Plain English Breakdown
The official source material does not provide details on what happens to surplus funds or when the act becomes effective beyond the signature date.
Sheriffs' Pension and Relief Fund Employer Contribution Act
This act amends the rules for employer contributions to the Sheriffs' Pension and Relief Fund, allowing a higher contribution rate.
What This Bill Does
- Amends the law to allow the board of trustees to require an additional net direct contribution rate up to three percent more than previously allowed.
Who It Names or Affects
- Employers who contribute to the Sheriffs' Pension and Relief Fund
- The board of trustees managing the fund
Terms To Know
- employer contribution rate
- The percentage of money that employers must pay into a pension fund for their workers.
- board of trustees
- A group of people who manage and make decisions about the Sheriffs' Pension and Relief Fund.
Limits and Unknowns
- The act does not specify how much more than three percent employers must contribute.
- It is unclear what will happen if there are not enough funds collected to meet the higher contribution rate.