Amends state constitution. Law now sets normal retirement age, except for police, firefighters, at 58. Public employers could allow earlier retirement, with benefits reduced to actuarial equivalent of benefits payable at normal retirement age. Governments could not guarantee benefits over 75 percent of final salary. Law now provides medical benefits for PERS retirees.
Measure bars medical benefits for non-disability retirees.
Measure does not apply to benefits vested or accrued before effective date.