HB17-1265

HB17-1265 - PERA Public Employees' Retirement Association Judicial Division Total Employer Contribution

Passed/Signed into Law
Concerning an increase in the total employer contribution for employers in the judicial division of the public employees' retirement association.

In 2004 and 2006, the general assembly enacted legislation that required each employer in the public employees' retirement association (PERA) to make additional contributions to PERA. The additional employer contributions are the amortization equalization disbursement (AED) and a supplemental amortization equalization disbursement (SAED). Although the SAED is an employer contribution, it is funded by money that would otherwise be available for employee salary increases. The AED and the SAED are to reduce PERA's unfunded liability and amortization period.

Both the AED and the SAED increase gradually over time for all PERA divisions. In 2010, the general assembly capped the AED and the SAED for the judicial division and the local government division at the 2010 levels, which for the AED is 2.20% of the employer's total payroll and for the SAED is 1.50% of the employer's total payroll.

For the calendar year beginning in 2019, for the judicial division only, the bill increases the AED to 3.40% of total payroll and requires the AED payment to increase by 0.4% of total payroll at the start of each of the following 4 calendar years through 2023. In addition, for the calendar year beginning in 2019, for the judicial division only, the bill increases the SAED to 3.40% of total payroll and requires the SAED payment to increase by 0.4% of total payroll at the start of each of the following 4 calendar years through 2023.

(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

 

Latest update: May 25, 2017
05/25/2017 - Governor Signed
05/22/2017 - Sent to the Governor
05/19/2017 - Signed by the Speaker of the House
05/19/2017 - Signed by the President of the Senate
05/03/2017 - Senate Third Reading Passed - No Amendments
05/02/2017 - Senate Second Reading Special Order - Passed - No Amendments
05/02/2017 - Senate Committee on Appropriations Refer Unamended to Senate Committee of the Whole
04/27/2017 - Senate Committee on Finance Refer Unamended to Appropriations
04/19/2017 - Introduced In Senate - Assigned to Finance
04/17/2017 - House Third Reading Passed - No Amendments
04/13/2017 - House Second Reading Special Order - Passed - No Amendments
04/13/2017 - House Committee on Appropriations Refer Unamended to House Committee of the Whole
03/29/2017 - House Committee on Finance Refer Unamended to Appropriations
03/15/2017 - Introduced In House - Assigned to Finance