2012 Session

Budget Amendments - SB30 (Member Request)

View Budget Item
View Budget Item amendments

Chief Patron: Hanger
CA: Local Employee Retirement Contributions (language only)

Item 468 #1s

Item 468 #1s

Central Appropriations
Central Appropriations

Page 355, Strike lines 26-29 and insert:
“K. Each county, city, town, local public school board, or other local employer who has elected to pay an equivalent amount in lieu of the member contributions required of an employee who is not a person who becomes a member on or after July 1, 2010, may require such employee to pay member contributions on a salary reduction basis in accordance with § 414(h) of the Internal Revenue Code up to the amount of five percent of the employee's creditable compensation, effective July 1, 2012.”

(This amendment allows local employers to discontinue payment of the 5.00 percent employee retirement contribution for employees hired before July 1, 2010.)