HI HB779

Changes state contributions to the employees' retirement system from monthly to quarterly payment basis, with payments due before the end of each fiscal quarter.

Requires departments and agencies whose employees are paid from state non-general funds to reimburse the state general fund for contributions previously paid on their behalf.

Imposes 0.25% monthly interest charge on reimbursements from state non-general funds, calculated from the date contributions are paid from the general fund until reimbursement is received.

Directs reimbursements to be credited to the state general fund rather than back to the retirement system funds.

Takes effect July 1, 2011 and expires June 30, 2015, with the April-June 2015 fiscal quarter contributions subject to the law despite repeal.