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Summary:
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Under the County Employees Retirement Law of 1937, the
management of a retirement system subject to that law is vested in the
board of retirement. That law permits the board of retirement to perform
specified tasks, including, but not limited to, establishing records
management procedures and correcting errors in the calculation of a retired
member's monthly allowance or any other benefit. The federal Pension
Protection Act of 2006 provides that the gross income of a retired public
safety officer, as defined, does not include a direct distribution from an
eligible retirement plan to a provider of an accident or health insurance
plan or a qualified long-term care insurance contract if that distribution
is payable for, and does not exceed the amount paid by the retired public
safety officer for, qualified health insurance premiums, as specified. This
bill would permit the board of retirement of a retirement system subject to
the County Employees Retirement Law of 1937, in order to implement the
federal Pension Protection Act of 2006, to determine the normal retirement
age of a member, if a member is a public safety officer, consistent with
federal tax law, and if a specified provider is a health insurance plan
provider, as specified. The bill would permit the board of retirement to
change the determination of the normal retirement age in order to comply
with any rules or regulations of the Internal Revenue Service.
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