This bill proposes to amend current statutes regarding the Public Safety Personnel Retirement System (PSPRS) by capping the employee contribution rate for Tier 3 members at 9.5 percent of their compensation. Specifically, it inserts language stating that if the required contribution percentage exceeds 9.5 percent, the employer must cover the difference. This change applies to members hired on or after July 1, 2017, and is intended to ensure that their contributions do not exceed the specified cap.

Additionally, the bill clarifies that this cap will be effective starting July 1, 2026, and includes provisions for the transfer of actuarially accrued liabilities for members who are reemployed under the same retirement plan with a subsequent employer. The existing language regarding the division of costs and member contributions remains unchanged, except for the new stipulations regarding the contribution cap and employer responsibilities.

Statutes affected:
Introduced Version: 38-843
Senate Engrossed Version: 38-843