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IN SB0080
Bill
AI Summary
- Applies to 1977 fund members who become disabled after June 1, 2005, while enrolled in a Deferred Retirement Option Plan (DROP), whether disability arose in or outside the line of duty
- Members retiring before July 1, 2017, due to disability at least 12 months after DROP entry have benefits calculated under section 12 with retirement date as the disability date rather than DROP date
- Members retiring after June 30, 2017, due to disability at least 12 months after DROP entry receive two separate benefit components: a retirement benefit calculated as if they never entered DROP, plus an additional amount calculated under section 12(b)(2)(B)
- Members who retired between January 1, 2015, and July 1, 2017, due to disability at least 12 months after DROP entry may elect to have their benefits actuarially adjusted and recalculated under the new post-June 30, 2017 formula
- Election for benefit recalculation must be made in writing on a board-prescribed form and is irrevocable
- Effective July 1, 2017
Legislative Description
Deferred retirement option plan disability benefit. Revises, for a member of the 1925 police pension fund, the 1937 firefighters' pension fund, the 1953 police pension fund, or the 1977 police officers' and firefighters' pension and disability fund who retires after June 30, 2017, because of a disability at least 12 months after the date the member enters the deferred retirement option plan (DROP), the calculation of the retirement benefit paid to the member. Allows a member who retired after January 1, 2015, and before July 1, 2017, because of a disability at least 12 months after the date the member
Last Action
Public Law 47
4/13/2017
Committee Referrals
Employment, Labor and Pensions2/28/2017
Pensions and Labor1/3/2017
Full Bill Text
No bill text available