The proposed bill would amend current statutes related to the Corrections Officer Retirement Plan (CORP) and the Elected Officials' Retirement Plan (EORP) by introducing new provisions and removing outdated language. Specifically, it would allow employers to request asset transfers from accounts with no liabilities or beneficiaries, contingent upon certain conditions being met, such as public resolution adoption and verification of liabilities by the board. Additionally, the bill would modify the handling of excess valuation assets, requiring that they be accounted for up to 100% of the present value of future benefits, rather than the previous 50% threshold.

Furthermore, the bill would eliminate the minimum employer contribution rates of 6% and 5% for certain employers, thereby providing more flexibility in contribution levels. It would also stipulate that member contributions exceeding specified percentages cannot be used to reduce employer contributions until the employer's funded ratio reaches 100%. This change aims to ensure that contributions are aligned with the financial health of the retirement plans, thereby enhancing their sustainability. Overall, the bill seeks to modernize the retirement system's financial management and improve the accountability of employers in managing their retirement obligations.

Statutes affected:
Introduced Version: 38-810, 38-891, 12-119.01, 12-120.31, 12-284.03, 22-281, 41-178, 38-727, 38-797.05, 38-833, 38-737, 38-803.01, 2011-2012, 2012-2013, 2013-2014, 2042-2043, 35-190
House Engrossed Version: 38-810, 38-891, 12-119.01, 12-120.31, 12-284.03, 22-281, 41-178, 38-727, 38-797.05, 38-833, 38-737, 38-803.01, 2011-2012, 2012-2013, 2013-2014, 2042-2043, 35-190