HEA 1032 Summary

• Allows assets of the state excise police, gaming agent, gaming control officer, and conservation enforcement officers' retirement plan to be commingled with other funds for investment purposes.

• Establishes special death benefit coverage for eligible emergency medical services providers employed by contractors with political subdivisions, costing $100 annually per provider paid by the employer.

• Eliminates the guaranteed fund investment option for public employees' retirement fund (PERF) and teachers' retirement fund members effective January 1, 2017, and replaces it with a stable value fund with capital preservation as the primary investment objective.

• Allows emergency medical services providers' employers to make quarterly payments for death benefit coverage, and requires coverage for all eligible providers if an employer elects to participate.

• Makes various technical amendments to pension provisions relating to investment options, member beneficiary elections, and employer contribution requirements for entities that freeze participation in PERF.