The bill amends the existing law regarding county employees' retirement systems by increasing the maximum total contributions from both employers and employees. Specifically, it raises the contribution percentage from 18.5% to 22% starting July 1, 2025, and establishes that this rate will apply annually thereafter. Additionally, the bill removes the previous provision that allowed employers to make retroactive contributions for any shortfall in the required contributions during the fiscal year 2021-2022.

The effective date of the new provisions is set for July 1, 2025, and the bill includes an emergency clause, allowing it to take effect immediately upon passage and approval. This legislative change aims to ensure the financial stability of county retirement funds by mandating higher contributions from both employers and employees.

Statutes affected:
Introduced: 19-954
House Committee Substitute for Senate Bill: 19-954
Floor (House): 19-954
Floor (Senate): 19-954
Engrossed: 19-954
Amended And Engrossed: 19-954
Enrolled (final version): 19-954