This bill amends the Firefighters' Retirement System by modifying the provisions related to the funding deposit account. Specifically, it removes the previous prohibition on using funds from this account for cost-of-living increases, allowing the board of trustees to provide such increases as needed. Additionally, the bill enacts a new section that establishes a nonrecurring lump-sum supplemental payment of $2,000 for eligible retirees and beneficiaries who have received benefits for at least one year as of June 30, 2025. This payment is to be disbursed no later than August 1, 2025.

Furthermore, the bill repeals the existing provision that restricted the use of the funding deposit account for cost-of-living increases, thereby streamlining the process for providing financial support to retirees. The costs associated with this act will be covered by the system's funding deposit account, with any additional expenses funded through increased employer contributions. The act will take effect upon the governor's signature or after the designated period for bills to become law without a signature.

Statutes affected:
HB18 Original: 11:1(D)(4)
HB18 Engrossed: 11:1(D)(4)
HB18 Reengrossed: 11:1(D)(4)
HB18 Enrolled: 11:1(D)(4)
HB18 Act : 11:1(D)(4)