No. HB 1441
Filed under Education.
Optional Retirement Programs for Public Postsecondary Employees; Revises contribution amounts & how contributions are paid for specified optional retirement programs.
Plain English Summary
AI-GENERATEDStarting July 1, 2026, public postsecondary employees in optional retirement programs will pay the same employee contribution rate as other state employees. This replaces the previous fixed 8.15 percent employer contribution formula.
Employers will now contribute the exact amount required by state law for other public employees, rather than a calculated difference. This standardizes funding across the state's retirement systems.
The bill also changes how contributions are paid, requiring them to be processed in the same manner as other retirement contributions. This streamlines the administrative process for colleges and the department.
AIReplaces fixed percentage formulas with statutory references, ending the 10.43% and 8.15% contribution structure on June 30, 2026.
AIMandates that employers contribute the exact amount required by the state retirement system, rather than a calculated difference from a fixed percentage.
AIRequires contributions to be paid to the designated company in the same manner as other retirement contributions, removing the previous requirement for the department to forward them.
AIReplaces fixed percentage formulas with statutory references, ending the 10.43% and 8.15% contribution structure on June 30, 2026.
AIMandates that colleges contribute the exact amount required by the state retirement system, rather than a calculated difference from a fixed percentage.
AIRequires contributions to be paid directly by the college or through the program administrator in the same manner as other retirement contributions.