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 "an employee" in various sections, which clarifies eligibility for benefits. The bill mandates that employers contribute 6.13 percent of the wages of participating employees into individual annuity accounts, instead of contributions to the federal social security system. Additionally, it allows participating employees to voluntarily elect additional wage reductions for special individual employee benefit accounts, which can be used to purchase various supplemental benefits such as health, death, disability, and dependent care benefits.

Furthermore, the bill establishes that active members of the teachers' retirement system or those employed as peace officers or firefighters can elect to become participating employees if they work for non-participating employers. It also specifies that employers must contribute 9.74 percent of the compensation for peace officers and firefighters to their individual accounts, compared to 5 percent for other members. The bill is set to take effect on July 1, 2025.

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