House Bill 1471er

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  1

  2         An act relating to the City of West Palm Beach,

  3         Palm Beach County; amending chapter 24981, Laws

  4         of Florida, 1947, as amended, relating to the

  5         West Palm Beach Firefighters Pension Fund;

  6         revising definitions; revising provisions

  7         relating to service pensions, supplemental

  8         pension distribution, DROP, and lump sum

  9         payments of small retirement income; providing

10         for rollovers from qualified plans; providing

11         for actuarial assumptions; providing an

12         effective date.

13

14  Be It Enacted by the Legislature of the State of Florida:

15

16         Section 1.  Subparagraph 1. of paragraph (a) of

17  subsection (1) of section 17 of chapter 24981, Laws of

18  Florida, 1947, as amended by chapter 93-374, Laws of Florida,

19  is amended to read:

20         Section 17.  West Palm Beach Firefighters Pension

21  Fund.--

22         (1)  Creation of Fund.--There is hereby created a

23  special fund for the Fire Department of the City of West Palm

24  Beach to be known as the West Palm Beach Firefighters Pension

25  Fund.  All assets of every description held in the name of the

26  West Palm Beach Firemen's Relief and Pension Fund and in the

27  name of the West Palm Beach Firefighters Pension Fund have

28  been and shall continue to be combined.

29         (a)  Definitions.--The following words or phrases, as

30  used in this act, shall have the following meanings, unless a

31  different meaning is clearly indicated by the context:


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  1         1.  "Actuarial equivalent value," "actuarial

  2  equivalence," or "single sum value" means the stated

  3  determination using an interest rate of 8.25 7 percent per

  4  year and the 1983 1971 Group Annuity Mortality Table for

  5  males.

  6         Section 2.  Subparagraph 17. of paragraph (a) of

  7  subsection (1) of section 17 of chapter 24981, Laws of

  8  Florida, 1947, as amended by chapter 96-527, Laws of Florida,

  9  is amended to read:

10         Section 17.  West Palm Beach Firefighters Pension

11  Fund.--

12         (1)  Creation of Fund.--There is hereby created a

13  special fund for the Fire Department of the City of West Palm

14  Beach to be known as the West Palm Beach Firefighters Pension

15  Fund.  All assets of every description held in the name of the

16  West Palm Beach Firemen's Relief and Pension Fund and in the

17  name of the West Palm Beach Firefighters Pension Fund have

18  been and shall continue to be combined.

19         (a)  Definitions.--The following words or phrases, as

20  used in this act, shall have the following meanings, unless a

21  different meaning is clearly indicated by the context:

22         17.  "Service," "credited service," or "service credit"

23  means the total number of years, and fractional parts of

24  years, of employment of any member in the employ of the

25  Department, omitting intervening years and fractional parts of

26  years of service when the member was not employed by the City.

27  However, no member will receive credit for years or fractional

28  parts of years of service for which the member has withdrawn

29  his or her contributions to the Fund, unless the member repays

30  into the Fund the contributions withdrawn, with interest,

31  within 60 months 90 days after reemployment.  Further, a


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  1  member may voluntarily leave his or her contributions in the

  2  Fund for a period of 5 years after leaving the employ of the

  3  Department, pending the possibility of his or her being

  4  rehired by the Department and remaining employed for a period

  5  of not less than 3 years, without losing credit for the time

  6  he or she has participated actively as a firefighter.  If he

  7  or she does not remain employed for a period of at least 3

  8  years as a firefighter with the Department upon reemployment,

  9  within 5 years his or her contributions shall be returned

10  without interest in accordance with paragraph (5)(i).  In

11  determining the aggregate number of years of service of any

12  member, the time spent in the military service of the United

13  States or United States Merchant Marine by the member on leave

14  of absence for such reason shall be added to the years of

15  service provided such time shall not exceed 5 years. Further,

16  to receive credit for such service:

17         a.  The member must return to employment as a

18  firefighter of the City within 1 year from the date of release

19  from such active service; and

20         b.  The member must contribute into the Fund the same

21  sum which he or she would have contributed if he or she had

22  remained a member.  Any payment to the plan described in this

23  paragraph shall be made during the period beginning with the

24  date of reemployment and whose duration is three times the

25  period of the member's service in the military, not to exceed

26  5 years.

