PERSI History By Date :. Public Employee Retirement System of Idaho

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PERSI History by Date

PERSI topics and important policy, statute, or rule changes in the history of PERSI.

Date	Event
7/01/07	Amended existing law to allow retirement-in-place for school district teachers and administrators who retired with an unreduced benefit and were at least age 62 at time of retirement. Allowed teachers and administrators who meet the requirements to return to work immediately after retirement. Employers were required to pay contributions on the salary to fund the impact on PERSI. The amendment included a sunset clause for automatic expiration after five years. See Statutes 33-1004H and 59-1356(4).
7/01/07	Reduced the payment rate and extended the payoff period for colleges and universities to payoff the unfunded liability obligation that resulted when the ORP was established. The rate is reduced from 3.03% to 1.49% and the payoff date is extended from 2015 to 2025. See Statute 33-107A.
7/01/07	Specified the obligation of employers to report employment of all PERSI-eligible employees on a timely and accurate basis and required employers that fail to comply to pay all sums owed by the employer and the employee. See Statute 59-1356.
7/01/06	Required that any FRF retiree benefit transferred to an Alternate Payee as part of a divorce settlement be converted to a lifetime annuity. The Alternate Payee benefit will be paid for the lifetime of the Alternate Payee and will not revert to the member upon the death of the Alternate Payee. See statutes 59-1319, 59-1320, 72-1422, 72-1461, 72-1462, 72-1463, 72-1464, and 72-1465.
7/01/06	Removed the Board of Trustees of the Idaho Petroleum Clean Water Trust Fund from PERSI, retroactive to January 1, 2003. See statute 41-4904
7/01/06	Clarified the provision for Defense and Indemnification of the PERSI Board, Staff, and Special Committees. Clarified the relationship between the Idaho Tort Claims Act and the PERSI statutes. Specified coverage only applies when performing duties within the course and scope of employment. See statutes 59-1305 and 59-1308
7/01/06	Established the Senior Magistrate Judges Fund, funded by additional filing fees, to purchase up to 48 months of PERSI service for Senior Magistrate judges as defined in Idaho Code 1-2221. See statute 1-2224
7/01/06	Retirees who retire without early retirement reductions and are reemployed after being retired at least six months may elect to continue receiving retirement benefits and not accrue additional service if they are Elected to a Public Office other than an office held prior to retirement. See statute 59-1356
7/01/06	Amended a 1990 bill to make it effective for certain paid Firefighters who were retired on the effective date of the bill. The bill transferred active members Hired Between July 1, 1978 and September 30, 1980 to the general provisions of the FRF law but did not address retired members hired in the time period. Language was added to state that retired members are treated similarly to active members.
7/01/06	Eliminated Mandatory Distribution of Account Balances exceeding one thousand dollars ($1000), thus avoiding the new federal mandatory rollover requirements. See statute 59-1359
7/01/06	Clarified Death Benefit Calculation for Rehired Retiree. Suspended benefits are considered retiree benefits in the event a death benefit becomes payable. See statute 59-1356
7/01/06	Changed the Unused Sick Leave Program to allow the Board to determine the rate of pay used to calculate the value of a member's account. Also allows PERSI to apply federal tax limits to payments from unused sick leave accounts, and updates the types of insurance premiums that may be deducted from unused sick leave accounts. See statutes 33-1228 and 67-5339
7/01/06	Repealed statute 59-1335 concerning the Voluntary Contribution Program. The program had two remaining participants whose tax-deferred funds were distributed or rolled to the 401k plan.
7/01/06	Added one-year restriction for inactive members to apply for disability retirement. See statute 59-1352
8/22/05	PERSI re-evaluated its spousal consent requirements for designating beneficiaries and for applying for a separation benefit. Finding that there was not a legal requirement, PERSI dropped its requirement of spousal consent from all forms except the Application for Retirement form, where it is legally required. The forms and instructions were modified over the next few months.
