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H0717..........................................................by EDUCATION
PERSI - MEMBERSHIP PURCHASE - Adds to existing law to provide that active,
vested members of the Public Employee Retirement System may purchase up to
forty-eight months of membership service.
03/07 House intro - 1st rdg - to printing
03/08 Rpt prt - to Comm/HuRes
03/14 Rpt out - rec d/p - to 2nd rdg
03/15 2nd rdg - to 3rd rdg
03/16 3rd rdg - PASSED - 62-4-4
AYES -- Barraclough, Bell, Bieter, Black, Boe, Bruneel, Campbell,
Chase, Cheirrett, Cuddy, Deal, Denney, Ellsworth, Field(13),
Field(20), Gagner, Geddes, Gould, Hadley, Hammond, Hansen(29),
Henbest, Hornbeck, Jaquet, Jones, Judd, Kellogg, Kempton, Kendell,
Kunz, Lake, Loertscher, Marley, McKague, Meyer, Montgomery,
Mortensen, Moss, Moyle, Pearce, Pischner, Pomeroy, Reynolds,
Ridinger, Ringo, Robison, Sali, Schaefer, Sellman, Shepherd, Smith,
Smylie, Stevenson, Stoicheff, Stone, Taylor, Tilman, Trail, Wheeler,
Wood, Zimmermann, Mr Speaker
NAYS -- Alltus, Barrett, Callister, Hansen(23)
Absent and excused -- Clark, Crow, Linford, Mader
Floor Sponsor - Ringo
Title apvd - to Senate
03/17 Senate intro - 1st rdg - to Com/HuRes
03/24 Rpt out - rec d/p - to 2nd rdg
03/27 2nd rdg - to 3rd rdg
03/30 3rd rdg - PASSED - 35-0-0
AYES -- Andreason, Boatright, Branch, Bunderson, Burtenshaw, Cameron,
Crow, Danielson, Darrington, Davis, Deide, Dunklin, Frasure, Geddes,
Hawkins, Ingram, Ipsen, Keough, King-Barrutia, Lee, McLaughlin, Noh,
Parry, Richardson, Riggs, Risch, Sandy, Schroeder, Sorensen, Stegner,
Stennett, Thorne, Wheeler, Whitworth, Williams
NAYS -- None
Absent and excused -- None
Floor Sponsor - McLaughlin
Title apvd - to House
03/31 To enrol
04/03 Rpt enrol - Sp signed
04/04 Pres signed - to Governor
04/17 Governor signed
Session Law Chapter 440
Effective: 07/01/00
H0717
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-fifth Legislature Second Regular Session - 2000
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 717
BY EDUCATION COMMITTEE
1 AN ACT
2 RELATING TO THE PUBLIC EMPLOYEE RETIREMENT SYSTEM OF IDAHO; AMENDING CHAPTER
3 13, TITLE 59, IDAHO CODE, BY THE ADDITION OF A NEW SECTION 59-1363, IDAHO
4 CODE, TO PROVIDE FOR THE PURCHASE OF UP TO FORTY-EIGHT MONTHS OF MEMBER-
5 SHIP SERVICE.
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 known and des-
9 ignated as Section 59-1363, Idaho Code, and to read as follows:
10 59-1363. PURCHASE OF MEMBERSHIP SERVICE. (1) Notwithstanding any other
11 provision of this chapter, an active member who is vested may purchase up to
12 forty-eight (48) months of membership service.
13 (2) The cost of purchases under this section shall be the full actuarial
14 costs of the service as determined by the board. The board may provide for
15 payment options, including periodic payments, but no service shall be credited
16 until payment has been made in full. The member shall be solely responsible
17 for the costs of such purchased service, except that an employer may partici-
18 pate in the costs at its option.
19 (3) In no event shall any member be allowed to purchase in the aggregate
20 more than forty-eight (48) months of membership service whether purchased
21 under this section or any other provision authorizing purchase of membership
22 service.
STATEMENT OF PURPOSE
RS 10239
This bill would allow active vested members of PERSI to
purchase up to forty-eight (48) months of membership service
for any reason. The purchased service is considered together
with all other credited service in determining a retirement
benefit. The cost of the purchased service is the full
actuarial cost of providing the additional benefit to the
member as determined by the board. The board has authority to
permit periodic payment of the costs, including interest, but
payment must be made in full before any service is credited.
Neither PERSI nor the employer is obligated to pay any of the
costs of purchased service. However, an employer may, at its
option, participate in paying the costs of purchased service.
FISCAL IMPACT
There is no cost to the retirement fund because members must pay
the full actuarial cost of the service. There will be additional
administrative costs anticipated due to increased services
associated with a purchase plan. These include providing
additional and multiple retirement estimates, and setting up
payment arrangements. The fiscal impact shown in HB 657
(purchase of military service) is sufficient to provide the
funding for implementation of this bill also.
Contact Name: Rep. Shirley Ringo
Phone: 208/332-1000
STATEMENT OF PURPOSE/FISCAL NOTE H 717