SB 2059 Summary

• Increases employee contributions to the Public Employees Retirement System by 1% annually in 2012, 2013, 2014, and 2015, starting from base rates of 10.30% to 10.30% depending on employee classification.

• Increases employer contributions to the Public Employees Retirement System by 1% annually in 2012, 2013, 2014, and 2015, starting from a base rate of 16.70% for most employees.

• Increases temporary employee contributions by 2% annually beginning in 2012, with additional increases through 2015, from a base rate of 8.12%.

• Increases contributions for specific employee classes including supreme and district court judges, national guard security officers, firefighters, and peace officers employed by political subdivisions.

• Directs the legislative management to conduct a study during the 2013-14 interim on the feasibility of existing and possible state retirement plans, including analysis of defined benefit versus defined contribution plans, with findings reported to the 64th legislative assembly.