HB407 HFIN AM 11-18
The Committee on Finance moves to amend the bill on
one
hundred twelve, by striking section thirty-two, article twenty-two-
a, chapter eight in its entirety and inserting in lieu thereof the
following:
"§8-22A-32. Membership retroactive in certain circumstances.
Not withstanding all other provisions relating to article
twenty-two and this article twenty-two-a of this chapter, any
police officer or firefighter hired by a participating public
employer on or after June 1, 2009, and before January 1, 2010, who
received notice at the time of employment that he or she may be
placed in a new retirement system created by legislation, and who
has been enrolled in but received no benefits from a municipal
policemen's or firemen's pension and relief fund, shall, if
permitted by applicable federal law, be enrolled in the Police
Officers and Firefighters Retirement System upon acceptance by the
Consolidated Public Retirement Board of the resolution of the
municipality required by section twenty-eight of this article.
Employee and employer contributions made by or on behalf of the
employee to the municipal pension and relief fund pursuant to
article twenty-two of this chapter shall be transferred within
sixty days to the retirement system created in this article, and
the employee subject to the transfer shall receive service credit
for time worked while a member of the municipal pension and relief fund.
"; and
On page one hundred thirteen, by striking section fourteen-d,
article three, chapter thirty-three in its entirety and inserting
in lieu thereof the following:
"§33-3-14d. Additional fire and casualty insurance premium tax;
allocation of proceeds; effective date.
(a) (1) For the purpose of providing additional revenue for
municipal policemen's and firemen's pension and relief funds and
the teachers retirement system reserve fund and for volunteer and
part volunteer fire companies and departments, there is hereby
levied and imposed an additional premium tax equal to one percent
of taxable premiums for fire insurance and casualty insurance
policies. For purposes of this section, casualty insurance does
not include insurance on the life of a debtor pursuant to or in
connection with a specific loan or other credit transaction or
insurance on a debtor to provide indemnity for payments becoming
due on a specific loan or other credit transaction while the debtor
is disabled as defined in the policy.
(2) All moneys collected from this additional tax shall be
received by the commissioner and paid by him or her into a special
account in the state treasury, designated the municipal pensions
and protection fund: Provided, on or after January 1, 2010, the
commissioner shall pay ten percent of the amount collected to the
Teachers Retirement System Reserve Fund created in section eighteen, article seven-a, chapter eighteen of this code, twenty-
five percent of the amount collected to the Fire Protection Fund
created in section thirty-three of this article for allocation by
the Treasurer to volunteer and part volunteer fire companies and
departments, and sixty-five percent of the amount collected to the
Municipal Pensions and Protection Fund: Provided, however, That
upon notification by the Municipal Pensions Oversight Board
pursuant to the provisions of section eighteen-b, article twenty-
two, chapter eight of this code, on or after January 1, 2010, or as
soon thereafter as the Municipal Pensions Oversight Board is
prepared to receive the funds, sixty-five percent of the amount
collected by the commissioner shall be deposited in the Municipal
Pensions Security Fund created in section eighteen-b, article
twenty-two, chapter eight of this code. The net proceeds of this
tax after appropriation thereof by the Legislature is distributed
in accordance with the provisions of this section, except for
distribution from proceeds pursuant to subsection (d), section
eighteen-a, article twenty-two, chapter eight of this code.
(b) (1) Before the first day of August of each calendar year,
the treasurer of each municipality in which a municipal policemen's
or firemen's pension and relief fund has been is established shall
report to the state treasurer the average monthly number of members
who worked at least one hundred hours per month and the average
monthly number of retired members of municipal policemen's or firemen's pension and relief fund or the Muncipal Police Officer's
and Firefighters Retirement System systems during the preceding
fiscal year: Provided, That beginning in the year 2010 and
continuing thereafter, the report shall be made to the oversight
board created in section eighteen-a, article twenty-two, chapter
eight of this code. These reports received by the oversight board
shall be provided annually to the state Treasurer by September 1.
