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DIGEST OF SB55 (Updated March 6, 2006 3:15 pm - DI 84)
Public safety deferred retirement option plan. For members of the 1925 fund, the 1937 fund, or the 1953 fund, ties the expiration of the public safety deferred retirement option plan (DROP) to the expiration of distributions from the pension relief fund that ensure that at least 50% of the pension liability of each unit of local government is paid from the pension relief fund. For members of the 1977 fund, eliminates the expiration of the DROP. Provides that the death benefits for an employee beneficiary of a county retirement plan established by the sheriff's department who dies in the line of duty are calculated under the provisions of the county's retirement plan as if the employee beneficiary had never entered a DROP, if: (1) the employee beneficiary dies in the line of duty before payment of the employee beneficiary's monthly pension amount begins; and (2) the calculation of a death benefit under the provisions of a county's retirement plan depends upon whether an employee beneficiary dies in the line of duty or other than in the line of duty. (The introduced version of this bill was prepared by the pension management oversight commission.)
