This bill amends existing laws regarding supplemental employee benefits, specifically focusing on retirement benefits for peace officers and firefighters hired after June 30, 2006. Key changes include the introduction of the term "participating employee" to replace previous references, allowing for a clearer definition of employees eligible for supplemental benefits. The bill mandates that employers contribute 6.13 percent of participating employees' wages into individual annuity accounts, which will be used for various supplemental benefits such as health, death, disability, and dependent care. Additionally, it allows active members of the teachers' retirement system or those employed as peace officers or firefighters to elect participation in the supplemental employee benefit plan.

Furthermore, the bill specifies that employers must contribute different percentages to the individual accounts of peace officers and firefighters (9.74 percent) compared to other employees (5 percent). This distinction aims to enhance the retirement benefits for those in high-risk occupations. The bill is set to take effect on July 1, 2025, ensuring that the new provisions are implemented in a timely manner.

Statutes affected:
HB0107A, AM HB 107, introduced 02/14/2025: 39.30.150, 39.30.180, 39.30.160, 39.30.170, 39.35.750