SB 878
Reallocating portion of fire insurance and casualty premium tax to Municipal Pensions Security Fund in certain circumstances
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill proposes to redirect a portion of the tax revenue generated from fire insurance and casualty insurance premiums – specifically 10% – to the Municipal Pensions Security Fund. This fund is intended to support municipal police and firefighter pension and relief funds. The bill also aims to shorten the timeframe during which municipal pension funds can fall out of compliance with investment regulations before being required to invest with the state Investment Management Board. Furthermore, it addresses past overpayments to pension and relief funds, directing a specific sum from the Unclaimed Property Trust Fund to rectify those discrepancies.
Key provisions
- Redirects 10% of fire insurance and casualty premium tax revenue to the Municipal Pensions Security Fund.
- Directs funds to support municipal police and firefighter pension and relief funds.
- Shortens the timeframe for municipal pension funds to comply with investment regulations.
- Authorizes the transfer of $3,631,846.55 from the Unclaimed Property Trust Fund to address past overpayments to pension and relief funds.
- Establishes criteria for distributing funds to municipalities based on the number of active police and firefighter members.
- Requires annual reporting of member numbers to the Municipal Pensions Oversight Board.
- Provides for a pro-rata share of tax revenue allocation to municipalities based on the number of police and firefighter members.
Who is affected
- Municipal Police Departments
- Fire Departments
- Pension Funds (Municipal Police and Firefighters)
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