HB4756 SFA Nelson #1 3-12

Adkins 7949

Senator Nelson moved to amend the bill on page eleven, section twenty, line one hundred forty-six through line one hundred fifty-one, by striking out all of subdivision (5) and inserting in lieu thereof a new subdivision (5) to read as follows:

(5) If a municipality using the conservation method fully funds its pension and relief fund or funds by a pension funding program authorized by §8-12-24 through the issuance of bonds authorized by §8-33-4a, then the trustees of the policemen’s or firemen’s pension and relief fund are to pay pension obligations out of the pension and relief fund; and the minimum standard for annual municipality contributions to each policemen’s or firemen’s pension and relief fund shall be an amount which, together with member contributions and other income sources as authorized by law, is sufficient to meet the normal cost of the fund. 

Adopted

Rejected