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House Bill 1610


House Bill 1610

ARCHIVE (2009)

Latest Information

 

DIGEST OF HB1610 (Updated April 28, 2009 12:08 pm - DI 84)


Sheriff's pension and prior fund contributions. Allows an employee beneficiary of a sheriff's retirement plan (plan) to transfer certain amounts from a prior public retirement fund to purchase service credit. Provides that a transfer cannot exceed the amount necessary to fund the service purchase and that any amounts in the prior public retirement fund after the transfer shall remain subject to the prior public retirement fund's provisions. Requires an employee beneficiary to earn the years of credited service in the plan necessary to receive an unreduced pension benefit before the employee beneficiary may receive a benefit based on the service purchased by the amount transferred. Provides that, if an employee beneficiary withdraws the transferred amount from the plan, an adjustment of the pension benefit payable to an employee beneficiary is required to ensure that the plan remains actuarially cost neutral to the county. Allows an employee beneficiary who purchases permissive service credit in the plan to roll over a distribution from certain retirement accounts in order to fund the employee beneficiary's purchase. Allows the plan to accept, on behalf of an employee beneficiary who purchases permissive service credit in the plan, a trustee to trustee transfer from certain retirement accounts in order to fund the employee beneficiary's purchase.
Current Status:
 Law Enacted
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