Addressing public employee postretirement employment and higher education employees' annuities and retirement income plans.
Summary
Eliminates Public Employees' Retirement System (PERS) and Teachers' Retirement System (TRS) Plan 1 provisions permitting retirees to receive benefits while employed in retirement system-covered positions for up to 1,500 hours per year after January 1, 2012.
Adds positions covered by the Higher Education Retirement Plan (HERP) to those included in the postretirement employment pension restrictions for PERS, TRS, the School Employees' Retirement System, and the Public Safety Employees' Retirement System.
Limits the employees to which state institutions of higher education may offer the HERP, instead of PERS Plans 2 or 3, to employees exempt from civil service.
Eliminates the HERP Supplemental Benefit for employees that enter the plan July 1, 2011, and provides the new employees the option of joining the TRS Plan 3 or PERS Plan 3.
Requires higher education institutions responsible for payment of HERP Supplemental Benefits to contract with and provide data to the Office of the State Actuary for periodic actuarial valuations and experience studies of the HERPs.
Initiates a 0.25 percent of pay employer contribution rate for HERP-covered employees beginning January 1, 2012, to a new supplemental benefit fund. The contribution rate increases to 0.5 percent of pay beginning July 1, 2013.
From the Engrossed Substitute House Bill Report (ESHB 1981), written by the Legislature's nonpartisan staff. Read the full report ↗
EnactedEnacted · Chapter 47, Laws of 2011, 1st Special Session