SB 0404 Retirement benefits-St. Louis City firemen
Committee:ELECLR Number:S1512.02T
Last Action:05/16/95 - Signed by Governor
Title:SCS/SB 404
Effective Date:August 28, 1995
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Current Bill Summary

SCS/SB 404 - This act provides for increases in benefits for certain retired St. Louis City firemen.

Funding for benefit increases will come from the Future Benefits Fund (Section 87.287, RSMo) when an enabling ordinance has been passed by the St. Louis City Board of Aldermen.

Any retired fireman, or widow or child of a retired fireman, who is not receiving a cost-of-living allowance shall be appointed as a special consultant on retirement, with annual compensation. Compensation shall be calculated based upon the number of years of service, the amount of funds available in an ad hoc COLA, and the classification of the consultant (retired fireman, widow or child). The ad hoc COLA, administered by the Board of Trustees, shall appropriate funding from one-half of the interest in the Future Benefits Fund under Section 87.287, RSMo, beginning September 1, 1996. Beginning September 1, 2016, three- fourths of the annual interest earned in the Future Benefits Fund shall be appropriated to provide an ad hoc COLA, administered by the Board of Trustees.