27         Section 3.  Paragraph (h) of subsection (1) of section

28  17 of chapter 24981, Laws of Florida, 1947, as amended by

29  chapter 93-374, Laws of Florida, is amended to read:

30         Section 17.  West Palm Beach Firefighters Pension

31  Fund.--


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  1         (1)  Creation of Fund.--There is hereby created a

  2  special fund for the Fire Department of the City of West Palm

  3  Beach to be known as the West Palm Beach Firefighters Pension

  4  Fund.  All assets of every description held in the name of the

  5  West Palm Beach Firemen's Relief and Pension Fund and in the

  6  name of the West Palm Beach Firefighters Pension Fund have

  7  been and shall continue to be combined.

  8         (h)  Membership.--All firefighters and all who hold a

  9  position of firefighter in the employ of the Department shall

10  be members in the Fund.  All firefighters, including the

11  chief, who were in the employ of the Department as of April

12  30, 1959, shall be given credit for service rendered in the

13  employ of the Department prior to May 1, 1959. New members to

14  the fund are required to undergo a physical examination for

15  purposes of determining preexisting conditions. This physical

16  examination shall be conducted in conjunction with the City's

17  postoffer, preemployment physical examination. The Board's

18  Medical Director will review the results of this physical

19  examination and provide notice to the Board and the member of

20  any abnormal findings of the examination. This physical

21  examination will be used for purposes of establishing a

22  physical profile of the member for determining preexisting

23  conditions and presumptive illnesses as provided for in

24  subsection (6).  After review, if further physical examination

25  is required, such examination will be conducted at Board

26  expense.

27         Section 4.  Paragraph (b) of subsection (4) of section

28  17 of chapter 24981, Laws of Florida, 1947, as amended by

29  chapter 96-527, Laws of Florida, is amended to read:

30         Section 17.  West Palm Beach Firefighters Pension

31  Fund.--


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  1         (4)  Custodian of funds.--All moneys and securities of

  2  the Fund may be deposited with the cash management coordinator

  3  of the City, acting in a ministerial capacity only, who shall

  4  be bonded and shall be liable in the same manner and to the

  5  same extent as he or she is liable for the safekeeping of

  6  funds for the City.  However, any funds and securities so

  7  deposited with the cash management coordinator shall be kept

  8  in a separate fund by the cash management coordinator or

  9  clearly identified as funds and securities of the Fund.  In

10  lieu thereof, the Board shall deposit the funds and securities

11  in a qualified public depository designated by the Board.  The

12  cash management coordinator or other depository shall receive

13  all moneys due said Fund from all sources whatsoever.  All tax

14  revenue received pursuant to the provisions of chapter 175,

15  Florida Statutes, shall be deposited into the Fund no more

16  than 5 days after receipt.  Member contributions withheld by

17  the City on behalf of a member shall be deposited into the

18  Fund at least monthly.

19         (b)  Investment of moneys.--The Board shall have the

20  power and authority to invest and reinvest the moneys of the

21  Fund, and to hold, purchase, sell, assign, transfer, and

22  dispose of any securities and investments held in said Fund.

23  The aim of the investment policies shall be to preserve the

24  integrity and security of Fund principal, to maintain a

25  balanced investment portfolio, to maintain and enhance the

26  value of Fund principal, and to secure the maximum total

27  return on investments that is consonant with safety of

28  principal, provided that such investments and reinvestments

29  shall be limited to the following:

30         1.  Direct obligations of the United States Government

31  or any agency thereof, and debentures and other evidences of


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  1  indebtedness which are fully guaranteed by the United States

  2  Government or any agency thereof for the payment of principal

  3  and interest.

  4         2.  Direct obligations of the State of Florida.

  5         3.  In debt securities, preferred and common stocks and

  6  mutual fund shares subject to the limitations set forth in

  7  this section.

  8         4.  In time or savings accounts of a national bank, a

  9  state bank insured by the Bank Insurance Fund, a savings and

10  loan association associations to the extent that deposits are

11  guaranteed by the Savings Association Insurance Fund which is

12  administered by the Federal Deposit Insurance Corporation, or

13  a state or federally chartered credit union whose share

14  accounts are insured by the National Credit Union Share

15  Insurance Fund United States Government or any agency thereof.

16         5.  Of the total fund principal in any pension or

17  retirement system, including the amounts deposited in banks or

18  associations, the total thereof invested in preferred stocks

19  shall not aggregate more than 5 percent, and the total amount

20  thereof invested in common stocks and mutual fund shares shall

21  not aggregate more than 70 percent.  Percentages shall be

22  based on market value at the end of each reporting period

23  (September 30).

