Enrolled Bill Summary

Senate Bill 297 amends provisions relating to a firefighters' relief and retirement fund in a municipality with a population of at least 1.6 million. The bill requires a member in active service to contribute to the fund in an amount equal to 8.35 percent, rather than 7.7 percent, of the member's salary at the time of the contribution, and as of July 1, 2004, in an amount equal to 9 percent of the member's salary at the time of the contribution. It requires a municipality's contribution rate to be the normal cost plus the level percentage of salary payment required to amortize the unfunded actuarial liability over a constant period of 30, rather than 40, years. It prevents investment losses from being credited to a member's deferred retirement option plan (DROP) account and specifies that the credit to a member's DROP account must be at an annual rate of between 5 and 10 percent. It also adds provisions relating to the board's authority, including provisions relating to open meetings, and includes provisions relating to disability benefits and benefits to a member's eligible spouse.