| SB 0645 | Addresses benefits of survivors of a police officer and those who may use the deferred retirement option plan |
| Sponsor: | Kennedy | |||
| LR Number: | 1854S.01I | Fiscal Note: | 1854-01 | |
| Committee: | Pensions and General Laws | |||
| Last Action: | 04/01/03 - Hearing Cancelled S Pensions & General Laws Committee | Journal page: | ||
| Title: | ||||
| Effective Date: | August 28, 2003 | |||
SB 645 - This act clarifies and removes unnecessary language in regard to a members election to participate in the deferred retirement option plan.
The act establishes that the death benefit payable to a surviving spouse pursuant to Subdivision (8) of Section 86.280 and Subdivision (8) of Section 86.283 shall be adjusted annually for cost of living increases at a rate not to exceed three percent as approved by the Board of Trustees and sets forth rules as to when the benefits are increased. Further, the act removes the thirty percent cumulative cap on cost of living increases in the year 2006.
The act adds members who are participating in the deferred
retirement option plan to those who receive benefits of Section
86.280. The act further adds a new subdivision to Section 86.280
which addresses the pension of a surviving spouse, or if there is
no surviving spouse then to the other eligible individuals, for
the year following the members death.
RICHARD MOORE