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ID S1312

Bill

Official Source

Status

Passed

3/13/2014

Primary Sponsor

Commerce and Human Resources Committee

Click for details

Origin

Senate

2014 Regular Session

AI Summary

  • Amends Section 59-1306, Idaho Code to update references to the Internal Revenue Code sections governing the Public Employee Retirement System's qualified plan tax status
  • Adds references to 26 U.S.C. section 401(a)(36) and (37) to the existing compliance requirements for the retirement system
  • Removes the archaic January 1, 1989 effective date reference while maintaining that the chapter remains in effect only so long as federal tax code conformity is required
  • Makes technical corrections to the language, including clarifying that "this chapter" conforms to multiple Internal Revenue Code provisions
  • Includes a severability clause providing that if any provision is declared invalid, the remaining portions of the act remain valid

Legislative Description

Amends existing law to provide additional references to the Internal Revenue Code for Public Employee Retirement System purposes.

PUBLIC EMPLOYEE RETIREMENT SYSTEM

Last Action

Signed by Governor on 03/13/14 Session Law Chapter 87 Effective: 07/01/2014

3/13/2014

Committee Referrals

Judiciary and Rules2/7/2014

Full Bill Text

No bill text available