House Bill 368 Summary

• Amends Section 33-107A to revise the optional retirement program for University of Idaho, Idaho State University, Boise State University, and Lewis-Clark State College, including changes to institutional and employee contribution rates.

• Increases institutional contributions to designated companies from 9.35% to a rate that accounts for disability insurance costs, with a minimum of 5% of participant salary for universities.

• Maintains employee contribution rate at 6.97% of salary for university participants, with contributions payable until July 1, 2025 to the public employee retirement system.

• Amends Section 33-107B to revise the optional retirement program for community colleges and postsecondary career technical education institutions, changing institutional contribution rates from 7.81% to match PERSI public employee retirement system rates effective July 1, 2011.

• Allows vested members of the public employee retirement system to make one-time irrevocable elections to transfer to or remain in the optional retirement program, with 60-150 day election windows depending on employment status.