FINAL BILL REPORT

HB 1776

                                  C 194 L 89

BYRepresentative Hine; by request of Office of Financial Management

Creating a volunteer firefighters' pension administrative fund.

House Committe on Appropriations

Senate Committee on Ways & Means

SYNOPSIS AS ENACTED

BACKGROUND:

The Volunteer Firemen's Pension System is administered by the Board for Volunteer Firemen.  Participation is open to members of volunteer fire departments.  The system is funded through members' fees and revenue received from a tax on fire insurance premiums. Assets of the system are held in the Volunteer Firemen's Relief and Pension Fund.  Both benefits and administrative expenses are paid from this fund.

Assets for the other state retirement systems are held in separate funds from the monies required for administration of the retirement systems.

In 1987, the Deferred Compensation Revolving Fund was split into a Principal Account and an Administrative Account.  The same change was also made to the State Employees Insurance Fund.

SUMMARY:

The Volunteer Firemen's Relief and Pension Fund is split into two funds.  The Volunteer Firefighters' Relief and Pension Principal Fund will be used for making all benefit payments. The Volunteer Firefighters' Relief and Pension Administrative Fund will be used for administrative and budget functions.  Changes in language are made to make the statute gender neutral.

VOTES ON FINAL PASSAGE:

      House 98   0

      Senate    45     0

EFFECTIVE:July 1, 1989