7/1/05	Status of the members of the Architects Board of Examiners is changed from non-PERSI to PERSI. This reverses a 1996 statute which removed the board members from PERSI. See statute 54-312
7/1/05	Clarification of status for county detention officers, EMTs and dispatchers. See statute 59-1303
7/1/05	Board powers and duties include investment committee members and the retention of audit services. See statute 59-1305
7/1/05	A member's benefits are determined on the basis of the plan as it existed on the date of the member's last contribution as an active members. See statute 59-1315
1/25/05	Contribution rate increases scheduled for 7/1/05 and 7/1/06 were postponed to 7/1/06 and 7/1/07 by approval of the PERSI Board. See Rules 59.01.03.26, 27 & 28 and Rules 59.01.03.100 & 101
7/1/04	FRF annual wage and salary calculations based on 12-month PERSI fiscal year and contributions due no later than five days after each pay date. See statutes 72-1431 and 72-1432
7/1/04	The designated beneficiary may waive, in writing, any death benefit otherwise payable. See Statute 59-1361
7/1/04	The spouse contingent annuitant of a retired member can waive the right to receive a continuation of the retirement benefit as part of a divorce settlement. See Statutes 59-1319, 59-1320, and 59-1351
7/1/04	Elimination of Social Security Numbers from Domestic Retirement Orders. See Statute 59-1319
7/1/04	Exclusion of ORP eligible employees from PERSI. See Statute 59-1302(14)(B)(h)
3-23-04	Military Service will be credited for calculation of both regular retirement benefits as well as for survivor benefits in the event of the death of a PERSI member while on eligible military service. See Statute 59.1302(23)
3-20-04	Rate change increases of employer contribution rates for general members, Option I and II FRF, Class D firefighters, Class E, and Class II members over a three-year period beginning July 1, 2004, increasing July 1, 2005, and increasing again July 1, 2006. See Rules 59.01.03.26, 27 & 28
3-20-04	Rules 59.01.02.100 and 101 were amended to address rate change increases of employee contribution rates general members and Class II members over a three-year period beginning July 1, 2004, increasing July 1, 2005, and increasing again July 1, 2006. See Rules 59.01.03.100 & 101
3-20-04	A new subsection 03 was added to rule 59.01.03.27 to set the contribution rate for Class E members. See Rule 59.01.03.27
3-20-04	Rule 59.01.03.114 was amended to clarify the guidelines for contributions due while a member is receiving worker's compensation. See Rule 59.01.03.114
3-20-04	Rule 59.01.03.176 was amended to include the word five in the following statement: "All Contributions shall be remitted, together with an approved report to PERSI no later than five (5) days after each pay date as provided in Section 59-1325(1), Idaho Code." This brings the rule into agreement with the statute. See Rule 59.01.03.176 and Statute 59-1325
3-20-04	Rules 59.01.03.001 and 002 were amended to make some minor name and addressing changes. See Rules 59.01.03.001, 002
7-1-03	Public Safety Officer $100,000 death benefit. See Statute 59-1361A, Rule 59.01.03.27, and Public Safety Officer topic
1-1-03	Code Commission employees who were previously active PERSI members change to inactive. See Statute 73-204
10-1-02	Inactive members who still maintain a Choice Plan account can roll funds from eligible distributions into the Plan.
7-1-02	Changed the remittance time for contributions from 20 days to 5 days after each pay date. See Statute 59-1325
7-1-02	A vested inactive member may purchase up to 48 months of membership service. See Statute 59-1363
7-1-02	A vested inactive member may purchase membership service for active duty service in the armed forces of the United States that does not qualify for military service... See Statute 59-1362
1-1-02	Economic Growth & Tax Relief Reconciliation Act (EGTRRA) went into effect and gave Choice Plan members several new options. ~A member who takes a hardship distribution from the Choice Plan can resume voluntary contributions after six months. ~Plan members may be eligible for a tax credit-savers credit. ~If a member is 50 years or older in the current year, the member qualifies to participate in the catch-up provision. ~The maximum individual limit for the Choice 401(k) Plan was increased to the lesser of 100% of compensation or $40,000.
10-1-01	State of Idaho 401(k) merged into Choice 401(k) Plan
7-1-01	Active members may make voluntary contributions to the Choice 401(k) Plan.
2-1-01	Choice 401(k) Plan established for all active PERSI members.
1-1-01	First Gain Sharing distribution of $155 million to active members, retirees and employers.
7-1-00	Purchase of Service permitted. Members may purchase up to 48 months of Base Plan service.
7-1-00	Eligibility for disability retirement reduced from 10 years to five.
7-1-00	Gain Sharing effective. Allows PERSI to share excess investment earnings with members and employers.
7-1-00	Benefit enhancements effective. Multiplier increases to .02 for general members, .023 for police/fire.
1-1-00	Regular interest rate paid to members becomes the net Market Rate earned by PERSI investments, or at a minimum, the yearly average of the 13-week Treasury Bills.
7-1-99	Concept of Vested Retirement eliminated but requirements for "vesting" preserved.
