Enrolled Bill Summary

            Senate Bill 790 amends provisions relating to firefighters relief and retirement funds in cities with populations between 450,000 and 500,000. The bill authorizes the board of trustees of such a fund to accept gifts, grants, or bequests of money or securities from any source for the use and benefit of the fund. The bill requires any change in the three percent multiplier for normal service retirement to apply also to members who terminate employment with a fire department after accruing 10 years of service and later retire; authorizes a monthly benefit for the designated beneficiary of certain unmarried retirees or members, providing for the actuarial adjustment of the benefit if the beneficiary is 10 or more years younger than the retiree or member; and increases the amount of an annual cost-of-living adjustment that may be made without a majority vote of the board of trustees from one half of one percent to one percent of the member's benefit. The bill extends the period during which a member may elect to participate in the deferred retirement option plan from five to seven years and conforms provisions relating to limits on the amount of annual benefit payments to the Internal Revenue Code. Finally, the bill authorizes a member to elect to receive an optional retirement annuity that is approved by the board of trustees and that is payable after a member's death either throughout the life of a designated beneficiary or for the remainder of a fixed number of monthly payments if the retiree dies before all of those payments are made.