HB2485 Summary

• Expands cancer benefits eligibility to include participants in the public safety personnel defined contribution retirement plan, in addition to existing public safety personnel retirement system and corrections officer retirement plan members.

• Creates a new public safety personnel defined contribution retirement plan for employees hired on or after July 1, 2017, with employer and employee contributions totaling 9-12 percent of compensation depending on participant classification.

• Establishes a disability program for public safety personnel defined contribution retirement plan participants that provides benefits reduced by the annuitized value of the participant's account, similar to the elected officials' disability program structure.

• Implements required distribution rules for multiple retirement plans (sections 38-810.05, 38-843.06, 38-895.03) in compliance with Internal Revenue Code section 401(a)(9).

• Modifies deferred retirement option plan (DROP) benefit payments to be deposited in a defined contribution account with immediate withdrawal or rollover options rather than lump sum distribution.