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Key details of the pension reform bill include:
- Lengthened vesting period for regular members.
- Reduced future benefit accruals for Regular members by replacing the highest three-year average salary with the highest five-year average salary.
- Increased the early-retirement penalty for Regular members.
- Allowed IPERS flexibility in setting contribution rates for Regular members.
In the years since the passage of the pension reform bill, contribution rates have remained stable and IPERS’ funding ratio is more closely in balance. IPERS’ goal is to become fully funded.