HB2015 Summary

• Amends the Elected Officials' Retirement Plan (EORP) stabilization reserve provisions to account for excess valuation assets up to 100% of present value of all future benefits, rather than 50% of excess assets.

• Modifies EORP member contribution restrictions so amounts exceeding 7% of salary do not reduce employer contributions until the employer's funded ratio reaches 100%; excess contributions accumulate if the ratio falls below 100%.

• Amends the Corrections Officers' Retirement Plan (CORP) stabilization reserve to account for excess valuation assets up to 100% of present value of all future benefits, with similar funded ratio restrictions on member contributions exceeding baseline amounts.

• Allows suspension of plan contributions only when an employer's stabilization reserve is funded to 100% of present value of all future benefits and the board determines suspension does not conflict with fiduciary responsibilities.

• Permits state employers and political subdivisions to request board authorization to transfer excess assets from fully-paid employer accounts to other employer accounts, subject to internal revenue code compliance and legislative approval for state employers.