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Retirement Plan (CORP) and the Elected Officials' Retirement Plan (EORP) by introducing new provisions and removing outdated language.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 for the transfer of excess assets from employer accounts with no liabilities to other accounts managed by the board, contingent upon certain conditions being met, such as the governing body adopting a resolution in an open session. 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 would not 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 while maintaining the fiduciary responsibilities of the board. Overall, these updates are designed to enhance the management and sustainability of the retirement systems.

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