HB 509: Local Government Pension Reform
GENERAL BILL by Caldwell
Local Government Pension Reform; Requires that firefighter pension plans meet certain requirements in order to receive insurance premium tax revenues; revises existing payment provisions & provides for additional mandatory payment by municipality or special fire control district to firefighters' pension trust fund; deletes provision basing availability of additional benefits upon state funding; revises provisions relating to municipalities & special fire control districts that have their own pension plans & want to participate in distribution of tax fund; authorizes municipality to implement certain changes to local law plan; requires that police officer pension plans meet certain requirements in order to receive insurance premium tax revenues; deletes provision allowing local law plan to limit amount of overtime payments which can be used for retirement benefit calculations; revises existing payment provisions & providing for an additional mandatory payment by municipality to police officers' retirement trust fund; revises provisions relating to municipalities that have their own pension plans for police officers & want to participate in distribution of tax fund; requires plan sponsors to have defined contribution plan in place by certain date; authorizes municipality to implement certain changes to local law plan; provides declaration of important state interest.
Last Action: 5/2/2014 House - Died in Government Operations Subcommittee
Bill Text: PDF
• Referred to Government Operations Subcommittee; Appropriations Committee; State Affairs Committee -HJ 43
• Introduced -HJ 42
• Died in Government Operations Subcommittee
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