SS/SB 62 - This act provides that the retirement plan for employees of certain higher education institutions shall contribute six percent of payroll to the plan, rather then the current one percent of payroll less than the normal cost contribution rate established for employees of institutions other than outside employees, and that employees hired on or after July 1, 2018, shall contribute two percent of pay.

Additionally, all employees may participate in an optional supplemental retirement account and contribute no less than two percent to such account.

The effective date of this act is July 1, 2018, and the act is substantially similar to SB 1090 (2016) and to provisions in SS/SCS/SB 980 (2016).


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