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AR SB7
Bill
Status
2/10/2021
Primary Sponsor
Bill Sample
Click for details
AI Summary
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Raises the required age for benefit distributions from 70½ to 72 years old for qualified Internal Revenue Code plans of firemen's and policemen's pension funds.
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Changes the distribution deadline for deferred retirement option plan funds from December 31 of the year a member attains age 70½ to April 1 of the year following the calendar year in which a member becomes 72 years old.
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Applies the updated distribution requirements to both the Policemen's Pension and Relief Fund and the Firemen's Relief and Pension Fund deferred retirement option plans.
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Declares an emergency effective date of July 1, 2021 to align implementation with the funds' fiscal year and allow proper administration of benefit procedures.
Legislative Description
To Amend The Law Concerning Deferred Retirement Option Plans And Internal Revenue Code-qualified Plans Of Firemen's Relief And Pension Funds And Policemen's Pension And Relief Funds; And To Declare An Emergency.
Last Action
Notification that SB7 is now Act 73
2/10/2021