This bill amends current law to make local government business administrators eligible for membership in the Public Employees Retirement System (PERS) and provides a mechanism for their transfer from the Defined Contribution Retirement Program (DCRP) to PERS. Specifically, it defines a business administrator as the executive and administrative officer of any political subdivision or agency within the state, and outlines that those currently participating in the DCRP will be enrolled in PERS within 90 days of the bill's effective date, provided they meet the eligibility requirements. The PERS is required to notify eligible business administrators of this enrollment within 15 days of the bill's enactment.

Additionally, the bill stipulates that service credit transferred from the DCRP will be recognized for determining eligibility for employer-paid health care benefits in retirement. It also mandates that the actuary for PERS assess the unfunded accrued liability resulting from this transfer, which will be amortized over 20 years. The value of the business administrator's account in the DCRP will be transferred to PERS in compliance with federal regulations, ensuring that the transfer does not incur tax liabilities. The bill is set to take effect immediately upon passage.

Statutes affected:
Introduced: 43:15C-2