§ 24-11-424. Benefits — Retirant receiving less than one-half salary
Retired police officers who are eligible to receive benefits from a policemen’s pension and relief fund shall receive from the policemen’s pension and relief fund a minimum monthly benefit of no less than three hundred fifty dollars ($350).
§ 24-11-805. Investment
(a) (1) All moneys provided for the firemen’s relief and pension fund by this act shall be paid over to and received by the treasurer of the city or town for the sole use and benefit of the firemen’s relief and pension fund, and the firemen’s relief and pension fund shall be used for no […]
§ 24-11-425. Benefits — Death of active or retired member
(a) (1) (A) If any active police officer or any retired member dies from any cause, leaving a surviving spouse, then the board of trustees shall direct a monthly pension during the surviving spouse’s life in an amount equal to the lesser of the: (i) Pension attached to the rank of the deceased police officer […]
§ 24-11-426. Optional vesting rights policy
(a) (1) Upon an actuarial determination that the policemen’s pension and relief fund will remain actuarially sound, the board of trustees of a local policemen’s pension and relief fund of cities of the first class shall have the option to establish a vesting rights policy in its policemen’s pension and relief fund. (2) The required […]
§ 24-11-408. Treasurer as custodian of fund
(a) The treasurer shall be the custodian of the pension fund and shall keep his or her books and accounts concerning the funds in such manner as may be prescribed by the board. (b) The books and accounts shall be subject to the inspection of any member of the board. (c) (1) Within ten (10) […]
§ 24-11-409. Deposit of moneys
The board shall deposit all moneys in the bank selected as the fiscal agent of the city in which it is located, but only if the moneys draw the same rate of interest as the city receives on its deposits. Otherwise, the board shall make its own selection of the bank.
§ 24-11-410. Investment
(a) The board of trustees of the policemen’s pension and relief fund shall have the power to draw sums from its treasury, only upon warrants signed by the chair of the board of trustees of the policemen’s pension and relief fund and countersigned by the policemen’s pension and relief fund, to invest in the name […]
§ 24-11-411. Payments
(a) Except as provided in subsection (c) of this section, all moneys paid from the pension and relief fund shall be paid by the treasurer only upon warrants signed by the chair and countersigned by the secretary thereof. (b) Except as provided in subsection (c) of this section, no warrant shall be drawn except by […]
§ 24-11-412. Report on condition of fund
The board of trustees shall report to the council or city commission the condition of the pension fund on the first regular meeting in January of each year.
§ 24-11-413. Moneys added to fund — Contributions
(a) There shall be added to the policemen’s pension and relief fund the following moneys: (1) All forfeitures and fines imposed upon any member of the police department by way of discipline; (2) All money given or donated to the fund; (3) All money deducted from the salary of any member of the police department […]