HB 2008 Summary

• Allows employers to receive either an employer credit against future contributions or a refund (within one year) when overpaying employer or member contributions to ASRS due to mistake of fact, with reductions for any losses attributable to excess contributions.

• Requires employers to provide member portions of returned contributions back to affected members and prohibits ASRS from paying employers earnings on excess contributions.

• Permits employers to correct contribution errors within the same fiscal year through payroll adjustments with written employee consent, rather than requiring separate payments.

• Prohibits correction of underpaid member contributions to ASRS after a member's death.

• Clarifies that eligible verified service older than 15 years from the date of request may be purchased as public service credit under section 38-743.