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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 - 2006
IN 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7 repealed.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