HB 2254.E - DIGEST

(DIGEST AS ENACTED)

Provides for actuarial funding of the state retirement systems.

Adopts a new method of determining the actuarial value of assets. The period used to recognize the variation of a year's investment return from the long-term rate of investment return will vary based on the magnitude of deviation up to a maximum period for recognition of eight years. During the 2003-2005 biennium, no contributions will be made towards the unfunded liabilities in PERS and TRS Plans 1.

Waives the requirement that the Department of Retirement Systems notify employers 30 days in advance of a change in pension contribution rates for purposes of the contribution rate changes provided in this act.