Relating to a defined contribution retirement plan for public employees; declaring an emergency.
Catchline/Summary:
Establishes Fair Retirement Plan for persons hired on or after July 1, 2016, who have not established membership in Public Employees Retirement System before July 1, 2016. Establishes Fair Retirement Plan for persons hired on or after July 1, 2016, who have not established membership in Public Employees Retirement System before July 1, 2016. Specifies that Fair Retirement Plan be part of Public Employees Retirement System administered by Public Employees Retirement Board. Provides that Fair Retirement Plan be defined contribution plan. Authorizes assessment of administrative charge against Fair Retirement Plan member accounts.
Continuously appropriates funds collected pursuant to charge to board for costs of administration of Fair Retirement Plan.
Declares emergency, effective on passage.
Chapter Number:
Fiscal Impact:
May Have Fiscal Impact, But No Statement Yet Issued
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