![]() ![]() The board or its designated agent is required to deliver an annual report detailing the findings of the analysis to the office of the governor, the joint budget committee, the legislative audit committee, and the finance committees of the senate and the house of representatives, or any successor committees.Ĭonfidentiality of information: PERA may disclose information regarding certain investments that is otherwise required to be kept confidential, to the pension review commission while the commission is meeting in executive session. Sensitivity analysis: The PERA board or its designated agent is required to perform an annual sensitivity analysis to determine when, from an actuarial perspective, model assumptions are meeting targets and achieving sustainability. For all PERA members, unused sick leave converted to cash payments is included in the definition of salary and insurance premiums paid by employers are not included in the definition of salary.ĭefinition of state trooper: The definition of state trooper is expanded to include a county sheriff, undersheriff, deputy sheriff, noncertified deputy sheriff, or detention officer hired by a local government division employer on or after January 1, 2020, and a corrections officer classified as I through IV hired by a state division employer on or after January 1, 2020. For all new PERA members hired on or after January 1, 2020, who are in the judicial division, and for all existing PERA members in the judicial division who do not have 5 years of service credit as of January 1, 2020, the HAS calculation is modified to be based on an average of the highest annual salaries associated with 3 periods of 12 consecutive months of service with a base year, rather than 12 consecutive months of service.ĭefinition of salary: For all new PERA members hired on or afer July 1, 2019, amounts deducted from pay pursuant to a cafeteria plan or a qualified transportation plan are included in the definition of salary. ![]() Highest Average Salary (HAS): For all new PERA members hired on or after January 1, 2020, who are not in the judicial division, and for all existing PERA members who do not have 5 years of service credit as of January 1, 2020, who are not in the judicial division, the HAS calculation is modified to be based on an average of the highest annual salaries associated with 5 periods of 12 consecutive months of service with a base year, rather than 3 periods of 12 consecutive months of services with a base year. The hybrid defined benefit plan administered by the public employees' retirement association (PERA) is modified as follows with the goal of eliminating the unfunded actuarial accrued liability of each of PERA's divisions and thereby reaching a 100% funded ratio for each division within the next 30 years: Public employees' retirement association - defined benefit plan modifications to eliminate unfunded liability - highest average salary - gross salary - state trooper definition - sensitivity analysis - confidential information - termination of affiliation - member and employer contributions - automatic adjustments - direct distribution - age and service requirements - cost of living adjustment - defined contribution plan expansion - defined contribution plan supplement - pension review commission.
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