In response to your request for an Actuarial Impact Statement on HB264, (relating to supplemental contributions to the optional retirement program by institutions of higher education) the Pension Review Board has determined the following:

HB264 proposes to allow higher education institutions to make supplemental contributions to the Optional Retirement Program (ORP). Although there will be a cost  associated with this bill if enacted(to the institutions who choose to make the payment), the bill will not have an actuarial effect because ORP is a defined contribution (DC) plan. Actuarial soundness is not a measure of soundness for DC plans, which are defined as, "a pension system providing pension benefits equal to the combined employer and employee contributions plus interest and minus administrative expenses."