H.B. 1048: Amending Municipal Pension

H.B. 1048, P.N. 1204 (O’Neill) – This bill would amend the Municipal Police Pension Law (1955 P.L. 1804, No. 600)
Regarding pension funds and annuities for local and regional police departments, proposed is an amendment that would raise the monthly limit of existing pension plans for length of service increments after five years of completed service exceeding twenty-five years from $100 to $500. Lastly, provisions of the act which provide that pensions shall be computed at one half of the monthly average salary shall not apply to departments under a home-rule charter that provide pensions in an amount greater than half of the monthly average salary.