|SB 0404||Retirement benefits-St. Louis City firemen|
|Last Action:||05/16/95 - Signed by Governor|
|Effective Date:||August 28, 1995|
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.