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S1269.......................................by COMMERCE AND HUMAN RESOURCES PUBLIC EMPLOYEE RETIREMENT SYSTEM - Repeals existing law to delete the accumulated voluntary contributions under the Public Employee Retirement System; and to provide for the distribution of existing funds. 01/18 Senate intro - 1st rdg - to printing 01/19 Rpt prt - to Com/HuRes 02/10 Rpt out - rec d/p - to 2nd rdg 02/13 2nd rdg - to 3rd rdg 02/21 3rd rdg - PASSED - 35-0-0 AYES -- Andreason, Brandt, Broadsword, Bunderson, Burkett, Burtenshaw, Cameron, Coiner, Compton, Corder, Darrington, Davis, Fulcher, Gannon, Geddes, Goedde, Hill, Jorgenson, Kelly, Keough, Langhorst, Little, Lodge, Malepeai, Marley, McGee, McKenzie, Pearce, Richardson, Schroeder, Stegner, Stennett, Sweet, Werk, Williams NAYS -- None Absent and excused -- None Floor Sponsor - Compton Title apvd - to House 02/22 House intro - 1st rdg - to Com/HuRes 02/28 Rpt out - rec d/p - to 2nd rdg 03/01 2nd rdg - to 3rd rdg 03/10 3rd rdg - PASSED - 61-0-9 AYES -- Anderson, Andrus, Barraclough, Barrett, Bastian, Bayer, Bedke, Bell, Bilbao, Black, Block, Boe, Bolz, Brackett, Bradford, Chadderdon, Clark, Collins, Denney, Ellsworth, Eskridge, Field(18), Field(23), Garrett, Hart, Harwood, Henbest, Henderson, Jaquet, Kemp, Lake, LeFavour, Loertscher, Martinez, Mathews, McGeachin, McKague, Miller, Mitchell, Moyle, Nielsen, Nonini, Pasley-Stuart, Pence, Ring, Ringo, Roberts, Rusche, Rydalch, Sayler, Schaefer, Shepherd(2), Shirley, Skippen, Smith(30), Smith(24), Smylie, Snodgrass, Trail, Wills, Mr. Speaker NAYS -- None Absent and excused -- Cannon, Crow, Deal, Edmunson, Raybould, Sali, Shepherd(8), Stevenson, Wood Floor Sponsor - Mathews Title apvd - to Senate 03/13 To enrol 03/14 Rpt enrol - Pres signed 03/15 Sp signed 03/16 To Governor 03/22 Governor signed Session Law Chapter 149 Effective: 07/01/06
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]] Fifty-eighth Legislature Second Regular Session - 2006IN THE SENATE SENATE BILL NO. 1269 BY COMMERCE AND HUMAN RESOURCES COMMITTEE 1 AN ACT 2 RELATING TO THE PUBLIC EMPLOYEE RETIREMENT SYSTEM; REPEALING SECTION 59-1335, 3 IDAHO CODE, RELATING TO ACCUMULATED VOLUNTARY CONTRIBUTIONS; AND PROVIDING 4 FOR THE DISTRIBUTION OF FUNDS. 5 Be It Enacted by the Legislature of the State of Idaho: 6 SECTION 1. That Section 59-1335, Idaho Code, be, and the same is hereby 7 repealed. 8 SECTION 2. Any existing funds contributed under Section 59-1335, Idaho 9 Code, before July 1, 2006, shall be refunded in a lump-sum payment to the con- 10 tributing member.
STATEMENT OF PURPOSE RS 15332 Idaho Code 59-1335 currently provides that active members may make voluntary after-tax contributions to their PERSI account and that upon retirement those contributions can be converted to an annuity that is paid along with the member s PERSI benefit. While such an account once served a constructive purpose as a savings vehicle it has now been replaced by better savings vehicles, including the PERSI Choice Plan 401(k) which offers annuity-like distribution options on pre-tax savings and by Roth IRAs which offer tax free earnings on after-tax savings. In addition, the PERSI plan now allows limited purchase of service that also serves as a method to annuitize retirement savings. As a result, this section has now become obsolete; only one (1) member is currently contributing and only four (4) members have balances. This bill would repeal Idaho Code 59-1335, eliminating voluntary contributions under that section and providing for the disposition of contributions paid under this section that currently remain in members accounts. FISCAL NOTE None. CONTACT Name: Alan Winkle Agency: PERSI Phone: 334-2455 STATEMENT OF PURPOSE/FISCAL NOTE S 1269