SB198

What it does

• Reduces the required years of service from 30 to 25 for teachers to qualify for retiree medical benefits if they have not reached normal retirement age.
• Removes the rule that requires members to be active in their job for at least 12 months right before applying to retire, unless they are retiring based on reaching normal retirement age with only 10 years of service.
• Lowers the service requirement for firefighters and peace officers from 25 years to 20 years to get medical benefits if they have not reached normal retirement age.
• Reduces the general public employee service requirement from 30 years to 25 years for medical benefit eligibility if they have not reached normal retirement age.
• Removes inflation adjustments based on Anchorage prices when restoring account balances if a worker returns before age 65.