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S1005.......................................by COMMERCE AND HUMAN RESOURCES PUBLIC EMPLOYEE RETIREMENT SYSTEM - Amends existing law relating to the Public Employee Retirement System to clarify the effect of prospective only application of benefit enhancements. 01/14 Senate intro - 1st rdg - to printing 01/17 Rpt prt - to Com/HuRes 02/02 Rpt out - rec d/p - to 2nd rdg 02/03 2nd rdg - to 3rd rdg 02/08 3rd rdg - PASSED - 35-0-0 AYES -- Andreason, Brandt, Broadsword, Bunderson, Burkett, Burtenshaw, Cameron, Coiner, Compton, Corder, Darrington, Davis, Gannon, Geddes, Goedde, Hill, Jorgenson, Kelly, Keough, Langhorst, Little, Lodge, Malepeai, Marley, McGee, McKenzie, Noble, Pearce, Richardson, Schroeder, Stegner, Stennett, Sweet, Werk, Williams NAYS -- None Absent and excused -- None Floor Sponsor - Broadsword Title apvd - to House 02/09 House intro - 1st rdg - to Com/HuRes 02/24 Rpt out - rec d/p - to 2nd rdg 02/25 2nd rdg - to 3rd rdg 03/09 3rd rdg - PASSED - 69-0-1 AYES -- Anderson, Andrus, Barraclough, Barrett, Bastian, Bayer, Bell, Bilbao, Black, Block, Boe, Bolz, Bradford, Cannon, Chadderdon, Clark, Collins, Crow, Deal, Denney, Edmunson, Ellsworth, Eskridge, Field(18), Field(23), Garrett, Hart, Harwood, Henbest, Henderson, Jaquet, Jones, Kemp, Lake, LeFavour, Loertscher, Martinez, Mathews, McGeachin, McKague, Miller, Mitchell, Moyle, Nielsen, Nonini, Pasley-Stuart, Pence, Raybould, Ring, Ringo, Roberts, Rusche, Rydalch, Sali, Sayler, Schaefer, Shepherd(2), Shepherd(8), Shirley, Skippen, Smith(30), Smith(24), Smylie, Snodgrass, Stevenson, Trail, Wills, Wood, Mr. Speaker NAYS -- None Absent and excused -- Bedke Floor Sponsor - Crow Title apvd - to Senate 03/10 To enrol 03/11 Rpt enrol - Pres signed 03/14 Sp signed 03/15 To Governor 03/21 Governor signed Session Law Chapter 89 Effective: 07/01/05
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]] Fifty-eighth Legislature First Regular Session - 2005 IN THE SENATE SENATE BILL NO. 1005 BY COMMERCE AND HUMAN RESOURCES COMMITTEE 1 AN ACT 2 RELATING TO THE PUBLIC EMPLOYEE RETIREMENT SYSTEM; AMENDING SECTION 59-1315, 3 IDAHO CODE, TO REVISE DESCRIPTIVE LANGUAGE AND TO CLARIFY THE EFFECT OF 4 PROSPECTIVE ONLY APPLICATION OF BENEFIT ENHANCEMENTS. 5 Be It Enacted by the Legislature of the State of Idaho: 6 SECTION 1. That Section 59-1315, Idaho Code, be, and the same is hereby 7 amended to read as follows: 8 59-1315. AMOUNT, TERMS AND CONDITIONS OF REVISED BENEFITS ARE TO BE PRO- 9 SPECTIVE ONLY UNLESS OTHERWISE PROVIDED. As the amount, terms and conditions 10 of benefits may be revised from time to time the application of such revisions 11 shall be prospective only and not retrospective or retroactive unless other- 12 wise provided by statute. Accordingly, unless otherwise provided, a member's 13 benefits are determined based upon the terms of the plan on the date of the 14 member's last contribution as an active member.
STATEMENT OF PURPOSE RS 14392 This bill clarifies the effect of “prospective only application” of benefit enhancements by amending section 59-1315, Idaho Code, to provide that a member’s benefits are determined based on the terms of the retirement plan as they exist on the date of the member’s last contribution as an active member of the plan. This means that benefit enhancements, unless otherwise provided, do not apply to members who are no longer active members when the enhancements are effective. This amendment clarifies the meaning of the existing language and is consistent with PERSI’s interpretation of the existing language as expressed in its rules governing retirement benefits and the manner in which the actuary values the impact of benefit enhancements. FISCAL IMPACT None. CONTACT Name: Alan Winkle Agency: PERSI Phone: 334-2455 Statement of Purpose/Fiscal Impact S 1005