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Retirement Plan (CORP) and the Elected Officials' Retirement Plan (EORP) by introducing new provisions and removing outdated language.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 prohibit the use of member contributions exceeding specified percentages to reduce employer contributions until the employer's funded ratio reaches 100 percent. Additionally, it would remove the minimum employer contribution rates of 6 percent and 5 percent, allowing for more flexibility in employer contributions based on their funded status. The bill also requires the board to account for excess valuation assets up to 100 percent of the present value of future benefits, rather than the previous 50 percent. Furthermore, the bill introduces a process for CORP employers to request asset transfers from accounts with no liabilities to other employer accounts managed by the board. This includes stipulations that the employer's governing body must adopt a resolution in an open session and submit a written request for the transfer. The bill also mandates that the Joint Legislative Budget Committee can request confirmation from the board regarding the eligibility of an employer's account for asset transfer, ensuring transparency and accountability in the process. Overall, these updates aim to enhance the management and funding of retirement plans for public safety personnel while ensuring compliance with fiduciary responsibilities.

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
Chaptered 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