Vote Smart's Synopsis:

Vote to pass a bill that provides a different contribution retirement plan for certain state employees.

Highlights:

• Classifies eligible employees as permanent employees who are first employed before August 1, 2011, including, but not limited to, the following (Sec. 1):
• At least 18 years of age;
• Appointed and elected officials;
• Non-teaching employees of the superintendent public instruction;
• The superintendent of public instruction;
• Employees of the state board for career and technical education; -Board of higher education and state institutions; and
• People not participating in the teachers' insurance and annuity association of America-college retirement equities fund retirement plan and teachers fund for retirement.

• Specifies that employees who are employed after July 31, 2011, are not affected by this bill, including, but not limited to, employees (Sec. 1):
• Eligible to participate in the National Guard retirement plan;
• Eligible to participate in the law enforcement retirement plan; and
• Of a political subdivision.

• Establishes that after July 31, 2011, an individual elected or appointed to a state office for the first time must be a participating member of the state's deferred compensation retirement plan (Sec. 2).

• Establishes that after July 31, 2011, a temporary employee may elect, within one hundred eighty days of beginning employment, to participate in the state's deferred compensation retirement plan (Sec. 3).

• Establishes that during the first two years of enactment the legislative management shall receive two annual actuarial valuations of the public employee's retirement system to identify the fiscal effect of this act (Sec. 6).

Full Bill Text