Relating to failure to pay required contributions and interest payments for certain retirees who transfer between retirement systems

New requirement that transferring employees must pay a 4% contribution by June 30, 2027, calculated on total earnings transferred plus interest from their initial participation in the old system.

If an employee fails to pay the required contribution and interest, their service credit transfers back to the Public Employees Retirement System by December 31, 2027, and previously transferred assets are returned with interest.

Asset transfer calculation now includes a more detailed formula with additional steps (F and G) to determine the funded percentage and adjust the transfer amount by interest at 7.5% from July 1 through the transfer month.

New language stating that once an employee transfers, the old retirement system is barred from future liability and the employee indemnifies the system from providing any benefits until they re-enter the old system.

The enrolled version includes standard legislative formatting, certification signatures, and effective date language indicating the bill is in effect from passage.