FREE CONFERENCE COMMITTEE AMENDMENTS TO H.B. 2562
(Reference to Senate engrossed House bill)
Page 1, line 24, after "process" strike remainder of line
Strike lines 25 and 26
Line 27, strike "benefits"; after "If" insert "there is a determination of the employee's eligibility that is final and is not appealable and"
Line 29, after "applies" insert ", and the employer shall discontinue the employee's participation in the plan established by ASRS pursuant to section 38‑955"
Line 30, after "ASRS" strike remainder of line
Strike line 31, insert a comma
Line 32, strike "that" insert "the"; after "plan" insert "established by ASRS pursuant to section 38‑955, unless the employee has entered into an agreement with the employer that requires participation in an alternative retirement plan or for other compensation provided in lieu of retirement benefits and that agreement is executed within two years of the date that the employee first commenced participation in the plan and is irrevocable for the remainder of the employee's employment with the employer"
Line 33, strike "has opted" insert "elects"
Line 34, strike "employee is"
Strike lines 35 and 36, insert "employee's participation in the plan established by ASRS pursuant to section 38‑955 shall be discontinued."
Line 44, strike "ASRS account" insert "Participation in ASRS"
Page 2, line 4, after "38‑955" strike remainder of line
Strike lines 5 and 6
Line 7, strike "retirement benefits"
Page 2, line 8, after "If" insert "there is a determination of the employee's eligibility that is final and is not appealable and"; strike "employee shall"; line 9, strike "be enrolled in ASRS" insert "employee's suspension from participation in ASRS shall cease"; after "applies" insert ", and the employer shall discontinue the employee's participation in the plan established by ASRS pursuant to section 38‑955"
Line 10, after "If" insert "there is a determination of the employee's eligibility that is final and is not appealable and"; strike "and is"; line 11, strike "participating in the plan established by ASRS pursuant to section 38‑955"
Line 13, strike the period insert ", except:
(a) If the employer elects not to provide coverage under section 38‑956, subsection B, a retired employee's participation in the plan established by ASRS pursuant to section 38‑955 shall be discontinued.
(b) If the employee has entered into an agreement with the employer that requires participation in an alternative retirement plan or for other compensation provided in lieu of retirement benefits and that agreement was executed within two years of the date that the employee first commenced participation in the plan and is irrevocable for the remainder of the employee's employment with the employer, the employee's participation in the plan established by ASRS pursuant to section 38‑955 shall be discontinued.
C. If an employee's participation in the plan established by ASRS pursuant to section 38‑955 is discontinued pursuant to this section, no additional employee or employer contributions shall be made to the plan and the employee is entitled to the employee's retirement savings account and earnings on the account as permitted under the terms of the plan.
D. An employer is not required to formally adopt the plan established by ASRS pursuant to section 38‑955."
Reletter to conform
Page 13, strike lines 25 through 27
Lines 35 and 38, strike "annuity" insert "retirement savings"
After line 43, insert:
"E. Notwithstanding the requirements of subsection A of this section, an employee shall not be enrolled under this section if the employee has entered into an agreement with the employer that requires participation in an alternative retirement plan or for other compensation provided in lieu of retirement benefits. the agreement shall specify that it is irrevocable for the remainder of the employee's employment with the employer and shall be executed within two years of initial eligibility under this section."
Amend title to conform