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' defined contribution plan accounts. Specifically, it would introduce new provisions that stipulate these contributions cannot exceed $5,000 per participant per specified employment or service interval, and they must be made equally to all eligible participants who meet the outlined requirements. Additionally, the bill mandates that employers adopt a policy detailing the criteria for 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. 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 establishing clear guidelines for employers regarding supplemental contributions.

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