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Senate Bill 0062


Senate Bill 0062

ARCHIVE (2000)

Latest Information

 

DIGEST OF SB 62 (Updated March 3, 2000 10:08 PM - DI 73)


Provides that if the designated beneficiary of a deceased PERF or TRF member's annuity savings account is not entitled to a survivor's benefit, the designated beneficiary may elect to receive over a period of up to five years the total amount credited to the deceased member in the member's annuity savings account. (Current law requires that the amount be paid in a lump sum.) Separates the provisions concerning survivors' benefits for police officers and firefighters into separate sections based on whether the death was in the line of duty or not in the line of duty. Makes the definition of "dies in the line of duty" used in the survivors' benefits statutes uniform for all police officers and uniform for all firefighters. Separates the provisions concerning disability benefits for police officers and firefighters into separate provisions based on whether the disability was in the line of duty or not in the line of duty. Specifies that if a local pension board determines that a police officer or firefighter has a disability, the local board shall also make a recommendation to the 1977 fund advisory committee concerning whether the disability occurred in the line of duty. Requires the 1977 fund advisory committee to review the recommendations and make a finding concerning whether the disability occurred in the line of duty. Provides that in the legislators' retirement system, if a member does not make an investment selection of the alternative investment programs, the member's account shall be invested in the PERF board's general investment fund. (The introduced version of this bill was prepared by the pension management oversight commission.)
    Current Status:
     Law Enacted
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