HB2603 H P&R AM #1

CHAKMAKIAN 3260

The Committee on Pensions and Retirement moved to amend the bill on page 4, section 20, line 73, by striking subdivision 3 in its entirety and inserting in lieu thereof the following:

“(3) Notwithstanding any other provision of this section or article to the contrary, each municipality shall contribute annually to the its policemen’s pension and relief fund and its firemen’s pension and relief fund an amount which may not be less than the normal cost, as determined by the annual actuarial valuation report required by this section: Provided, That in any fiscal year in which the actuarial valuation report determines that a municipality’s policemen’s pension and relief fund or firemen’s pension and relief fund is funded at one hundred and twenty-five percent or higher and the Municipal Pensions Oversight Board’s actuary provides an actuarial recommendation that the normal cost does not need to be paid by the employer for that fiscal year, that municipality may elect to make no contribution for that fiscal year.  A municipality’s election not to contribute the normal cost in any year does not affect the payments required by section nineteen of this article by members to a pension and relief fund and these payments are to continue as required by that section.”

Adopted

Rejected