HB 47 Summary

• Municipalities with population decline of more than 25 percent between 2000 and 2010 must contribute 22 percent of base salaries to the Public Employees' Retirement System defined benefit plan for active members.

• Affected municipalities may use either current-year salaries or the greater of June 30, 2008 or June 30, 2012 salary totals as the contribution calculation base.

• The PERS administrator is authorized to reduce the standard interest rate (1.5 times the actuarially determined earnings rate) on delinquent contributions for qualifying municipalities with significant population losses.

• The act takes effect immediately upon passage.