HB 1319 - Public Employee Retirement Preservation Act

• Requires public employees hired on or after July 1, 2011, to contribute an additional 1% of gross income to their primary public-sponsored retirement plan before any benefit improvements.

• Restricts pension benefits for members hired after July 1, 2010, to not exceed 80% of average final compensation and prohibits overtime and certain additional compensation from being included in pension benefit calculations.

• Raises normal retirement ages and service requirements for future employees: Regular Class members from age 62 to 65, Special Risk Class from age 55 to 60, and increases years of service needed from 30 to 33 years for Regular Class.

• Requires retirement systems to conduct 5-year actuarial experience studies, provide 5-year projections of employer contributions, submit detailed administrative expense budgets to plan sponsors, and provide detailed expense reports to members.

• Creates Chapter 214 (Truth in Accounting Act) requiring state and local governments to issue annual reports showing pension and other postemployment benefit liabilities as off-balance-sheet items in their financial statements.