Provides employer contribution rates for the supplemental benefits of the higher education retirement plan for each state institution of higher education beginning July 1, 2019.

Creates the higher education retirement plan supplemental benefit fund.

Requires the department of retirement systems, following a determination by the pension funding council that a higher education institution has sufficiently funded the liabilities of that institution through contributions to the benefit fund, to assume responsibility for making benefit payments to higher education retirement plan supplemental beneficiaries for that institution from the portion of the benefit fund attributed to the individual institution.