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HI HB1037
Bill
Status
1/26/2011
Primary Sponsor
Calvin Say
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AI Summary
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Amends employer contribution rates to the Employees' Retirement System for two groups: police officers, firefighters, and corrections officers; and all other employees.
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Extends the 19.7% contribution rate for public safety officers and 15% for other employees through fiscal year 2011-2012 (previously scheduled to continue indefinitely).
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Establishes escalating contribution rates beginning fiscal year 2012-2013: 22% for police/fire/corrections rising to 25% by FY 2015-2016, and 15.5% for other employees rising to 17% by FY 2015-2016.
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Maintains the requirement that contribution rates amortize the total unfunded accrued liability over a period not exceeding 30 years, with adjustments based on actuarial investigations.
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Effective July 1, 2011.
Legislative Description
Employees' Retirement System; Employer Contribution Rates
Last Action
(H) The committee(s) recommends that the measure be deferred.
2/26/2011