2005 Idaho Code - 59-1394 — EXCESS COSTS -- ADDITIONAL CONTRIBUTIONS

                                  TITLE  59
                          PUBLIC OFFICERS IN GENERAL
                                  CHAPTER 13
                      PUBLIC EMPLOYEES RETIREMENT SYSTEM
    59-1394.  EXCESS COSTS -- ADDITIONAL CONTRIBUTIONS. (1) In addition to the
employee and employer contributions required by chapter 14, title 72, Idaho
Code, additional contributions shall be required to fund the provisions of
section 59-1397, Idaho Code.  These costs shall be borne by employers and by
the state of Idaho as hereinafter provided.
    (a)  Fifty percent (50%) of the gross receipts by the state of the tax on
    fire insurance premiums, as provided by section 41-402, Idaho Code, is
    hereby perpetually appropriated to the public employee retirement account
    for the purpose of partially funding the benefit payment requirements
    imposed by the provisions of chapter 14, title 72, Idaho Code.
    (b)  The board shall conduct studies from time to time of the benefits
    prescribed by section 59-1397, Idaho Code, to determine the additional
    contributions required to fund the rights conferred by chapter 14, title
    72, Idaho Code, above and beyond the initial contribution from the fire
    insurance premium tax required by subsection (1) (a) of this section. If
    such studies indicate the value of the benefits exceeds the required
    contributions otherwise prescribed, the board shall establish an
    additional contribution rate necessary to bring the amounts into balance.
    The cost of such additional contribution shall be borne equally by the
    employers through additional contributions and the state of Idaho through
    the fire insurance premium tax. In addition to appropriation of the fire
    insurance premium tax contained in subsection (1) (a) of this section, the
    amount of the gross receipts by the state of the tax on fire insurance
    premiums, as provided by section 41-402, Idaho Code, necessary to match
    dollar for dollar the additional contribution required of employers is
    hereby perpetually appropriated commencing July 1, 1980 to the public
    employee retirement account for the purpose of subsection (1) (b) of this
    section. If the matching funds herein provided equal one hundred percent
    (100%) of the gross receipts from the fire insurance premium tax, the
    employers shall contribute the balance of the monies required to meet the
    required contribution rate. The additional  contribution rate from the
    employers commencing October 1, 1980 shall be ten percent (10%) of the pay
    period salary of each paid firefighter until next determined by the board.
    (2)  Nothing herein contained shall prevent the board from contracting
with employers to provide a schedule of contributions which will retire any
excess cost over a given period of time, not to exceed fifty (50) years. In
the event that such agreements are reached, the amount of the fire insurance
premium tax necessary to match additional employer contributions is
continuously appropriated for that purpose.