The proposed bill would amend current statutes regarding the Corrections Officer Retirement Plan (CORP) by updating the contribution rates for employees and employers participating in the Public Safety Personnel Retirement System (PSPRS) Defined Contribution Plan. Specifically, it would establish that employees hired on or after July 1, 2026, must contribute 7.5 percent of their gross pensionable compensation, while employers would be required to contribute 10 percent for these employees. This replaces the previous structure where the contribution rates were set at 7 percent for certain participants and varied based on years of service.

Additionally, the bill clarifies that the new contribution rates apply to all CORP members hired on or after July 1, 2018, who participate in the PSPDCRP, rather than being limited to specific positions. It also makes conforming changes to ensure consistency across the statutes. The amendments aim to streamline the contribution process and increase the financial sustainability of the retirement plan for future members.

Statutes affected:
Introduced Version: 38-865, 38-881, 38-881.01, 38-881.02, 38-848, 38-865.01, 38-842, 38-842.01, 38-843.04, 38-895.01, 38-911, 38-891, 38-902, 8-203, 12-251, 12-259, 38-885, 38-886
Senate Engrossed Version: 38-865, 38-867, 38-848, 38-865.01, 38-842, 38-881, 38-842.01, 38-881.01, 38-843.04, 38-895.01