Modifies provisions relating to state retirement for certain state colleges and universities

HB 2760 modifies how state colleges and universities contribute to their retirement plans by establishing specific rules for calculating and funding these contributions. The bill requires the retirement system board to use actuarial valuations to determine contribution rates that keep costs stable over time, while also setting a cap of 28.75% on the portion of employee compensation that must come from state appropriations. If the calculated contribution rate exceeds this cap, the state will cover the difference for employees at nine specific public universities and state technical colleges starting in August 2024. Additionally, the law mandates that funds designated for these retirement plans remain separate from general state treasury funds and outlines requirements for employers to maintain payroll records and remit necessary payments.