24         6.  The following minimum standards shall govern the

25  eligibility of securities for purchase as investments, except

26  that 30 percent of the stocks at cost value shall not be

27  subject to the standards contained in paragraph b and c:

28         a.  All corporate and association securities and mutual

29  fund shares shall be issued by a corporation or other legal

30  person incorporated or otherwise organized within the United

31


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  1  States and domiciled therein to the extent required by

  2  s.175.071(1)(b), Florida Statutes.

  3         b.  Not more than 10 percent of the total fund

  4  principal at market value shall be invested in any issuing

  5  company other than obligations of the United States or an

  6  agency thereof.

  7         c.  All bonds, stocks, or other evidence of

  8  indebtedness issued or guaranteed by a corporation shall be

  9  listed on any one or more of the recognized national stock

10  exchanges and, in the case of bonds only, shall hold a rating

11  in one of the four three highest classifications by a major

12  rating service.  Said bonds and preferred stocks that are

13  convertible into common stocks shall be considered common

14  stocks and the purchase of same shall be limited by the

15  provisions of subparagraph 5.

16         d.  The Board shall be required to engage the services

17  of professional investment counsel to assist and advise the

18  trustees in the performance of their duties.

19         e.  At least once every 3 years, the Board shall retain

20  an independent consultant professionally qualified to evaluate

21  the performance of its professional money manager or

22  investment counsel.  The independent consultant shall make

23  recommendations to the Board regarding the selection of money

24  managers for the next investment term.  These recommendations

25  shall be considered by the Board at its next regularly

26  scheduled meeting.

27         Section 5.  Paragraph (a) of subsection (5) of section

28  17 of chapter 24981, Laws of Florida, 1947, as amended by

29  chapter 93-374, Laws of Florida, is amended to read:

30         Section 17.  West Palm Beach Firefighters Pension

31  Fund.--


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  1         (5)  Service pension.--

  2         (a)  Normal retirement.--

  3         1.  Any member whose entry or reentry in the employment

  4  of the Department occurs after April 30, 1959, who has

  5  attained age 50 years, and who has acquired 15 or more years

  6  of service credit shall, upon application filed with the

  7  Board, be retired and shall be entitled to a monthly pension

  8  for the remainder of his or her life equal to the greater of

  9  the following, as applicable:

10         a.  For a member who is actively employed by the

11  department on or after October 1, 1998, or who is part of the

12  DROP on or after October 1, 1998, 3 percent of his or her

13  final average salary multiplied by the number of years, and

14  fraction of a year, of service credit earned from and after

15  October 1, 1982, plus 2 1/2 percent of his or her final

16  average salary multiplied by the number of years, and fraction

17  of a year, of service credit earned prior to October 1, 1982,

18  provided that in no case shall the total monthly pension

19  payable to any such member exceed 78 percent of his or her

20  final average salary;

21         b.a.  For members who terminated employment, retired,

22  or entered the DROP prior to October 1, 1998, except as

23  provided in sub-subparagraph a., 2 1/2 Two and one-half

24  percent of his or her final average salary multiplied by the

25  number of years, and fraction of a year, of service credit,

26  provided that in no case shall the total monthly pension

27  payable to any member exceed 65 percent of his or her final

28  average salary; or

29         c.b.  The sum of the following:

30         (I)  Two and one-half percent of final average salary

31  multiplied by the number of years, and fraction of a year, of


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  1  service credit to a maximum of 26 years of service, and 2

  2  percent of his or her final average salary multiplied by the

  3  number of years, and fraction of a year, in excess of 26 years

  4  of service, for all years of service earned through September

  5  30, 1988; and

  6         (II)  Two percent of final average salary multiplied by

  7  the number of years, and fraction of a year, of service credit

  8  earned on and after October 1, 1988.

