Amends SL 1947-926, as amended, concerning the Charlotte Firefighters' Retirement System, by amending the definition of the final average salary. Under current law final average salary means the monthly average compensation received by a Member (defined as a uniformed employee of the Charlotte Fire Department) during any two consecutive Plan Years of Membership Service which produces the highest average and is contained within the Member's last five years of Membership Service. Amends the definition to now define final average salary to be, effective with respect to Plan Years beginning on or after July 1, 2001, the higher of: (1) the monthly average compensation received during the two highest consecutive Plan Years of the Member's (defined as a uniformed employee of the Charlotte Fire Department) last five years of Membership Service or (2) the monthly average compensation received during the 104 weeks preceding the end of the Member's Membership Service.
Effective July 1, 2017.
Bill S 54 (2017-2018)Summary date: Feb 8 2017 - View summary