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ID H0431
Bill
Status
3/12/2024
Primary Sponsor
Commerce and Human Resources Committee
Click for details
AI Summary
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Amends Idaho Code Section 59-1308 to revise provisions governing supplemental benefit plans administered by the Public Employee Retirement System board
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Allows supplemental benefit plans to be established under Internal Revenue Code sections 401(a) and 401(k), including qualified cash or deferred arrangements and other tax-deferred plans as determined by the board
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Adds explicit provisions authorizing qualified after-tax contributions in compliance with Internal Revenue Code section 401(k) requirements
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Specifies that qualified pre-tax contributions and investment earnings shall comply with sections 401(a) and 401(k) of the Internal Revenue Code
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Declares an emergency and makes the act effective July 1, 2024
Legislative Description
Amends existing law to to revise a provision regarding contributions and investment earnings under supplemental benefit plans and to provide for qualified after-tax contributions.
PERSI
Last Action
Reported Signed by Governor on March 11, 2024 Session Law Chapter 19 Effective: 07/01/2024
3/12/2024