The bill HB2027 appropriates $428,813,700 from the state General Fund for fiscal year 2023 to the Public Safety Personnel Retirement System (PSPRS) to address the unfunded accrued liability of the Corrections Officer Retirement Plan (CORP). It establishes a repayment schedule requiring specific counties to repay their share of the unfunded liability over a ten-year period, from July 1, 2023, to June 30, 2033. The bill also mandates that the State Treasurer annually bill each county for their repayment amount and withhold state-shared revenues if payments are not made by the deadline.

In contrast to current law, which does not specify these repayment obligations or the appropriation amount, the new bill explicitly outlines the annual payment amounts for each county and the consequences for non-payment. Additionally, it requires the PSPRS Board to account for the appropriation in their actuarial valuations and contribution rate calculations, ensuring that the financial implications of this appropriation are integrated into future fiscal planning.

Statutes affected:
House Engrossed Version: 38-915