Print Friendly HOUSE BILL NO. 268 – PERSI, military service, buy-in
HOUSE BILL NO. 268
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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
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-fifth Legislature First Regular Session - 1999
IN 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.
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.
No fiscal impact to the general fund.
Contact:Representative Jim Clark
STATEMENT OF PURPOSE/ FISCAL NOTE Bill No. H 268