59-1322. EMPLOYER CONTRIBUTIONS — AMOUNTS — RATES — AMORTIZATION. (1) Each employer shall contribute to the cost of the system. The amount of the employer contributions shall consist of the sum of a percentage of the salaries of members to be known as the "normal cost" and a percentage of such salaries to be known as the "amortization payment." The rates of such contributions shall be determined by the board on the basis of assets and liabilities as shown by actuarial valuation, and such rates shall become effective no later than January 1 of the second year following the year of the most recent actuarial valuation, and shall remain effective until next determined by the board.
(2) The normal cost rate shall be computed to be sufficient, when applied to the actuarial present value of the future salary of the average new member entering the system, to provide for the payment of all prospective benefits in respect to such member, which benefits are not provided by the member’s own contribution.
(3) The amortization rate shall not be less than the minimum amortization rate computed pursuant to subsection (5) of this section, unless a one (1) year grace period has been made effective by the board. During a grace period, the amortization rate shall be no less than the rate in effect during the immediately preceding year. A grace period may not be made effective if more than one (1) other grace period has been effective in the immediately preceding four (4) year period.
(4) Each of the following terms used in this subsection and in subsection (5) of this section shall have the following meanings:
(a) "Valuation" means the most recent actuarial valuation.
(b) "Valuation date" means the date of such valuation.
(c) "Effective date" means the date the rates of contributions based on the valuation become effective pursuant to subsection (1) of this section.
(d) "End date" means the date thirty (30) years after the valuation date until July 1, 1993. On and after July 1, 1993, "end date" means twenty-five (25) years after the valuation date.
(e) "Unfunded actuarial liability" means the excess of the actuarial present value of (i) over the sum of the actuarial present values of (ii), (iii), (iv) and (v) as follows, all determined by the valuation as of the valuation date:
(i) all future benefits payable to all members and contingent annuitants;
(ii) the assets then held by the funding agent for the payment of benefits under this chapter;
(iii) the future normal costs payable in respect of all then active members;
(iv) the future contributions payable under sections 59-1331 through 59-1334, Idaho Code, by all current active members;
(v) the future contributions payable to the retirement system under sections 33-107A and 33-107B, Idaho Code.
(f) "Projected salaries" means the sum of the annual salaries of all members in the system.
(g) "Scheduled amortization amount" means the actuarial present value of future contributions payable as amortization payment from the valuation date until the effective date.
(5) The minimum amortization payment rate shall be that percentage, calculated as of the valuation date, of the then actuarial present value of the projected salaries from the effective date to the end date which is equivalent to the excess of the unfunded actuarial liability over the scheduled amortization amount.
(6) The board, in its discretion, may determine separate rates of contribution for employers as described in subsection (1) of this section for each of the following groups in accordance with differences in normal costs between the groups:
(a) Police officers and firefighters;
(b) School employees; and
(c) All other members.
History:
[(59-1322) 1963, ch. 349, Art. 9, sec. 1, p. 988; am. 1974, ch. 57, sec. 17, p. 1118; am. 1979, ch. 158, sec. 5, p. 485; am. 1980, ch. 51, sec. 1, p. 106; am. 1982, ch. 243, sec. 4, p. 630; am. 1984, ch. 132, sec. 7, p. 318; am. 1986, ch. 143, sec. 3, p. 401; am. 1986, ch. 146, sec. 1, p. 408; am. 1987, ch. 348, sec. 1, p. 763; am. 1988, ch. 237, sec. 1, p. 465; am. and redesig, 1990, ch. 231, sec. 18, p. 626; am. 1990, ch. 249, sec. 8, p. 712; am. 1992, ch. 342, sec. 5, p. 1047; am. 1999, ch. 271, sec. 1, p. 683; am. 2022, ch. 216, sec. 2, p. 695.]
Structure Idaho Code
Title 59 - PUBLIC OFFICERS IN GENERAL
Chapter 13 - PUBLIC EMPLOYEE RETIREMENT SYSTEM
Section 59-1302 - DEFINITIONS.
Section 59-1303 - POLICE OFFICER MEMBER STATUS.
Section 59-1304 - RETIREMENT BOARD — APPOINTMENT.
Section 59-1305 - POWERS AND DUTIES OF BOARD — INDEMNIFICATION.
Section 59-1305A - CRIMINAL HISTORY CHECKS.
Section 59-1306 - CONFORMITY WITH FEDERAL TAX CODE TO MAINTAIN QUALIFIED PLAN TAX STATUS.
Section 59-1307 - AGREEMENTS WITH OTHER RETIREMENT SYSTEMS.
Section 59-1309 - ALLOCATION OF EXTRAORDINARY GAINS.
Section 59-1312 - SELECTION OF FUNDING AGENT(S) — INVESTMENT OF ASSETS — TAX EXEMPTION.
Section 59-1313 - TRUST AGREEMENT — AMENDED TO COMPLY WITH THIS CHAPTER.
Section 59-1314 - RULES — PROCEDURES FOR HEARINGS PRIOR TO APPEALS — APPEALS.
