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DIGEST OF HB1346 (Updated April 6, 2005 4:13 pm - DI 84)
Deferred compensation plans. Allows a political subdivision to offer to its employees both the state employees' deferred compensation 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 (fund) to establish a retirement medical benefits account within the fund, under Section 401(h) or 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 deferred compensation plan (plan) or the retirement medical benefits account. Requires that the deferred compensation committee adopt 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 plan not later than December 31, 2005. Requires the state auditor to administer the pilot program. (The introduced version of this bill was prepared by the pension management oversight commission.)