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Section 72 - Reinstates State funding of the employer contribution for the basic retirement fund on locally employed law enforcement officers. $4,027,000 was appropriated for this purpose~ An employer rate of 4.78% will be applicable on the salaries and will be effective on salaries paid on and after July l, 1980. Senate Bill 1003 - Creates a standing co~ittee in the House of Representatives and in the Senate to be known as the Committee on Pensions and Retirement. The committes are given the duties of studying and making recommendations on employee benefits including retirement and other fringe benefits. All bills affecting retirement benefits must be evaluated by the co~ittee after their ~ntroduction. Effective upon adjournment of the 1979 Session of the General Assembly. Senate Bill 1004 - Continues the study commission established in 1977 to examine the unfunded accrued liability of the various retirement systems, the actuarial services to the retirement systems and related matters. The commission is to prepare a report to the 1981 Session of the General Assembly. The Bill became effective on June 24, 1980. Senate Bill 1007 - Requires each member in receipt of a disability retirement allowance to provide the Board of Commissioners an annual income statement on or before April 15 of each year. This Bill becomes effective July l, 1980. Senate Bill 1008 - Requires the basic disability retirement allowance to be reduced to the value of an annuity provided by the member's contributions- if the member earns or is capable of ear~ing more than the difference in his basic retirement allowance and his average final compensation. This provision is essentially identical to a similar provision ~n the Teacher~' and State Employees' Retirement System. The Bill is effective July l, 1980 for members retiring on or after July l, 1980 and is effective July l, 1981 on members who retired prior to July l, 1980. Senate Bill ~056 - Provides that unused sick leave standing to the credit o~ a member at retirement shall be counted as creditable service. One month's creditable service is counted for each 20 days or fraction thereof of unused sick ~eave, limited to one month's credit for each two y~ars membership service or fraction thereof. Payment for unused sick leave is not to be counted in computing average final compensation. The Bill repeals the provisions providing for contributing to the member's special annuity account ~or unused sick leave. This Bill is effective for retirements effective July l, lg80. Increases the employer contribution rate by .5%).