SB774 H FIN AM #1

Chakmakian 3260

The Committee on Finance moves to amend the bill on page 2, section two, following line 29, by striking subdivision (4)  in its entirety and inserting in lieu thereof the following:

” (4) For 911 personnel, or home confinement officers, or emergency medical services officers with assets transferred pursuant to §16-5V-6d, or §16-5V-6f, or §16-5V-6g of this code who did elect to pay back higher past contributions, with interest, for eligible 911 service credit, home confinement officer service credit or emergency medical services officer service credit” "accrued benefit" means on behalf of the member two percent per year of the member’s final average salary for all non-911 credited service, non-home confinement officer service credit or emergency medical services officer credited service that was credited as a result of transferred assets. Additionally, two and three-quarter percent for the first 20 years of 911 credited service, home confinement officer credited service or emergency medical services officer credit service will be credited. Additionally, two percent per year for 21 through 25 years of 911 credited service, home confinement officer credited service or emergency medical services officer credit service and one and one-half percent per year for each year over 25 years of 911 credited service, home confinement officer credited service or emergency medical services officer credit service will be credited. A maximum benefit of 90 percent of a member’s final average salary may be paid. A member’s accrued benefit may not exceed the limits of Section 415 of the Internal Revenue Code and is subject to the provisions of §16-5V-12 of this code.”; and

On page 16, section six-g, line 74, following the words “July 1” and the comma, by striking “2025” and inserting in lieu thereof “2026”.

Adopted

Rejected