HI SB1104

Segregates teachers as a separate group from other employees for calculating employer normal cost and accrued liability contributions to the employees' retirement system, creating three groups instead of two: police officers/firefighters/corrections officers, teachers, and all other employees.

Establishes new contribution rates effective fiscal year 2011-2012: 19.7% for police officers/firefighters/corrections officers, 18.11% for teachers, and 13.7% for all other employees.

Requires the State and counties to determine annual pension fund contributions by multiplying the new contribution rates by actual covered payroll for each of the three employee groups starting fiscal year 2011-2012.

Applies contribution rates to amortize total unfunded accrued liability over a period not to exceed 30 years, with rates subject to adjustment based on amortization period, elimination of unfunded liability, or actuarial investigations.

Takes effect on July 1, 2011.