or more years of service. Changes the investment rate of return assumption used for calculating contribution rates in the state retirement systems on July 1, 2013, to 7.9 percent, on July 1, 2015, to 7.8 percent, and on July 1, 2017, to 7.7 percent.