The proposed bill, if enacted, would amend current statutes related to the Correction Officer Retirement Plan (CORP) by allowing employers to make supplemental contribution incentive payments to Tier 3 CORP members. Specifically, it would insert provisions that permit these payments to not exceed $5,000 per participant per specified employment or service interval, and require that they be made equally to all eligible participants without necessitating additional contributions from the members. Additionally, the bill mandates that employers adopt a policy detailing the requirements and amounts of these supplemental contributions before implementation.

Furthermore, the bill clarifies that these supplemental contributions do not affect other employees or participants and that employers are not obligated to make additional contributions to any participant who has already received one. It also allows employers the discretion to discontinue these payments at any time. Overall, the bill aims to enhance the retirement benefits for new CORP members while establishing clear guidelines for employers regarding the implementation of these contributions.

Statutes affected:
Introduced Version: 38-867
Senate Engrossed Version: 38-867
House Engrossed Version: 38-867
Chaptered Version: 38-867