HB 2027 Summary

• Allows retired ASRS members who return to work to receive retirement benefits if they have reached normal retirement age, terminated employment at least 12 consecutive months prior, and meet other specified requirements.

• Requires employers to pay an alternate contribution rate to ASRS for retired members who return to work, beginning July 1, 2014, calculated by ASRS actuaries at a rate between 2% and the lesser of combined employer contribution rates or twice the past service funding requirement rates.

• Suspends retirement benefits for members who return to work with at least 20 weeks of employment annually at 20+ hours per week, unless they work in a position requiring participation in another state retirement system or permitting voluntary participation in an alternative system.

• Allows recomputation of retirement annuities to include additional compensation and credited service upon subsequent retirement, with the same optional form and beneficiary as originally chosen unless active membership resumed for at least 60 consecutive months.

• Appropriates $150,000 from the ASRS administration account in fiscal year 2011-2012 for implementation of these provisions.