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AR HB1204
Bill
Status
Failed
4/22/2015
Primary Sponsor
John Baine
Click for details
AI Summary
- Allows employees to defer withdrawal of all or part of their Local Police and Fire Deferred Retirement Option Plan account upon termination of employment
- Credits plan accounts with interest at 2% per annum below the plan investment portfolio annual rate of return, with a floor of 0% minimum
- Interest is credited annually to individual account balances
- Limits deferral of fund withdrawal to one time only per member
- Requires all deferred funds to be distributed or annuitized by December 31 of the year the member turns 70½ years old
- Provides for lump sum payment equal to the individual account balance to the member's beneficiary if death occurs during plan participation
Legislative Description
To Amend The Law Concerning The Duration Of Participation In The Local Police And Fire Deferred Retirement Option Plan.
Last Action
Died in House Committee at Sine Die adjournment.
4/22/2015
Committee Referrals
Public Retirement & Social Security Programs1/29/2015
Full Bill Text
No bill text available