Effect of backdating a contract


House Amendment #1 to HB 117 appropriates $1,622,785,000 for the FY 2018 state contribution to SURS.Of this amount, $1,407,785,000 comes from the General Revenue Fund and $215,000,000 comes from the State Pensions Fund.The certified state contribution to SURS for FY 2018 is $1,753,685,000.



However, if the Task Force does not adopt recommendations by January 15, 2018, the General Assembly rejects the recommendations of the Task Force, or the public pension fund, retirement system or investment board fails to adopt and implement the recommendations of the Task Force, then the following provisions of the legislation take effect: HB 299 allows SURS retirees who became affected annuitants between August 1, 2013, and May 31, 2015, and who receive annualized retirement annuities of less than $10,000 to return to work with a SURS-covered employer without the employer having to pay a contribution to SURS.Public Act 97-968 created the return-to-work law for affected annuitants, effective August 1, 2013.The law requires a SURS-covered employer to pay a contribution to SURS upon hiring a SURS affected annuitant.A SURS retiree becomes an affected annuitant on the first day of an academic year following the academic year in which the retiree receives compensation from a SURS-covered employer exceeding 40 percent of his or her highest annual earnings prior to retirement.