Section 59-1316 - MEMBER’S RETIREMENT RECORDS CONFIDENTIAL.
Section 59-1317 - RIGHTS TO BENEFITS INALIENABLE.
Section 59-1318 - RIGHTS IN ASSETS OF SYSTEM LIMITED.
Section 59-1319 - APPROVED DOMESTIC RETIREMENT ORDERS — REQUIREMENTS.
Section 59-1320 - APPROVED DOMESTIC RETIREMENT ORDERS — APPLICATION AND EFFECT.
Section 59-1322 - EMPLOYER CONTRIBUTIONS — AMOUNTS — RATES — AMORTIZATION.
Section 59-1324 - TRANSFER OF MONEYS FROM STATE COMMUNITY COLLEGE ACCOUNT.
Section 59-1325 - EMPLOYER REMITTANCE TO BOARD — COLLECTION OF DELINQUENCIES.
Section 59-1327 - MAKING A FALSE CLAIM — MISDEMEANOR.
Section 59-1328 - ADMINISTRATIVE PENALTIES FOR FAILURE TO COMPLY WITH REPORTING REQUIREMENTS.
Section 59-1329 - BOARD REGULATIONS.
Section 59-1331 - CONTRIBUTIONS.
Section 59-1332 - PICK UP OF EMPLOYEE CONTRIBUTIONS.
Section 59-1333 - CONTRIBUTIONS FROM EMPLOYEES.
Section 59-1334 - CONTRIBUTIONS — FROM POLICEMEN AND FIREFIGHTERS.
Section 59-1335 - CONTRIBUTIONS — FROM SCHOOL EMPLOYEES.
Section 59-1341 - CONDITIONS OF ELIGIBILITY FOR SERVICE RETIREMENT.
Section 59-1342 - COMPUTATION OF SERVICE RETIREMENT ALLOWANCES — MINIMUM BENEFITS.
Section 59-1343 - CONVERSION AND COMMUTATION OF CERTAIN PAYMENTS.
Section 59-1344 - TIME FOR PAYMENT OF SERVICE RETIREMENT OR EARLY RETIREMENT.
Section 59-1345 - VESTED MEMBER ELIGIBLE FOR EARLY RETIREMENT.
Section 59-1346 - COMPUTATION OF EARLY RETIREMENT ALLOWANCES.
Section 59-1350 - DEFERRAL OF EARLY RETIREMENT.
Section 59-1352 - ELIGIBILITY FOR DISABILITY RETIREMENT.
Section 59-1352A - PUBLIC SAFETY OFFICER PERMANENT DISABILITY BENEFIT.
Section 59-1352B - PUBLIC SAFETY OFFICER CATASTROPHIC LINE OF DUTY BENEFITS.
Section 59-1353 - COMPUTATION OF DISABILITY RETIREMENT ALLOWANCES.
Section 59-1354 - TIME FOR PAYMENT OF DISABILITY RETIREMENT ALLOWANCE.
Section 59-1354A - MEMBERS RECEIVING A DISABILITY RETIREMENT RETURNING TO WORK.
Section 59-1355 - POSTRETIREMENT ALLOWANCE ADJUSTMENTS.
Section 59-1356 - REEMPLOYMENT OF RETIRED MEMBERS.
Section 59-1358 - COMPUTATION OF SEPARATION BENEFITS.
Section 59-1359 - SEPARATION BENEFITS.
Section 59-1360 - CESSATION OF MEMBERSHIP — REINSTATEMENT.
Section 59-1361 - COMPUTATION OF DEATH BENEFITS — METHOD OF PAYMENT — OPTIONAL DEATH BENEFIT.
Section 59-1361A - PUBLIC SAFETY OFFICER DEATH BENEFITS.
Section 59-1362 - PURCHASE OF ACTIVE DUTY SERVICE IN THE ARMED FORCES.
Section 59-1363 - PURCHASE OF MEMBERSHIP SERVICE.
Section 59-1365 - VOLUNTARY UNUSED SICK LEAVE POOL.
Section 59-1381 - MERGER OF CITY SYSTEMS INTO STATE EMPLOYEE SYSTEM — DEFINITIONS.
Section 59-1382 - CITY ORDINANCE ELECTING MERGER — CONTRACT WITH BOARD.
Section 59-1384 - BENEFITS NOT REDUCED.
Section 59-1391 - DEFINITIONS.
Section 59-1393 - CONTRIBUTIONS.
Section 59-1394 - EXCESS COSTS — ADDITIONAL CONTRIBUTIONS.
Section 59-1395 - MEMBERSHIP RIGHTS AND DUTIES.
Section 59-1396 - LIMIT ON SEPARATION BENEFIT.
Section 59-1397 - BENEFITS PAYABLE.
Section 59-1398 - MEMBERSHIP IN SOCIAL SECURITY.
Section 59-1399 - COOPERATION OF STATE INSURANCE FUND.
Section 59-1399A - DIVESTMENT OF CERTAIN ASSETS RELATED TO RUSSIA.