HB 1042 Summary

• Extends the payment deadline for employer contributions by one year: departments or agencies that fail to provide required information to the Employees' Retirement System must now pay on the first day of the fiscal year that is one year after the end of the fiscal year in which the failure occurred, instead of the immediately following fiscal year.

• Requires the Employees' Retirement System to submit an annual report to the department of budget and finance and the legislature detailing any state or county departments or agencies that failed to comply with reporting requirements during the previous fiscal year.

• The annual report must identify any required payment amounts, including anticipated amounts for the upcoming fiscal year, and specify which state budget programs may be affected.

• Takes effect July 1, 3000.