Bill Summary

by State Affairs Committee, Caldwell

Local Government Pension Reform: Revises legislative declaration regarding firefighter pension plans; provides new definitions; revises provisions related to firefighters' pension trust fund; revises provisions relating to municipalities & special fire control districts that have their own pension plans; revises criteria governing benefits to be funded from premium tax revenues and uses thereof; requires plan sponsors to have defined contribution plan in place by certain date; authorizes municipality to make changes to local law plan under certain circumstances; revises legislative declaration police officer pension plans; creates new definitions; revises provisions regarding police officers' retirement trust fund; deletes provision basing additional benefits in police officer pension plan upon state funding; revises calculation of monthly retirement income for police officer; revises provisions regarding certain police officer pension plans; revises provisions relating to municipalities that have their own pension plans for police officers & want to participate in distribution of excise tax fund; revises criteria governing use of revenues from premium tax; revises provisions regarding excess benefits under certain circumstances; requires plan sponsors to have defined contribution plan in place by certain date; revises authorities that municipality has to implement certain changes to local law plan; provides declaration of important state interest. Effective Date: July 1, 2014

Committee references not assigned.