Supplemental state contribution – appropriation
(1) (a) Each month, the state shall contribute, as a supplemental contribution to the teachers' retirement system, from the general fund to the pension trust fund an amount equal to 2.38% of the total earned compensation of active members of the employers listed in 19-20-605(3) participating in the system.
(b) (i) Except as provided in subsection (1)(b)(ii), beginning July 1, 2013, and on each July 1 thereafter, the state shall contribute from the general fund to the pension trust fund $25 million as a supplemental contribution to the teachers' retirement system.
(ii) If the legislative finance committee determines that the board has failed to provide a sufficient report pursuant to 19-20-216, it shall recommend that $5 million be subtracted from the amount allocated in subsection (1)(b)(i) subject to legislative approval.
(2) The contributions are statutorily appropriated, as provided in 17-7-502, to the pension trust fund. The board shall determine and shall certify to the state treasurer amounts due under this section on a monthly basis. The state treasurer shall transfer the certified amounts to the pension trust fund within 1 week following receipt of the certification from the board.
| EnactedEn. SectionSec. 1, ChapterCh. 305, Laws ofL. 2007 (HB 63 - Musgrove, John (D) HD 34) |
| AmendedAmd. SectionSec. 9, ChapterCh. 389, Laws ofL. 2013 (HB 377 - Woods, Tom (D) HD 64) |
| AmendedAmd. SectionSec. 6, ChapterCh. 276, Laws ofL. 2019 (HB 204 - Ryan, Marilyn (D) HD 99) |