DE SB294

Extends the reversion period for unspent funds in the police and firefighter pension special fund from 5 years to 10 years before reverting to the General Fund.

Applies to funds deposited by the State Board of Pension Trustees that are intended to provide post-retirement increases for retired county and municipal police and firefighters in closed pension plans.

Allows more time for eligible counties and municipalities to develop and submit proposals for post-retirement increases before funds automatically revert to the state's General Fund.

Maintains the existing requirement that counties or municipalities must deposit sufficient funds to cover 25% of the actuarial cost of any proposed post-retirement increase before Board approval.