House Bill No. 35, introduced by Representatives Wiley, Brass, and Taylor, amends the provisions related to the Sheriffs' Pension and Relief Fund (SPRF) by modifying the employer contribution rates. The bill allows the board of trustees to set a net direct contribution rate that can be up to three percent higher than the rate specified in existing law. Additionally, it establishes that any surplus funds collected in fiscal years where the employer contribution rate exceeds the minimum recommended rate will be credited to the funding deposit account.

The bill retains existing provisions regarding the funding deposit account, which is used for various purposes, including reducing unfunded accrued liabilities and providing cost-of-living increases. The proposed changes aim to enhance the financial stability of the SPRF by allowing for greater flexibility in employer contributions and ensuring that any additional funds collected are appropriately allocated to the funding deposit account. The act will take effect upon the governor's signature or after the designated time for gubernatorial action.

Statutes affected:
HB35 Original: 11:1(A)(3)
HB35 Engrossed: 11:1(A)(3)