Pensions

PSERS SERS

Administrative Expenses Administrative Operations Alternative Retirement Plans Employee Contributions Employer Contributions Fiduciary Responsibility Investments Membership Provisions Miscellaneous Normal Retirement Benefits

Amends Titles 24 (Education) and 71 (State Government) to provide a stand-alone defined contribution retirement benefit plan applicable to most public employees hired by school or state employers beginning July 1, 2018 (PSERS) or January 1, 2019 (SERS). For both PSERS and SERS, the employee contribution rate would be 6.5% of compensation and the employer contribution rate would be 4.0% of compensation.

House Bill 12 is a re-introduction of House Bill 727 (P.N. 861) of the 2015-2016 Legislative Session.