The Public Employees Retirement System (PERS) Board adopted emergency rules mid-August to implement directives under SB 1049 (2019 Legislative Session) relating to side account matching funds through the Employer Incentive Fund (EIF).
The EIF will provide a 25 percent match for employer contributions to side-accounts. The PERS Board will prioritize employer applications by need. The first round of applications will be accepted starting September 3, 2019 from employers whose unfunded actuarial liability is greater than 200 percent of payroll. All other applications will be accepted beginning December 2, 2019.
A one-time appropriation of $100 million was allocated to the EIF for matching funds during the 2019 Legislative Session. Additional rulemakings will occur on lottery sports action betting revenue statutorily dedicated to the fund at a future date.
For additional information from PERS, click here.
Contributed by: Megan Chuinard | Public Affairs Associate