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 employees hired between July 1, 2018, and July 1, 2026, are subject to different contribution rates, and it allows for a one-time irrevocable election to adjust contribution rates, ensuring that no employee can contribute less than 5 percent. The amendments aim to streamline the contribution requirements and ensure consistency across all CORP members participating in the PSPRS Defined Contribution 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