The program provides eligible employees the option of a defined contribution program or the current FRS defined benefit program. The program must offer a diversified mix of low-cost investments. Educational services must be provided to employers and employees. The State Board of Administration administers the program. Contribution rates payable by the employer are specified in the bill.
Survivor benefits are payable in the same manner.
The annual SUS Benefits Workshop to be held on August 1 st and 2 nd will include discussions on retirement and other benefits issues. This applies to those who retire on or after July 1, 2000. An employee applies to the agency head to receive the monetary benefit. Clarification is needed on whether this legislation applies to agencies other than those in the State Personnel System and water management districts and where the appropriation will be housed. Requires the Department of Management Services to contract with a third party to conduct an actuarial study to determine the cost of allowing small counties, municipalities, or eligible district school boards to participate in the state group health insurance and the prescription drug program.