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ASRS Legislation for 2018

The 53rd Legislature – Second Regular Session is underway.

The ASRS has introduced four bills this session, all relatively minor in terms of impact to members and retirees.

House Bill 2034 - Amend 38-701(6) to remove the ASRS as state agency responsible for Social Security administration.

This bill would allow the Governor’s Office more flexibility in assigning the Social Security administrator duties, permitting other state agencies who are better suited to carry out these duties to assume this role. It would also free up ASRS staff resources for administering the plan, since the ASRS no longer requires Social Security 218 agreements.

House Bill 2035 - Amend 38-871 to reorganize Deferred Compensation Committee members and responsibilities. (This is not an ASRS-affiliated board).

This bill would change the Deferred Compensation Committee Board makeup to allow for more members with expert experience. It also would simplify statute language.

House Bill 2080  - Amend 38-718 to exempt all investment related services from the procurement code.

This bill would allow the ASRS to contract for investment-related services outside of the state Procurement Code by  permitting the ASRS to contract for such services much more simply and quickly, which is necessary in a dynamic industry. It allows the ASRS to contract for more expert services, such as due diligence on ad hoc investments and allows the ASRS to contract with necessary companies and individuals, such as large investment firms and industry experts that might otherwise be unavailable.

Senate Bill 1054 - Amend 38-751 to include information about how the Non-Participating Employer Liability is calculated and charged and to whom it is assessed.

This bill would allow the ASRS to determine whether an Employer is no longer participating and to calculate an unfunded liability for an Employer. It also allows the ASRS to manage asset fund accounts established for the unfunded liability of Employers.

You can follow the progress of these and other retirement-related legislation on the ASRS Bill Tracker.

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