|Date Requested:February 07, 2012
Time Requested:02:31 PM
| FUND(S) |
fire and casualty insurance premium surcharges
Sources of Revenue
|Other Fund Municipal Pens SecurityFd|
Legislation creates:Neither Program nor Fund
Effect this measure will have on costs and revenues of state government.
| Senate Bill 525 will not increase nor will it decrease any revenues or costs for the Municipal Pensions Oversight Board. The Bill clarifies survivors of retired policemen and retired firemen will be counted in the allocations made by the Oversight Board to municipal policemen's pension and relief funds and firemen's pension and relief funds.
Senate Bill 525 also codifies what has occurred during the past 15 years regarding the allocation of the first $8.7 million of the fire and casualty insurance surcharge premiums to all active members of municipal policemen's pension and relief funds and municipal firemen's pension and relief funds and the allocation of the remainder of the casualty insurance premium surcharge funds (in FY2012 the remainder of collections was $7.46 million)collected to all retirees and survivors of municipal policemen's pension and relief funds and municipal firemen's pension and relief funds.
The bill as written would provide municipal policemen's pension and relief funds and municipal firemen's pension and relief funds the same level of allocations in future years as has been allocated in past years. Without this change, municipalities with fewer active members and greater retirees will tend to see a decrease in allocations made to municipal pension plans while municipalities maintaining or growing their active levels of police officers and firefighters and also incurring increases in retirees will tend to see an increase in allocations made to municipal pension plans.
|Effect of Proposal||Fiscal Year|
|1. Estmated Total Cost||0||0||0|
|Repairs and Alterations||0||0||0|
|2. Estimated Total Revenues||0||0||0|
3. Explanation of above estimates (including long-range effect):