Enrolled Bill Summary

            Senate Bill 455 amends provisions relating to benefits and administration of the retirement system for firefighters and police officers in municipalities with a population between 750,000 and 1 million. The act increases the multiplier for retirement annuities, increases all monthly pensions to retirees who retired before October 1, 1989, increases the amount that may be included in a BackDROP lump-sum payment, and increases death benefit annuities for surviving spouses and dependent children. The act also provides for the payment of death benefits to a retiree's estate for retirees with no beneficiaries.

            Senate Bill 455 provides that assets of the retirement fund are exempt from attachment, execution, alienation, and forced sale and that the board of the retirement system may indemnify a trustee, officer, or employee for liability, damages, and reasonable legal expenses resulting from certain acts. The act also requires members, retirees, and beneficiaries to provide bank information to the board for the purpose of disbursing benefits by electronic transfer.