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H0268.......................................by COMMERCE AND HUMAN RESOURCES PUBLIC EMPLOYEE RETIREMENT SYSTEM - Adds to existing law relating to the Public Employee Retirement System to authorize a buy-in provision for military service and to specify conditions governing the buy-in. 02/16 House intro - 1st rdg - to printing 02/17 Rpt prt - to Com/HuRes
H0268|||| LEGISLATURE OF THE STATE OF IDAHO |||| Fifty-fifth Legislature First Regular Session - 1999IN THE HOUSE OF REPRESENTATIVES HOUSE BILL NO. 268 BY COMMERCE AND HUMAN RESOURCES COMMITTEE 1 AN ACT 2 RELATING TO THE PUBLIC EMPLOYEE RETIREMENT SYSTEM; AMENDING CHAPTER 13, TITLE 3 59, IDAHO CODE, BY THE ADDITION OF A NEW SECTION 59-1331A, IDAHO CODE, TO 4 AUTHORIZE A BUY-IN PROVISION FOR MILITARY SERVICE AND SPECIFY CONDITIONS 5 GOVERNING THE BUY-IN. 6 Be It Enacted by the Legislature of the State of Idaho: 7 SECTION 1. That Chapter 13, Title 59, Idaho Code, be, and the same is 8 hereby amended by the addition thereto of a NEW SECTION , to be 9 known and designated as Section 59-1331A, Idaho Code, and to read as follows: 10 59-1331A. BUY-IN FOR MILITARY SERVICE. A member who has military service 11 prior to commencement of contributions under sections 59-1331 through 59-1342, 12 Idaho Code, may be credited with membership service for all or a part of such 13 military service but not to exceed forty-eight (48) months. No credit for such 14 military service shall be granted, however, if at the time of application, the 15 member has a vested right to retirement benefits in another retirement system 16 based in whole or in part upon his military service. A member who applies to 17 purchase credit for his military service pursuant to this section shall be 18 liable for payment to the retirement system of the entire amount of the con- 19 tributions required to pay the cost of the purchase of such service. Neither 20 the state nor the employer of a member who applies to purchase credit under 21 this section shall be liable for any payment to the retirement system on 22 behalf of the member for the purchase of such credit. The member may purchase 23 credit for military service by making his payment therefor to the system in a 24 lump sum or in regular monthly installments pursuant to such formula and rules 25 as approved by the board. 26 The board shall also provide for reduction of the retirement benefits 27 attributable to purchased military service in the event that a member fails to 28 complete the payment for any reason prior to retirement, and shall provide for 29 such a reduction on a pro rata basis to equal the paid credit value.
STATEMENT OFPURPOSE RS 09002 This legislation will create a new section in chapter 13, title 59 that will enable employees to purchase military service while participating in the PERSI system. The employee may be credited with membership service for all or a part of such military service but not to exceed forty-eight months. FISCAL NOTE No fiscal impact to the general fund. Contact:Representative Jim Clark 208-332-1000 STATEMENT OF PURPOSE/ FISCAL NOTE Bill No. H 268