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 employees and varied based on years of service.

Additionally, the bill would make conforming changes to ensure that all CORP members hired on or after July 1, 2018, who participate in the PSPRS Defined Contribution Plan are subject to the new single employer contribution rate of 10 percent, rather than a graduated rate structure. The bill also clarifies that employees may make a one-time irrevocable election to adjust their contribution rates, but cannot choose a rate lower than 5 percent. These updates aim to streamline the contribution process and ensure consistent funding for the retirement plan.

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