H.B. 2313 Summary

• Amends the Employees' Retirement System (ERS) to allow forfeiture of unclaimed member contributions and benefits instead of escheatment under state unclaimed property laws.

• Establishes that if the system cannot locate a member by April 1 of the year following their required beginning date, accumulated contributions and benefits are forfeited to the system rather than transferred to the state administrator.

• Allows forfeited benefits to be restored without interest, earnings, or losses if the member or beneficiary makes a proper application to the system.

• Applies similar forfeiture provisions to former employees separated from service whose accumulated contributions cannot be located, with restoration available upon application.

• Takes effect July 1, 2030.