S.B. 94-11 Fire and police - pension plans - statewide defined benefit plan - withdrawal. Extends the minimum period of time between the filing date of an employer's resolution to withdraw from the statewide defined benefit plan and the effective date of such withdrawal from 6 to 9 months. Requires that an employer obtain member approval of a decision to withdraw no later than June 1 of the year preceding the effective date of the withdrawal.
If an actuary determines that the withdrawal will not have an adverse financial impact on the soundness of the new hire benefits account, directs the board of the fire and police pension association to transfer the withdrawing employer's share of the employer contribution reserve in the new hire benefits account and all member contributions to a short-term investment account. Requires that the actuarial reports be updated at least 60 days prior to the effective date of the withdrawal and that appropriate adjustments be made to the amount transferred to the short-term investment account. Permits the employer or employee members to terminate the withdrawal within 30 days of receipt of the updated actuarial report and establishes procedures for such termination. Upon termination of a withdrawal, requires that moneys transferred to the short-term investment account be returned to the new hire benefits account. Authorizes the board of the fire and police pension association to prescribe rules and regulations concerning withdrawal from the statewide defined benefit plan and the termination of such withdrawal.
Extends by 10 days the date by which an employer must make any required additional payments to the new hire benefits account. Permits vested members to elect that their contributions remain with the statewide defined benefit plan and, if the withdrawal becomes effective, to become inactive statewide benefit plan members.
Makes the act applicable to withdrawals initiated on or after July 1, 1994.
APPROVED by Governor March 31, 1994
EFFECTIVE March 31, 1994
H.B. 94-1212 Fire and police - pension funds - increases in local mill levy, appropriation, or contribution to pay larger pensions - state contribution. Provides that the state contribution to a fire and police pension fund for which the mill levy, appropriation, or contribution has been increased in order to pay pensions in excess of $300 per month shall be based upon the greater of: The mill levy, appropriation, or contribution required to pay pensions of $300 per month or the mill levy, appropriation, or contribution prior to the increase. Repeals language which allowed a reduction of existing state contribution amounts.
APPROVED by Governor April 8, 1994
EFFECTIVE April 8, 1994
H.B. 94-1241 Fire and police - pension plans - group health and life insurance plans - increased participation. Authorizes the following individuals, in addition to retired members, to participate in the group health and life insurance plans administered by the fire and police pension association, if they are receiving a benefit from another plan administered by the association: A retired volunteer fireman; a surviving spouse; a dependent child; and a recipient of a benefit from the fire and police members' deferred compensation fund.
APPROVED by Governor April 7, 1994
EFFECTIVE April 7, 1994
H.B. 94-1249 Fire and police - exempt alternative pension programs - investments. Allows investment of not more than 65% of policemen's and firemen's exempt alternative pension program assets in corporate stocks, other certain corporate securities, and investment trust shares. Permits the fiduciary of an exempt alternative program to allow a participant to exercise control of the investment of the participant's account subject to certain requirements.
Makes the fiduciary responsible for investment of program assets except to the extent control of investments by participants is allowed. Relieves the state and local governments from responsibility for financial losses of participants under exempt alternative programs but does not relieve local governments from responsibility as fiduciaries.
APPROVED by Governor April 28, 1994
EFFECTIVE April 28, 1994
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