Bill > S1792

Introduced Session

This bill allows certain law enforcement officers to transfer and enroll in the Police and Firemen's Retirement System. It provides that a law enforcement officer who is enrolled in the Public Employees' Retirement System may transfer to the Police and Firemen's Retirement System by waiving all rights and benefits which would otherwise be provided by the Public Employees' Retirement System. Any law enforcement officer may continue membership in the Public Employees' Retirement System by waiving all rights and benefits which would otherwise be provided by the Police and Firemen's Retirement System. Such waivers would be accomplished by filing forms satisfactory to the Division of Pensions and Benefits in the Department of the Treasury within 90 days after the enactment of this bill. The actuary of the Police and Firemen's Retirement System would be required to calculate the liability of each employer of the employees becoming members of the Police and Firemen's Retirement System, taking into account the value of moneys remitted by the Public Employees' Retirement System. In the event that the value of the money so remitted is less than the total which is required by the Police and Firemen's Retirement System to provide the transferred member with credit for all public service, the employee is responsible for the amount equal to the difference between these two values. Any law enforcement officer hired on or after the enactment of this bill would be enrolled in the Police and Firemen's Retirement System.

AI Summary

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Christopher Connors (R)*, 

Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee (on 02/13/2020)