Expanding Plan Options for PERA

Under current law, a member of the public employees' retirement association (PERA) earns service credit for each year worked during which the member makes contributions to PERA. A member may purchase additional years of service credit for any previous period of public or private employment during which the member was not making contributions to PERA, subject to certain conditions. The act allows a member of PERA to also purchase service credit for previous periods of unemployment during which the member was 21 years old or older, subject to certain conditions. The act requires PERA's voluntary investment program to include options for an employee to make tax-deferred voluntary contributions…