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IN HB1582
Bill
Status
1/20/2015
Primary Sponsor
David Niezgodski
Click for details
AI Summary
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Extends the deadline for participants to qualify for additional retirement medical benefits account contributions from July 1, 2017 to January 15, 2018.
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Participants must meet all conditions including being eligible for normal unreduced retirement benefits or being an elected/appointed officer on their last day of service.
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Participants must have completed either 15 years of service with an employer or 10 years of service as an elected or appointed officer.
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Additional contribution amount equals participant's years of service (rounded down) multiplied by $1,000.
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Employers must credit the additional contribution to the participant's subaccount within 60 days of the participant's last day of service, and participants may only receive this contribution once.
Legislative Description
Retirement medical benefits account. Extends the period during which a participant in the retirement medical benefits account qualifies for an additional contribution to the participant's subaccount.
Last Action
First Reading: referred to Committee on Employment, Labor and Pensions
1/20/2015