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Senate Bill 0524


 

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Senate Bill 0524

ARCHIVE (2001)

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DIGEST OF SB 524 (Updated April 29, 2001 5:16 PM - DI 44)

Police and firefighter pension distributions. Provides that, in calendar years 2002 and through 2012, interest on the public deposit insurance fund (after certain deductions for operating expenses) is to be distributed to units of local government in proportion to payments made by each unit for benefits under the "old" police and firefighter pension plans (the 1925 police pension fund, the 1937 firefighters' pension fund, and the 1953 police pension fund). Prohibits distributions under certain conditions if a draw has been made on the public deposit insurance fund or if distributions would reduce the balance of the public deposit insurance fund to a level insufficient to ensure the safekeeping and prompt payment of public funds.
    Current Status:
     Law Enacted
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