The proposed bill would amend current statutes by adding new provisions regarding supplemental contribution incentive payments for Tier 3 Correction Officer Retirement Plan (CORP) members. Specifically, it would allow employers to make these payments to participants' defined contribution plan accounts, provided that the contributions do not exceed $5,000 per participant, are made at specified service intervals (such as five, ten, or fifteen years), are distributed equally among eligible participants, and do not require any additional monetary contribution from the participants to receive the employer's contribution.

Additionally, the bill clarifies that these supplemental contributions will not affect other employers or participants and that employers are not obligated to make further contributions to any participant who has already received a supplemental contribution. Employers also retain the discretion to discontinue these payments at any time. Overall, the bill aims to enhance the retirement benefits for new CORP members while maintaining flexibility for employers.

Statutes affected:
Introduced Version: 38-867