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House Bill 1756 |
House Author: Rodriguez, Eddie et al. |
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Effective: 9-1-15 |
Senate Sponsor: Watson |
House Bill 1756 amends the law relating to the Austin Firefighters Relief and Retirement Fund. The bill authorizes the fund's board of trustees to appoint a sole nominated candidate to the board without holding an election, to establish procedures and requirements governing a member's designation of a beneficiary, and to modify the availability of certain distributions from deferred retirement option plan (DROP) accounts. The bill also clarifies provisions relating to payments from a DROP account at a member's death and clarifies the determination period used for calculating the collective adjustment amount for an annual cost-of-living adjustment.