HB 5231 Summary

• Allows Tier 2 participants in the state employees' retirement system to purchase fixed and variable annuity options in addition to self-directed investment choices.

• Requires the state treasurer to select 2 or more annuity providers through a competitive proposal process based on specified financial strength, stability, and experience criteria.

• Permits the state treasurer to contract with only 1 annuity provider if no other provider meets the conditions or if selecting one provider is determined to be in participants' best interests.

• Requires the state treasurer to notify legislative leaders within 30 days if selecting only 1 annuity provider and provide reasons for the selection.

• Takes effect 120 days after enactment and is conditioned on the passage of House Bill No. 5230.