hb0194.hfa.02 Converted WP Floor Amendments

H.B. 194
STATE EMPLOYEE BENEFITS AMENDMENTS

House Floor Amendments

Amendment 2 February 25, 2013 10:44 AM

Representative Jim Bird proposes the following amendments:

1.    Page 1, Lines 19 through 21 :

             19          .    provides that beginning on or after January 4, 2014, an employer shall make a
             20      biweekly matching contribution to a qualifying employee's defined contribution
             21      plan

or similar retirement account qualified under { ~~Section 401(k) of~~ } the Internal Revenue Code;

2. Page 6, Lines 164 through 168 :

164 (2)

(a) Subject to the requirements of Subsection (3) and beginning on or after January 4,

165 2014, an employer shall make a biweekly matching contribution to every qualifying employee's
166 defined contribution plan

or similar retirement account qualified under { ~~Section 401(k) of~~ } the Internal Revenue Code, subject

167 to federal requirements and limitations, which is sponsored by the Utah State Retirement
168 Board.

(b) For purposes of this section, the department shall designate the type or types of qualifying employee's defined contribution plans or similar retirement accounts offered to qualifying employees under this section.

3.    Page 6, Line 172 through Page 7, Line 183 :

             172          (b) A qualifying employee:
             173          (i) shall receive the contribution amount determined under Subsection (3)(c) if the
             174      qualifying employee makes a voluntary personal contribution to the defined contribution plan
             175      account

or similar retirement account described in Subsection (2) in an amount equal to or greater than the employer's

             176      contribution amount determined in Subsection (3)(c);
             177          (ii) shall receive a partial contribution amount that is equal to the qualifying employee's
             178      personal contribution amount if the employee makes a voluntary personal contribution to the
             179      defined contribution plan account

or similar retirement account described in Subsection (2) in an amount less than the

             180      employer's contribution amount determined in Subsection (3)(c); or
             181          (iii) may not receive a contribution under Subsection (2) if the qualifying employee
             182      does not make a voluntary personal contribution to the defined contribution plan account

or similar retirement account

183

described in Subsection (2).

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