7-1-99	Double Death Benefit. If a member is vested and dies, the beneficiary may receive two times the member's account balance plus interest.
7-1-98	HB 678 - Allow Magistrate Judges the Option of remaining in PERSI when they transfer to a District Court position.
7-1-98	ORP contribution rate "de-linked" from PERSI rate by HB 627.
7-1-98	Division of PERSI Account at Time of Divorce. With an Approved Domestic Retirement Order dated after 7-1-98, PERSI accounts are divided into member and alternate payee accounts. Before that time, division was not possible before member qualified for an IRS qualified distributable event.
7-1-97	Community colleges and post-secondary professional- technical education institutions implement Optional Retirement Program (ORP). See Statute 33-107B
7-1-97	Spouse is automatic beneficiary if there is no surviving named beneficiary or if PERSI has no completed beneficiary form on file.
7-1-97	Eligibility period increased from 5 to 8 consecutive months for county employees whose position is related to weather and growing season. Certification required.
7-1-97	Lump sum payoffs at separation (including vacation pay) are not considered salary.
7-1-96	Spousal consent required on Separation Benefit payments and rollovers.
7-1-96	Refund of contributions on "unusual" compensation at time of retirement discontinued.
3-14-96	Minimum of 90 day break in employment required to be eligible for a separation benefit if member returns to work for same employer. Retiring members under age 60 (police/firefighters) or 65 (general members) cannot retire and return to work for same employer within 90 days. Employees cannot receive a separation benefit even if they drop below 20 hours per week required for membership. For a member to be eligible for separation benefit or retirement before age 60/65, the employer cannot promise re-employment. All of these requirements due to IRS regulations.
3-14-96	Repayment of separation benefit by active members becomes irrevocable once tax-deferred payments begin due to IRS regulations.
7-1-95	401(k) supplemental savings plan established for State employees. PERSI administers plan.
7-1-95	Revised contingent annuitant option factors for retirements effective 7-1-95 or later.
7-1-95	Eligibility period increased from 5 to 8 consecutive months for city employees whose position is related to weather and growing season. Certification required.
10-1-94	Third phase of benefit enhancements effective. ~Contribution rates increase to: 6.97% for general members, 8.53% for police/firefighters, 11.61 for general member employers, 11.85 for police/fire employers. ~Multiplier increases to .01917 for general members, .02225 for police/fire. ~Early retirement reductions improved.
10-1-93	Second phase of benefit enhancements effective. ~Contribution rates increase to: 6.38% for general members, 7.82% for police officers/firefighters, 10.63% for general member employers, 10.87% for police/fire employers. ~Multiplier increases to .01833 for general members, .0215 for police/fire. ~Early retirement reductions improved.
7-1-93	Non-vested, inactive members can only leave contributions in PERSI for 3 years.
7-1-93	Police officers and PERSI firefighters hired after 7-1-93 eligible for disability retirement from the first day on the job if the disability is job-related. To fund this, police/fire members' contribution rates increased to 7.19%, police/fire employer rate increases to 9.99%. Prior to this date, employers paid one rate for Class 1 and Class 2 members.
1-1-93	PERSI can now pay Separation Benefit payments as direct rollovers to member's IRA or qualified retirement plan.
1-1-93	20% withholding tax required on lump-sum payments unless rolled directly to IRA or qualified retirement plan.
10-1-92	First phase of benefit enhancements effective. ~Contribution rates increase to: 5.84% for general members, 7.02% for police officers/firefighters, 9.75% for employers. ~Multiplier increases to .0175 for general members, .02075 for police officers/firefighters. ~Early retirement reductions improved.
9-1-92 10-1-92 12-1-92	Credit Unions removed from PERSI. Credit unions no longer met the definition of employer as contained in 59-1302(15) and were removed from PERSI with all contributions and liability returned to the credit unions.
7-1-92	Employees working at more than one PERSI employer must meet eligibility at each employer to contribute at each employer. State employees working at multiple state agencies are eligible at all agencies if combined total is 20 hours or more per week. (Double employees) Rule 59.01.02.101
7-1-92	If retiree's contingent annuitant dies first, the retirement benefit "pops up" to higher benefit amount. For members who were active 7-1-92 and whose retirement is effective 10-1-92 or later.
7-1-91	Unused sick leave program for universities' Optional Retirement Program (ORP) implemented.
7-1-91	For disability retirement, Workers' Compensation offset is eliminated if member is also receiving Social Security disability benefits which are offset.
