SB 886 Summary

• Provides $170 monthly survivorship benefit to spouses and principal beneficiaries of firefighters and rescue squad workers killed in the line of duty, effective June 1, 2016, with transition provisions through July 1, 2018.

• Establishes public records standards for retirement files held by the Retirement Systems Division, making specified employment and retirement information public while protecting medical and personal financial data.

• Adds the Director of the Office of State Human Resources as an ex officio member of the Board of Trustees of the Teachers' and State Employees' Retirement System.

• Modifies retirement system procedures including changing document delivery from "mailed" to "transmitted," allowing 120-day extensions for response deadlines, and changing reporting requirements from mandatory to discretionary.

• Authorizes letters of credit from Federal Home Loan Banks as acceptable security for state deposits and directs development of a contribution rate stabilization policy for the Firefighters' and Rescue Squad Workers' Pension Fund.