This bill proposes several updates to the current statutes governing the Corrections Officer Retirement Plan (CORP) and the Elected Officials' Retirement Plan (EORP). Key changes include the removal of minimum employer contribution rates, which currently mandate a minimum of 6% or 5% based on prior contribution levels. The bill also stipulates that if an employer's funded ratio reaches 100% or more, the amount of member contributions exceeding specified percentages (7% for EORP and 8.41% or 7.96% for CORP) cannot be used to reduce employer contributions until the funded ratio falls below 100%. Additionally, the bill allows CORP employers to request asset transfers of excess funds from accounts with no liabilities, contingent upon certain conditions being met.

Furthermore, the bill modifies how excess valuation assets are accounted for, increasing the limit from 50% to 100% of the present value of future benefits for both CORP and EORP when the accounts are overfunded. It also introduces new procedural requirements for asset transfers, including the need for a governing body resolution and public comment. The bill aims to enhance the financial management of retirement plans while ensuring that contributions align with the actuarial valuations and the financial health of the plans.

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