HI HB2855

Requires the board of trustees of the employees' retirement system to study and develop a plan to fully amortize the unfunded actuarial accrued liability over a 30-year period beginning July 1, 2012.

Board must submit the proposed amortization plan and accompanying legislation to the legislature by January 1, 2012.

Proposed plan must preserve vested employee rights, maintain federal tax status, include both normal costs and amortization costs in annual contributions, and share costs between employers and employees (with employers bearing costs from diverted investment earnings).

Allows the board to recommend different benefit levels, contribution rates, and provisions for new employees compared to current employees.

Legislature must introduce the board's proposed legislation during the 2012 regular session, but is not required to enact it.