19-8-504. Employer's contribution.
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19-8-504 . Employer's contribution.
(1)The employer shall pay as employer contributions 10.56% of the compensation paid to all of the employer's employees, except those properly excluded from membership. The department of fish, wildlife, and parks shall include in its budget and shall request for legislative appropriation an amount necessary to defray the state's portion of the costs of this section.
(a)Subject to subsection (3), each employer shall contribute to the system an additional employer contribution equal to the percentage specified in subsection (2)(b) of the compensation paid to all of the employer's employees, except for those employees properly excluded from membership.
(b)The percentage of compensation to be contributed under subsection (2)(a) is 0.1% for fiscal year 2026 and increases by 0.1% each fiscal year through fiscal year 2035. For fiscal years beginning after June 30, 2035, the percentage of contribution to be contributed under subsection (2)(a) is 1%.
(a)The board shall review annually the additional employer contribution provided for under subsection
(2)and recommend adjustments to the legislature as needed to maintain the amortization schedule set by the board for payment of the system's unfunded liabilities.
(b)The employer contribution required under subsection
(2)terminates on July 1 following the board's receipt of the system's actuarial valuation if the actuarial valuation determines that terminating the additional employer contribution pursuant to this subsection (3)(b) would not cause the amortization period to exceed 25 years.