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Senate Bill 1133 |
Senate Author: Rodríguez |
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Effective: 5-24-13 |
House Sponsor: Pickett |
Senate Bill 1133 amends the law governing firemen and policemen pension funds in cities or towns within a specified population bracket to authorize the governing board of such a city or town to decrease the rate of the city or town contribution to the local firemen and policemen pension fund if a qualified actuary selected by the pension fund's board determines that the total contribution rate to the fund is sufficient to amortize the unfunded actuarial accrued liability over a 25-year period. The bill requires the member contribution rate to the fund, to the extent that the city or town contribution rate decreases, to decrease proportionally and prohibits the sum of both rates after the decrease from falling below the total contribution rate determined by the qualified actuary to be necessary to amortize the unfunded actuarial accrued liability over a 25-year period.