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Senate Bill 0322


Senate Bill 0322

ARCHIVE (2007)

Latest Information

 

DIGEST OF INTRODUCED BILL


Deferred retirement option plan. Removes the deferred retirement option plan (DROP) expiration date for members of the 1925 police pension fund, the 1937 firefighters' pension fund, or the 1953 police pension fund who converted to the benefits and conditions of the 1977 police officers' and firefighters' pension and disability fund (converted member). Allows a converted member who: (1) entered the DROP after March 14, 2006; and (2) selected a DROP retirement date that was less than 36 months after the member's DROP entry date because of the DROP expiration date; to make a one time, irrevocable selection of a new DROP retirement date that is not later than 36 months after the member's DROP entry date.
    Current Status:
     In Committee - first House
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