  9         2.  Any member whose entry or reentry in the employment

10  of the Department occurs after April 30, 1959, and prior to

11  July 1, 1977, may elect upon his or her retirement to receive

12  a pension under the provisions of this subparagraph in lieu of

13  subparagraph 1., as follows:  Any member who has attained age

14  55 years and who has acquired 20 or more years of service

15  credit shall, upon his or her application filed with the

16  Board, be retired and, when so retired, shall be entitled to a

17  monthly pension for the remainder of his or her life equal to

18  the greater of the following:

19         a.  Two percent of final average salary multiplied by

20  the number of years, and fraction of a year, of service credit

21  not to exceed 25 years, provided that in no case shall the

22  total monthly pension payable to any member exceed 65 percent

23  of his or her final average salary; or

24         b.  The sum of the following:

25         (I)  Two and one-half percent of final average salary

26  multiplied by the number of years, and fraction of a year, of

27  service credit to a maximum of 26 years of service, and 2

28  percent of final average salary multiplied by the number of

29  years and fraction of a year in excess of 26 years of service,

30  for all years of service earned through September 30, 1988;

31  and


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  1         (II)  Two percent of final average salary multiplied by

  2  the number of years, and fraction of a year, of service credit

  3  earned on and after October 1, 1988.

  4

  5  The 3-percent benefit accrual factor in sub-subparagraph 1.a.

  6  is contingent on and subject to the adoption and maintenance

  7  of the assumptions set forth in subsection (23). If such

  8  assumptions are modified by legislative, judicial, or

  9  administrative agency action, and the modification results in

10  increased City contributions to the Pension Fund, the

11  3-percent benefit accrual factor in sub-subparagraph 1.a.

12  shall be automatically decreased prospectively, from the date

13  of the action, to completely offset the increase in City

14  contributions. However, in no event shall the benefit accrual

15  factor in sub-subparagraph 1.a. be adjusted below 2 1/2

16  percent. To the extent that the benefit accrual factor is less

17  than 3 percent, the supplemental pension distribution

18  calculation under paragraph (d) shall be adjusted for

19  employees who retire on or after October 1, 1998, and those

20  employees who were members of the DROP on October 1, 1998.

21  The adjustment shall be to decrease the minimum return of 8.25

22  percent needed to afford the supplemental pension

23  distribution, when the amount of the reduction is zero if an

24  employee has been credited with 16 or more years with the

25  3-percent benefit accrual factor or 1.25 percent if an

26  employee has been credited with no more than a 2 1/2 percent

27  benefit accrual factor. If an employee has been credited with

28  less than 16 years at the 3-percent benefit accrual factor,

29  then the accumulated amount over 2 1/2 percent for each year

30  of service divided by .5 percent divided by 16 subtracted from

31  1 multiplied by 1.25 percent is the reduction from 8.25


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  1  percent.  An example of the calculation of the minimum return

  2  for the supplemental pension distribution as described above

  3  is set forth in Appendix B to the collective bargaining

  4  agreement between the City of West Palm Beach and the West

  5  Palm Beach Association of Firefighters, Local 727-IAFF,

  6  October 1, 1998 - September 30, 2001.

  7         Section 6.  Subparagraph 1. of paragraph (d) of

  8  subsection (5) of section 17 of chapter 24981, Laws of

  9  Florida, 1947, as amended by chapter 96-527, Laws of Florida,

10  is amended to read:

11         Section 17.  West Palm Beach Firefighters Pension

12  Fund.--

13         (5)  Service pension.--

14         (d)  Supplemental pension distribution.--

15         1.a.  The actuary for the Pension Fund shall determine

16  the rate of investment return earned on Pension Fund assets

17  during the 12-month period ending each September 30th.  The

18  rate determined shall be the rate reported in the most recent

19  actuarial report submitted pursuant to part VII of chapter

20  112, Florida Statutes.

21         b.  The actuary for the Pension Fund shall determine

22  the actuarial present value, as of each September 30th, of

23  future pension payments to eligible persons, as described in

24  subparagraph 3., who are then being paid a pension.  The

25  actuarial present values shall be calculated using an interest

26  rate of 7 percent per year compounded yearly and a mortality

27  table as approved by the Board of Trustees and as used in the

28  most recent actuarial report submitted pursuant to part VII of

29  chapter 112, Florida Statutes.

