Legislative Session number- 81

Bill Name: SF1689

Relating to retirement; requiring and providing for the merger of existing
police and fire consolidation accounts with the public employees police and fire
fund under the public employees retirement association (PERA), transferring
liabilities and assets; providing for benefit coverage for active members,
retirees, benefit recipients and deferred members; requiring and providing for
the actuary retained by the legislative commission on pensions and retirement
(LCPR) to determine the final funded status of local police and fire
consolidation accounts; providing for member and employer contributions, benefit
plan coverage election to remain binding; providing for dissolution of the
consolidation accounts; providing for the allocation of actuarial costs,
including quadrennial projection valuations in the assessment; providing for a
reduction in police state aid for municipalities with retirement coverage
provided by a police consolidation account for certain excesses; providing for
the application of total police state aid; reducing the employee and employer
contribution rates to the public employees police and fire fund and modifying
certain actuarial valuation requirements, providing for recognition of valuation
assets in excess of the actuarial accrued liability; regulating contribution
increases and decreases; limiting certain total aid amounts (ra)