SB 0350 Establishes a member's bonus fund within the St. Louis Police Retirement System
LR Number:S1606.01I Fiscal Note:1606-01
Committee:Pensions and General Laws
Last Action:02/16/99 - Hearing Conducted S Pensions & General Laws Committee Journal page:
Effective Date:August 28, 1999
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Current Bill Summary

SB 350 - This act provides a bonus, or "13th check" to members, surviving spouses and dependents of the St. Louis Police Retirement System, if there is enough in the member's bonus fund to allow for such bonus. Moneys are transferred into the bonus fund if the Board of Trustees determines that the balance in the five funds (members' savings fund, benefit reserve fund, general reserve fund, expense fund and member's bonus fund) exceeds the amount needed actuarially to fund the system. The bonus check would be provided in December of the year in which the Board decides to provide a bonus.