HB 1391 Summary

• Allows firefighters age 50+ with 10 years of service to retire early with a 3% monthly benefit reduction for each year below age 55.

• Establishes optional retirement benefit forms including single-life annuities and joint survivor annuities with various payout percentages (50%, 66⅔%, 75%, or 100%).

• Requires the fund to comply with Internal Revenue Code section 401(a)(9) regarding required minimum distributions and establishes detailed distribution rules for beneficiaries.

• Permits direct rollovers of eligible retirement distributions to IRAs and other qualified retirement plans, with mandatory rollovers to IRAs for distributions over $1,000 if the firefighter fails to elect.

• Adds comprehensive definitions, establishes a partial lump sum plan option, provides for plan termination procedures, and allows retired firefighters to change joint annuitants or beneficiaries up to two times without plan approval.