SB2197 Summary

• Requires actual employers of State Universities Retirement System (SURS) participants to contribute an amount equal to the full employer's normal cost of benefits earned by their employees, calculated on a system-wide percentage basis and certified annually by the System.

• Requires the System to immediately certify the applicable employer normal-cost contribution rate upon the effective date and annually thereafter on or before November 1 each year for the following fiscal year.

• Modifies the State's minimum pension contribution calculation to account for actual-employer normal-cost contributions made under the new requirements, effective immediately.

• Adds a new exemption to the State Mandates Act specifying that no State reimbursement is required for implementing mandates created by this Act.

• Takes effect immediately upon becoming law.