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House Bill 1394


House Bill 1394

ARCHIVE (2005)

Latest Information

 

DIGEST OF HB 1394 (Updated April 29, 2005 9:11 pm - DI 14)


Public pensions; deferred compensation plans. Allows a political subdivision to offer to its employees both the state employees' deferred compensation plan (state plan) and a deferred compensation plan that is adopted by the political subdivision and uses one or more private vendors. Requires the board of trustees of the public employees' retirement fund (PERF) to establish a retirement medical benefits account (account) within the PERF under Section 401(h) or as a separate fund under another applicable section of the Internal Revenue Code, for the purpose of converting unused excess accrued leave to a monetary contribution for state employees to fund on a pretax basis benefits for post-retirement sickness, accident, hospitalization, and medical expenses of the state employees, their spouses, and their dependents. Requires that state employees be able to convert unused accrued excess leave to either the state plan or the account. Requires that the deferred compensation committee adopt, and the state auditor administer, a pilot program that allows the employees of at least one branch of state government to convert unused accrued excess leave to a monetary contribution to the state plan not later than December 31, 2005. Allows a member of the teachers' retirement fund who is receiving a retirement benefit and is a party in an action for dissolution of marriage to elect, before January 1, 2006, in certain circumstances to change the member's designated beneficiary or form of benefit. Extends the pilot program for the defined contribution plan of the legislators' retirement system until July 1, 2006. Provides that a monthly pension paid after the date of remarriage and before July 1, 2005, to a surviving spouse of an employee beneficiary who was a member of a sheriff's retirement plan (surviving spouse) shall be treated as properly paid. For a surviving spouse whose monthly pension ceased on the date of remarriage, reinstates on July 1, 2005, the surviving spouse's monthly pension.
Current Status:
 Law Enacted
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