30         c.  A distribution amount shall be determined as of

31  each September 30th. For distributions made after October 1,


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  1  1998, there shall be two different calculations to determine

  2  the distribution amount. For those employees who retire on and

  3  after October 1, 1998, or who are part of the DROP on or after

  4  October 1, 1998, the distribution amount shall be equal to

  5  factor (i) for each applicable member multiplied by the sum of

  6  factor (ii) and the positive difference, if any, between

  7  factor (iii) and 8.25 percent.  For those employees who have

  8  retired before October 1, 1998, except as provided in this

  9  sub-subparagraph, the distribution amount shall be equal to

10  factor (i) for each applicable member multiplied by the sum of

11  factor (ii) and the positive difference, if any, between

12  factor (iii) and 7 percent. For purposes of both calculations,

13  factor (i) is the actuarial present value determined in

14  sub-subparagraph 1.b. for the respective group. Factor (ii) is

15  one-half of the investment return rate in sub-subparagraph

16  1.a. in excess of 9 percent. Factor (iii) is the rate of

17  investment return in sub-subparagraph 1.a., not to exceed 9

18  percent. The distribution amount shall not exceed accumulated

19  net actuarial experience from all pension liabilities and

20  assets. If the net actuarial experience is favorable,

21  cumulatively, commencing with the experience for the year

22  ended September 30, 1985, after offset for all prior

23  supplemental distributions, the supplemental distribution may

24  be made.  If the net actuarial experience is unfavorable,

25  cumulatively, commencing with the experience for the year

26  ended September 30, 1985, after offset for all prior

27  supplemental distributions, no supplemental distribution may

28  be made, and the city must amortize the loss until it is

29  offset by cumulative favorable experience.

30

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  1  If an actuarial report submitted as provided in this paragraph

  2  is not state accepted prior to distribution, and if a

  3  deficiency to the Pension Fund results, the deficiency shall

  4  be made up from the next available supplemental pension

  5  distribution, unless sooner made up by agreement between the

  6  Board of Trustees and the city.  No such deficiency shall be

  7  permitted to continue for a period greater than 3 years from

  8  the date of payment of the supplemental pension distribution

  9  which resulted in the deficiency.

10         Section 7.  Subparagraph 5. of paragraph (d) of

11  subsection (5) of section 17 of chapter 24981, Laws of

12  Florida, 1947, as amended by chapter 93-374, Laws of Florida,

13  is amended to read:

14         Section 17.  West Palm Beach Firefighters Pension

15  Fund.--

16         (5)  Service pension.--

17         (d)  Supplemental pension distribution.--

18         5.  Each supplemental pension distribution amount shall

19  be allocated among the eligible persons in the proportion that

20  an eligible person's supplemental pension distribution points

21  bears to the aggregate amount of supplemental pension

22  distribution points of all eligible persons.  An eligible

23  person shall be credited with supplemental pension

24  distribution points as follows:

25         a.  Three and eighty-five hundredths of a point

26  multiplied by the service credit of the member at time of

27  retirement or prior to death, however, in the computation of

28  the supplemental pension distribution due the in-line-of-duty

29  pensioner the maximum service credit of 26 years shall be

30  used.

31         b.  Maximum service credit shall be 26 years.


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  1         c.  Allocations for surviving spouses and surviving

  2  dependent children who are eligible to receive supplemental

  3  pension distributions shall be 75 percent of the years of

  4  service earned by the pensioner.  Allocations for duty death

  5  beneficiaries (surviving spouse and surviving children) shall

  6  be based upon 75 percent of 26 years of service.

  7         Section 8.  Subparagraphs 1. and 4. of paragraph (k) of

  8  subsection (5) of section 17 of chapter 24981, Laws of

  9  Florida, 1947, as amended by chapter 97-327, Laws of Florida,

10  are amended to read:

11         Section 17.  West Palm Beach Firefighters Pension

12  Fund.--

13         (5)  Service pension.--

14         (k)  Deferred Retirement Option Plan (DROP).--

15         1.  Eligibility to participate in the DROP.--

16         a.  Any member who is eligible to receive an early or

17  normal retirement pension may participate in the DROP. Members

18  shall elect to participate by applying to the Board of

19  Trustees on a form provided for that purpose.

20         b.  Election to participate shall be forfeited if not

21  exercised within the first 35 33 years of combined credited

22  service. However, participation in the first years of

23  enactment will be extended to those members with 34 years of

24  service in 1997.

25         c.  A member shall not participate in the DROP beyond

26  the time of attaining 37 35 years of service and the total

27  years of participation in the DROP shall not exceed 5 3 years.

28  For example:

29         (I)  Members with 32 years of credited service at time

30  of entry shall only participate for 5 3 years.

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  1         (II)  Members with 33 years of credited service at time

  2  of entry shall only participate for 4 2 years.

