The proposed bill, if enacted, would amend existing statutes related to the Corrections Officer Retirement Plan (CORP) and the Public Safety Personnel Retirement System (PSPRS) by allowing certain employees hired by CORP employers to elect to participate in CORP instead of being limited to the PSPRS Defined Contribution Plan. Specifically, it introduces new provisions for employees hired on or after July 1, 2026, allowing them to choose between the two retirement plans, with their participation beginning 90 days after their hire date. Additionally, employees hired between July 1, 2018, and the general effective date of the bill would have a one-time opportunity to elect to switch from the PSPRS Defined Contribution Plan to CORP within 90 days of the bill's effective date.

The bill also mandates that the PSPRS Board of Trustees provide educational training and counseling to new employees regarding their retirement options during their first 60 days of employment. It establishes that elections made under this section are irrevocable, with specific conditions for re-election if an employee is rehired after a bona fide termination. Furthermore, it makes technical and conforming changes to existing statutes to ensure clarity and consistency in the application of these new provisions.

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