| SB 0516 | Allows members of the St. Louis Police Retirement System to purchase their DROP period |
| Sponsor: | Kennedy | Co-Sponsor(s) | ||
| LR Number: | 1661S.01I | Fiscal Note: | 1661-01 | |
| Committee: | Pensions and General Laws | |||
| Last Action: | 03/04/03 - Hearing Conducted S Pensions & General Laws Committee | Journal page: | ||
| Title: | ||||
| Effective Date: | August 28, 2003 | |||
SB 516 - This act allows members of the St. Louis Police
Retirement System to purchase their deferred retirement option
period. This would enable members who cease participation in the
deferred retirement option plan (DROP) to make an election to
purchase the creditable service for participation in the DROP.
This would also allow members to receive their retirement benefit
based on a higher average compensation and a higher benefit
formula calculation. Upon the election, the member must pay for
the employee contributions the member would have made for the
entire DROP period purchased.
CINDY KADLEC