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Senate Bill 0260


Senate Bill 0260

ARCHIVE (2001)

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DIGEST OF SB260 (Updated March 27, 2001 3:43 PM - DI 84)


Pension relief fund distributions. Provides that distributions from the pension relief fund to local units of government shall be made in a particular year based on estimates of pension liabilities in the ensuing year. Provides that in 2001, units of local government will receive pension relief fund distributions under both the current pension relief fund law and under the amended law. Provides that an eligible unit of government receiving a distribution from the pension relief fund must spend from its local resources in 2001 through 2007 and sets forth the minimum amounts of the required local spending. Provides that to the extent that a distribution is paid in November 2001 or in 2002, that distribution must be placed in trust or encumbered for future pension payments. For each year through 2007, provides an additional annual distribution from the pension relief fund. Provides that the additional distribution is the amount necessary to ensure that at least 50% of each unit's pension liability is paid from the pension relief fund. Requires the PERF board of trustees to maintain separate accounts for each unit of local government into which a unit may: (1) make deposits; and (2) withdraw one time each year all or a portion of the unit's balance in the account to pay pension benefits under the old police and firefighter pension funds. Provides a one-time distribution from the pension relief fund in 2001 in an amount sufficient to ensure that the pension relief fund has paid at least 50% of each unit's pension liability for 1998 through 2000. (The introduced version of this bill was prepared by the pension management oversight commission.)
    Current Status:
     Law Enacted
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