ID S1405

Appropriates $8,822,500 to the Department of Insurance for fiscal year 2015 (July 1, 2014 - June 30, 2015), consisting of $5,135,500 for personnel costs, $3,584,800 for operating expenditures, and $102,200 for capital outlay.

Authorizes a maximum of 73.5 full-time equivalent positions during the fiscal year, with any increases requiring specific authorization by the Governor and notification to the Joint Finance-Appropriations Committee.

Directs a 1% upward adjustment to the compensation schedule to move salary structure toward market rates and continuation of current payline exception job classifications for recruitment and retention.

Requires funding for an ongoing 1% salary increase for state employees and the equivalent of a one-time 1% bonus based on employee merit, with agency directors determining distribution flexibility.

Encourages agency directors to reinvest salary savings from turnover and attrition into merit increases for deserving employees and those below policy compensation levels.