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HI HB1061
Bill
Status
1/25/2017
Primary Sponsor
Joseph Souki
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AI Summary
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Incrementally increases employer contribution rates to the Employees' Retirement System beginning in fiscal year 2017-2018 through fiscal year 2020-2021 based on actuarial changes recommended after the June 30, 2016 five-year actuarial investigation.
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Sets employer contribution rates for police officers, firefighters, and corrections officers at: 29% (FY 2017-2018), 33% (FY 2018-2019), 37% (FY 2019-2020), and 41% (FY 2020-2021 and beyond).
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Sets employer contribution rates for all other employees at: 19% (FY 2017-2018), 21% (FY 2018-2019), 23% (FY 2019-2020), and 25% (FY 2020-2021 and beyond).
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Maintains the thirty-year maximum amortization period for the unfunded accrued liability of the retirement system, addressing the increase from the previous twenty-seven year period.
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Takes effect on July 1, 2050.
Legislative Description
Relating To Employer Contributions To The Employees' Retirement System.
Employees' Retirement System
Last Action
Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Representative(s) DeCoite, Holt, Souki excused (3).
2/16/2017