(2) Before the first day of September of each calendar year,
the state treasurer, or the Municipal Pensions Oversight Board,
once in operation, shall allocate and authorize for distribution
the revenues in the municipal pensions and protection fund which
were collected during the preceding calendar year for the purposes
set forth in this section. Before the first day of September of
each calendar year and after the Municipal Pensions Oversight Board
has notified the Treasurer and commissioner pursuant to section
eighteen-b, article twenty-two, chapter eight of this code, the
Municipal Pensions Oversight Board, shall allocate and authorize
for distribution the revenues in the Municipal Pensions Security
Fund which were collected during the preceding calendar year for
the purposes set forth in this section. Sixty-five percent of the
revenues are allocated to municipal policemen's and firemen's
pension and relief funds; twenty-five percent of the revenues shall
be allocated to volunteer and part volunteer fire companies and
departments; and ten percent of such allocated revenues are allocated to the teachers retirement system reserve fund created by
section eighteen, article seven-a, chapter eighteen of this code:
Provided, That in In any year the actuarial report required by
section twenty, article twenty-two, chapter eight of this code
indicates no actuarial deficiency in the municipal policemen's or
firemen's pension and relief fund, no revenues may be allocated
from the municipal pensions and protection fund or the Municipal
Pensions Security Fund to that fund. The revenues from the
municipal pensions and protection fund shall then be allocated to
all other pension and relief funds which have an actuarial
deficiency.
(3) The moneys, and the interest earned thereon, in the
municipal pensions and protection fund allocated to volunteer and
part volunteer fire companies and departments shall be allocated
and distributed quarterly to the volunteer fire companies and
departments. Before each distribution date, the state fire marshal
shall report to the state treasurer the names and addresses of all
volunteer and part volunteer fire companies and departments within
the state which meet the eligibility requirements established in
section eight-a, article fifteen, chapter eight of this code.
(c) (1) Each municipal pension and relief fund shall have
allocated and authorized for distribution a pro rata share of the
revenues allocated to municipal policemen's and firemen's pension
and relief funds based upon on the corresponding municipality's average monthly number of members police officers and firefighters
who worked at least one hundred hours per month during the
preceding fiscal year. On and after the first day of July, one
thousand nine hundred ninety-seven, from the growth in any moneys
collected pursuant to the tax imposed by this section and interest
thereon there shall be allocated and authorized for distribution to
each municipal pension and relief fund, a pro rata share of the
revenues allocated to municipal policemen's and firemen's pension
and relief funds based upon on the corresponding municipalities
municipality's average number of members police officers and
firefighters who worked at least one hundred hours per month and
average monthly number of retired members police officers and
firefighters. For the purposes of this subsection, the growth in
moneys collected from the tax collected pursuant to this section is
determined by subtracting the amount of the tax collected during
the fiscal year ending the thirtieth day of June, one thousand nine
hundred ninety-six, from the tax collected during the fiscal year
for which the allocation is being made and interest thereon. All
moneys received by municipal pension and relief funds under this
section may be expended only for those purposes described in
sections sixteen through twenty-eight, inclusive, article twenty-
two, chapter eight of this code.
(2) Each volunteer fire company or department shall receive an
equal share of the revenues allocated for volunteer and part volunteer fire companies and departments.
(3) In addition to the share allocated and distributed in
accordance with subdivision (1) of this subsection, each municipal
fire department composed of full-time paid members and volunteers
and part volunteer fire companies and departments shall receive a
share equal to the share distributed to volunteer fire companies
under subdivision (2) of this subsection reduced by an amount equal
to the share multiplied by the ratio of the number of full-time
paid fire department members who are also members of a municipal
firemen's pension system and relief fund or the Municipal Police
Officers and Firefighters Retirement System to the total number of
members of the fire department.
(d) The allocation and distribution of revenues provided for
in this section are subject to the provisions of section twenty,
article twenty-two, and sections eight-a and eight-b, article
fifteen, chapter eight of this code."