7-1-91	Retirement Options 3, 4A, and 4B based on Social Security Normal Retirement Age (SSNRA), not age 65, for members born 1938 or later.
7-1-91	If retiree finishes repaying separation benefit, retirement benefit increases the first month following the completion of repayment.
7-1-91	Ten-year rule for repaying separation benefits eliminated. Members may begin repaying anytime while an active member.
7-1-91	Non-vested FRF members can convert any number of years of FRF service to PERSI under specific conditions.
7-1-91	FRF accounts begin accruing interest.
3-1-91	FRF retiree's widow permitted to remarry without losing widow's benefits.
10-19-90	Changes in benefit calculations of Social Security Options when there is a Contingent Annuitant.
7-1-90	Universities implement Optional Retirement Program (ORP). See Statute 33-107A
7-1-90	Board obtains ability to recommend retroactive retiree Cost of Living Allowances (COLAs) if funds are available.
7-1-90	Eligibility changed from "normally in excess of 20 hours per week," to "normally 20 hours or more per week," and for teachers from "more than one-half contract" to "one-half time contract or more."
5-1-90	Members eligible for service retirement have option to receive separation benefit instead of retirement benefit.
5-1-90	Death benefits payable to beneficiary if both the retired member and their contingent annuitant die while funds remain in the member's account.
5-1-90	Benefits improved plus up for vested members retiring over age 70.
5-1-90	No benefit can exceed high 3-year average of salary.
2-1-90	Rollovers from conduit IRAs (401a, 401k, ESOP, IRA, TIAA-CREF) allowed for repaying separation benefits.
1-23-90	When repaying a separation benefit, interest on withdrawn contributions begins at date of separation payment.
7-1-87	Tax exclusion calculated due to Tax Reform Act of 1986, federal taxes begin on retiree's non-taxed contributions.
7-1-85	Police officers certified as Class 2 members. Grandfather rights for members who were class 2 members on June 30, 1985 but reclassified to general members July 1, 1985, if they remain in the same position until retirement.
7-1-85	Mixed service ratio for police officer/general member service added to benefit calculation.
3-15-84	2-year interest-free period for repaying separation benefit eliminated. Interest begins accruing on reappointment or 4-1-84, whichever is later.
7-1-83	Contributions become tax-deferred.
7-1-82	Rule of 80/90 changed from minimum ages of 50 (police/fire) and 60 (general members) to any combination of age and years of service as long as member is at least 50/55 respectively.
7-1-81	Voluntary contribution program discontinued.
7-1-81	Upon hiring, employer must report member immediately instead of reporting during "first full payroll period."
10-1-80	Firefighters' Retirement Fund (FRF) merges with PERSI. All new firefighters are PERSI members.
10-1-80	Department of Employment (DOE) merges with PERSI. All new DOE employees are PERSI members.
7-1-80	Early retirement factors improved.
7-1-79	Mandatory retirement age eliminated.
10-1-77	CETA employees no longer eligible for PERSI membership.
7-1-76	Supplemental Teachers' Service (STS) redefined as membership service and calculated the same providing better benefits for TRS service from 7-1-65 to 6-30-67.
7-1-76	Membership eligibility changed from "5 months per calendar year" to "5 consecutive months per calendar year."
7-1-76	Total credited service for disability retirement cannot exceed 360 months.
3-15-76	If separation benefit is not repaid within 2 years of reemployment, member can still repay with interest charged on unpaid balance 2 years from rehire date.
12-31-75	First year Waiting Period can still be picked-up, but with interest charged from 12-31-75 until repaid.
7-1-75	Salary inconsistent with usual compensation patterns may be disallowed in determining "highest average monthly salary."
7-1-74	Members can pick-up first year Waiting Period if repaid by 12-31-75.
7-1-74	Sex bias removed from optional retirement factors.
7-1-74	Sex bias removed from benefit formula. Benefit formula improved retroactively for all retired members.
7-1-71	Allowed number of years separating periods of eligible employment for reinstatement of past service changed from "no more than 5 years" to "no more than 10." Time allowed to repay separation benefit after reemployment changed from 6 months to 2 years.
7-1-71	End of 1-Year Waiting Period.
7-1-69	Discretionary cost-of-living increases and death benefit provisions were adopted.
7-1-67	Teachers' Retirement System (TRS) merges with PERSI.
6-1-67	Elected & appointed officials working less than 20 hours per week eligible for membership.
7-1-65	PERSI createddate of PERSI establishment.

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