Modifies provisions relating to lump sum payment options for certain public employee retirement benefit plans

This bill outlines retirement eligibility and contribution rules for state employees hired after January 1, 2011, under the "year 2000 plan." It specifies different age and service requirements for normal and early retirement for general employees, highway patrol members, general assembly members, and elected officials. The bill also details contribution rates, how contributions are handled for tax purposes, and various annuity options and refund policies.

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