HB2336 Summary

• Allows the State and counties to make advance payments to the Employees' Retirement System in excess of annual required contributions for future fiscal years.

• Requires the State or county to notify the system in writing whether payments apply to current fiscal year contributions or should be credited to future years; payments without notice follow standard contribution rules.

• Establishes interest accrual on advance payment credits at a rate set by the board, not to exceed the system's fiscal year investment return, credited annually based on average monthly balance.

• Permits employers to apply advance payment credits to future contribution obligations with written notice provided no later than 120 days after the fiscal year begins.

• Takes effect July 1, 2018; clarifies that advance payments are included in the pension accumulation fund but do not affect unfunded liability calculations or contribution rates until formally applied by written notice.