Enrolled Bill Summary

            Senate Bill 708 amends provisions relating to the retirement system for firefighters and police officers in San Antonio. The bill shortens the probationary period before a new firefighter or police officer becomes a member of the system. The bill eliminates a scheduled increase in members' contributions that was to have taken effect October 1, 2001, and changes the benefit formula to increase retirement annuities for certain future retirees, while reducing benefits for certain other future retirees. The bill also shortens the service that can be considered under the deferred retirement option plan and raises the floor below which a retiree's disability retirement annuity may not be reduced because of income from other employment.

            The bill authorizes the board to distribute a 14th pension check to retirees and beneficiaries in a fiscal year in which fund investments are determined to have exceeded a certain projected yield. The bill also makes changes in cost-of-living increases and death benefit annuities and authorizes surviving spouses to elect to receive a portion of a death benefit in a lump-sum payment in certain circumstances.

            The bill also makes other administrative and technical changes in the act.