H276 - Agency Participation Procedures Act of 2015 (SL 2015-168)

Overview: S.L. 2015-168 does the following:

• Creates a new procedure for charter schools to participate in the Teachers' and State Employees' Retirement System.
• Directs the Fiscal Research Division to obtain estimates of withdrawal liability for actuarial notes on bills that remove an agency from the Retirement System.
• Establishes process and payment calculation for agencies withdrawing from the Retirement Systems.
• Establishes the priority for use of reserved funds in the event of dissolution of a charter school.
• Effective July 23, 2015, prohibits granting prior service to new agencies in the Local Governmental Employees Retirement System.
• Effective July 23, 2015, amends the contribution based benefit cap purchase provision to allow repayment pursuant to an installment plan.

Except as otherwise provided, this act becomes effective January 1, 2016.