Requires the state to make contributions after December 31, 2026, that match, dollar for dollar, each state employee's deferred compensation contributions, not to exceed $28 per paycheck. Specifies limitations on state contributions, including the availability of biennial appropriations and other amounts transferred. Allows in certain circumstances the budget agency to suspend contributions, resume contributions, and make contributions that were missed due to suspension. Requires the interim study committee on pension management oversight (PMOC) to study in each odd-numbered year whether the maximum state contribution should be increased and make a recommendation to the budget agency if it determines that the maximum contribution should be increased. Allows the budget agency to increase the maximum state contribution following a recommendation from PMOC. Specifies a process by which portions of the funding sources for the retirement medical benefits account must be transferred to the state comptroller for the purpose of making matching contributions. Provides as a default rule that after December 31, 2026, each participant's membership in the retirement medical benefits account is terminated, participant subaccounts are forfeited, and subaccount amounts must be transferred to the state general fund. Specifies exceptions. Requires the state comptroller to transfer from the state general fund to each participant's defined contribution plan an amount equal to the balance in each participant's subaccount at the time of forfeiture. Specifies a time frame within which a participant in the retirement medical benefits account may elect to remain a participant. (The introduced version of this bill was prepared by the interim study committee on pension management oversight.)

Statutes affected:
Introduced Senate Bill (S): 5-10-1.1-1.5, 5-10-8-8.5, 5-10-8.5-1, 6-7-1-28.1