Legislative Session number- 86

Bill Name: SF0504

Creating a voluntary statewide lump-sum volunteer firefighter retirement plan;
defining terms; providing coverage for volunteer firefighters serving in fire
departments in municipalities or independent nonprofit firefighting corporations
electing to have retirement coverage in the voluntary statewide lump-sum
volunteer firefighter retirement plan; requiring the voluntary statewide
lump-sum volunteer firefighter retirement plan and fund to be managed and
administered by the board of trustees of the voluntary statewide lump-sum
volunteer firefighter retirement plan and the executive director of the public
employees retirement system (PERA); establishing a statewide volunteer
firefighter retirement fund in the treasury, specifying certain duties of the
state board of investment and the commissioner of finance, requiring the
legislative auditor to audit the fund and the attorney general to act as legal
advisor; establishing a voluntary statewide lump-sum volunteer firefighter
retirement plan advisory board, specifying duties and membership requirements;
requiring municipalities and fire departments with volunteer firefighters
covered by the plan to provide requested information and records to the board;
specifying election of plan coverage process requirements; providing for
disestablishment of prior volunteer firefighters relief association special fund
upon retirement coverage change and transferring assets to the state board of
investment and specifying other relief association changes; providing for
certification of good time service credit annually; specifying certain funding
and disbursements requirements; specifying eligibility requirements for
retirement benefits; providing for a deferred service pension amount; providing
for service pension levels to be selected at the election of coverage; providing
for entitlement of survivor benefits; providing portability of a service pension
under certain conditions; authorizing the purchase of annuity contracts by the
executive director; authorizing individual retirement account transfers under
certain conditions; making certain conforming changes; modifying certain
provisions relating to the supplemental investment plan, qualifications for
state aid, appointment of fire state aid to municipalities and relief
associations and the appeal process for state aid apportionment; modifying
duties of the commissioner of finance relating to the issuance of warrants to
the PERA and specifying certain deposit of state aid duties by the executive
director for a municipality or the independent nonprofit firefighting
corporation
(je)