HB2111 - 451R - House Bill Summary

House of Representatives

HB 2111

state retirement service credits; transfers

Sponsors: Blendu, Farnsworth

X	Committee on Retirement; Government Operations
	Committee on Appropriations
	Caucus and COW
	As Passed the House

HB 2111 allows both active and inactive members of a state retirement system to transfer retirement service credits from one system to a former system, under prescribed conditions in statute.

History

Current law allows a contributing member of a state retirement system to transfer service credits from one system to the member’s current system, if the member of the retirement system initiates the transfer with a written application to the governing board of the retirement system to which the member is contributing. The board or fund manager of the retirement system from which the service credits are being taken and the governing board of the system to which the service credits will be transferred must be in agreement with the terms of the transfer. Neither of the retirement systems can incur any unfunded accrued liabilities as a result of the transaction.

Provisions

· Allows active and inactive members of a state retirement system to transfer retirement service credits from one system to a former system, under prescribed conditions in statute.

· Defines an active member as a member having had met eligibility requirements of the state retirement system and who is currently making contributions or receiving credited service from the system.

· Defines an inactive member as a member of the state retirement system who previously contributed to the system and meets the following specific conditions; a) is not retired, b) is not eligible for active membership in the state retirement system, c) is not currently contributing to the state retirement system, and d) has not withdrawn contributions from the retirement system.

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· 44th Legislature