SB 456 -- ST. LOUIS FIREFIGHTERS' RETIREMENT SYSTEM

CO-SPONSORS:  Kennedy, Dolan, Coleman, Dougherty (Bruns)

COMMITTEE ACTION:  Voted "do pass by consent" by the Committee on
Retirement by a vote of 12 to 0.

This bill allows for the creation of a self-directed deferred
retirement plan program (DROP) for the St. Louis Firefighters'
Retirement System.  Currently, a member's DROP account is
required to accrue interest equal to the percentage rate of
return on the system's investment portfolio.  The bill does not
require self-directed plan programs to accrue interest at that
rate of return, but these programs will accrue interest based on
self-directed investments.

The bill contains an emergency clause.

FISCAL NOTE:  No impact on state funds.

PROPONENTS:  Supporters say that the bill will allow for the
creation of a more flexible, self-directed deferred retirement
option plan for St. Louis firefighters.  This program will
provide for an improved rate of return on self-directed
investments made by participating firefighters.

Testifying for the bill were Senator Kennedy; and St. Louis
Firefighters.

OPPONENTS:  There was no opposition voiced to the committee.

Joseph Deering, Legislative Analyst

Missouri House of Representatives
Last Updated July 25, 2003 at 10:13 am