Enrolled Senate Bill (S)

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DIGEST

Public employees' defined contribution plan. Provides that the state or a political subdivision may elect whether certain retired members of the public employees' retirement fund (fund) may begin or resume membership in the public employees' defined contribution plan (plan) for periods of reemployment with the state or a participating political subdivision. Provides that an individual who is both a member of the fund and a member of the plan may purchase service credit in the fund after the member is vested in the fund with money in the annuity savings account that is attributable to service in the plan. Urges Public employees' defined contribution plan. Provides that the state or a political subdivision may elect whether certain retired members of the public employees' retirement fund (fund) may begin or resume membership in the public employees' defined contribution plan (plan) for periods of reemployment with the state or a participating political subdivision. Provides that an individual who is both a member of the fund and a member of the plan may purchase service credit in the fund after the member is vested in the fund with money in the annuity savings account that is attributable to service in the plan. Urges the legislative council to assign to the interim study committee on pension management oversight during the 2016 legislative interim the topic of whether membership in the plan should be the default option for an individual who becomes for the first time a full-time employee of the state in a position that would otherwise be eligible for membership in the fund. (The introduced version of this bill was prepared by the interim study committee on pension management oversight.) ... View more