  3         (III)  Members with 34 years of credited service at the

  4  time of entry shall only participate for 3 years.

  5         (IV)  Members with 35 years of credited service at the

  6  time of entry shall only participate for 2 years.

  7         d.  Upon a member's election to participate in the

  8  DROP, he or she shall cease to be a member and shall no longer

  9  accrue any benefits under the pension fund. For all fund

10  purposes, the member becomes a retirant. The amount of

11  credited service and final average salary shall freeze as of

12  the date of entry into the DROP.

13         4.  After-tax contributions to the DROP.--

14         a.  A member may make after-tax contributions to the

15  DROP in the first calendar year only. The maximum amount which

16  may be contributed is the lesser of:

17         (I)  The IRS Section 415(c) limit.

18         (II)  The amount allowable under IRC Section 401(m).

19         b.  After-tax contributions to the DROP will earn

20  interest in the same manner as set forth in sub-subparagraph

21  2.b.

22         c.  Distributions to members or their beneficiaries of

23  after-tax contributions may be withdrawn at any time on or

24  after termination of employment. However, payments must be

25  made at least as rapidly as required under subsection (19).

26         d.  Loans shall not be made against after-tax

27  contributions.

28         Section 9.  Subsection (16) of section 17 of chapter

29  24981, Laws of Florida, 1947, as amended by chapter 93-374,

30  Laws of Florida, is amended to read:

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  1         Section 17.  West Palm Beach Firefighters Pension

  2  Fund.--

  3         (16)  Lump Sum Payment of Small Retirement

  4  Income.--Notwithstanding any provision of the Fund to the

  5  contrary, if the monthly retirement income payable to any

  6  person entitled to benefits hereunder is less than $30 or if

  7  the single sum value of the accrued retirement income is less

  8  than $5,000 $3,500 as of the date of retirement or termination

  9  of service, whichever is applicable, the Board of Trustees, in

10  the exercise of its discretion, may specify that the actuarial

11  equivalent of such retirement income be paid in lump sum.

12         Section 10.  Subsections (22) and (23) are added to

13  section 17 of chapter 24981, Laws of Florida, as amended by

14  chapter 95-478, Laws of Florida, to read:

15         Section 17.  West Palm Beach Firefighters Pension

16  Fund.--

17         (22)  Rollovers from qualified plans.--A member may

18  roll over all or part of his or her assets in another

19  qualified plan to his or her chapter 175 share account

20  provided all of the following requirements are met:

21         (a)  Some or all of the amount distributed from the

22  other plan is rolled over to this plan no later than the 60th

23  day after distribution was made from the plan or, if

24  distributions are made in installments, no later than the 60th

25  day after the last distribution was made.

26         (b)  The amount rolled over to the share account does

27  not include any amounts contributed by the member to the plan

28  on a posttax basis.

29         (c)  The rollover is made in cash.

30         (d)  The member certifies that the distribution is

31  eligible for a rollover.


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CODING: Words stricken are deletions; words underlined are additions.




    ENROLLED

    1999 Legislature                      HB 1471, First Engrossed



  1         (e)  Amounts which the trustee accepts as a rollover to

  2  this fund shall, along with any earnings allocated to the

  3  trustee, be fully vested at all times.

  4

  5  The rollover may also be made to this plan from an individual

  6  retirement account qualified under Code Section 408 when the

  7  individual retirement account was merely used as a conduit for

  8  funds from another qualified plan and the rollover is made in

  9  accordance with the rules provided in paragraphs (a) through

10  (e).  Amounts rolled over may be segregated from other fund

11  assets. The trustee shall separately account for gains,

12  losses, and administrative expenses on these rollovers as

13  provided for in paragraphs (5)(d) and (j). In addition, the

14  fund may accept the direct transfer of a member's benefits

15  from another qualified retirement plan. The fund shall account

16  for direct transfers in the same manner as a rollover and

17  shall obtain certification from the member that the amounts

18  are eligible for a rollover or direct transfer to this fund.

19         (23)  Actuarial assumptions.--The following actuarial

20  assumptions shall be used for all purposes in connection with

21  this fund, effective October 1, 1998:

22         (a)  The period for amortizing current, future, and

23  past actuarial gains or losses shall be 20 years.

24         (b)  The assumed investment rate of return shall be

25  8.25 percent.

26         Section 11.  This act shall take effect October 1,

27  1999.

28

29

30

31


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