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Senate Bill 1285 |
Senate Author: Watson |
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Effective: 9-1-11 |
House Sponsor: Strama |
Senate Bill 1285 amends the law governing a police officers retirement system in a municipality having a population of more than 750,000 and less than 850,000. Current law requires the city to contribute an amount equal to 19 percent of the basic hourly earnings of each member of the police officers retirement system employed by the city. The bill limits applicability of that requirement to pay periods before October 1, 2011; increases the city's contribution to 20 percent of the basic hourly earnings of each member for all periods after September 30, 2011, and before October 1, 2012; and increases the city's contribution to 21 percent for all periods after September 30, 2012, subject to additional amounts being contributed to fund additional liabilities incurred by the system as a result of its participation in the proportionate retirement program. The bill increases the required deposit rate for members from 6 percent to 13 percent of the basic hourly earnings of each member.