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HI HB824
Bill
Status
1/26/2011
Primary Sponsor
Calvin Say
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AI Summary
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Establishes a separate account in the general fund to receive general excise tax revenues equivalent to the unfunded accrued liability contribution for state employees each fiscal year.
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Requires payments for the unfunded accrued liability portion of the State's monthly contribution to the employees' retirement system to be made from the newly established account.
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Requires payments for the normal cost portion of the State's monthly contribution for state employees to be made from the general fund but not from the dedicated account.
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Directs reimbursements to the general fund from other funds to be deposited into the general fund but not into the dedicated unfunded liability account.
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Takes effect July 1, 2011.
Legislative Description
Unfunded Liability Contribution For State Employees; General Excise Tax Revenue Set-Aside
Last Action
(H) Passed Second Reading and referred to the committee(s) on FIN with none voting no (0) and Chong, Nakashima excused (2).
2/17/2011