SB878: Reallocating portion of fire insurance and casualty premium tax to Municipal Pensions Security Fund in certain circumstances

Legislative Summary

The purpose of this bill is to reallocate ten basis points of the one percent premium tax on fire insurance and casualty policies from the Teachers Retirement System to the Municipal Pensions Security Fund, and to decrease the amount of time in which a municipal policeman's or firefighter's pension and relief fund may be in noncompliance with the Municipal Pensions Oversight Board's investment requirements before it may be forced to invest with the state Investment Management Board.