Bill No.: SF0084                  Drafter:  DRN

LSO No.:  08LSO-0344              Effective Date:  7/1/2008

Enrolled Act No.:  SEA0038

Chapter No.:

Prime Sponsor:     Senator Job

Catch Title:       Firemen's pension account-amendments.

Subject:  Firemen's "plan B" pension plan for firefighters employed by cities, towns, counties and fire protection districts.

Summary/Major Elements:

· The Firemen's pension plan currently provides a benefit for a paid firefighter at age 50 of 2.5% of salary for each year of service for the first 25 years and 1% for each year after 25 years up to 32.5 years.  This caps the benefit at 70% of the firefighter's salary.

· The contributions currently paid for this benefit are set at 6% of the paid firefighter's salary and 12% for the employer.  The firefighter's do NOT contribute to federal social security.

· This act raises the 2.5% multiplier for each year of service for the first 25 years of service to 2.8%.

· The 70% cap is then reached in 25 years and the 1% firefighter contribution for subsequent years of service is eliminated.

· To fund the difference, the firefighter's contribution is increased from 6% to 8.5% of his salary;

· The increase in benefits was requested by firefighters due to the lack of social security.