S.B. 97-166 Volunteer firefighter pensions - benefits for retired volunteer firefighter returning to active service. Allows a retired volunteer firefighter, subsequent to retirement, to serve as a volunteer firefighter of a fire department when a governing body of a municipality, fire protection district, or county improvement district determines that the fire department is in need of additional volunteer firefighters. Allows such retiree returning to active service as a volunteer firefighter to continue to receive pension benefits from the volunteer firefighter pension fund. During the period such retiree is receiving a pension and acting as an active volunteer firefighter, prohibits the retiree from receiving service credit for the purpose of increasing such pension. Specifies that such retiree returning to active service is considered an employee for purposes of the "Worker's Compensation Act of Colorado".
APPROVED by
Governor March 28, 1997
EFFECTIVE March 28,
1997
H.B. 97-1006 Fire and police pensions - management of assets. Authorizes the trustees of the following fire and police pension plans and funds to manage and invest plan and fund assets pursuant to the "Uniform Prudent Investor Act":
In conformance with this authorization, deletes specific provisions relating to trustee investment of plan and fund assets, delegation of investment authority, and employment of investment counselors.
Replaces the specified investment options the board of the fire and police pension association may offer members of money purchase plans and the trustees of a locally administered and financed alternative plan may offer participants with a requirement that the board or trustees select at least 3 investment alternatives from which members or participants may choose.
Relocates the provision specifying that the board of the fire and police pension association, in connection with managing the assets of the fire and police members' benefit fund, is not precluded from forming a tax-exempt corporation for ownership of investments in real property. Extends such authority to the board in connection with the money purchase plan benefit fund.
APPROVED by
Governor March 13, 1997
EFFECTIVE March 13,
1997
H.B. 97-1022 Fire and police pensions - old hire pension plans - use of excess funds. Where no active employees are participating in an old hire pension plan, authorizes employers to use the excess balance in the old hire pension plan fund for contributions to certain new hire pension plans, for contributions under the federal social security laws, for law enforcement-related purposes, or for any other use as determined by the employer. Requires employers to maintain the old hire pension plan fund at a level equal to at least twice the amount necessary to fund the benefit liabilities of any persons continuing to receive benefits from the fund. Defines "excess balance" as the amount in the fund exceeding that level. Requires the actuary of the old hire pension plan to determine the excess balance of the plan fund by utilizing assumptions approved by the fire and police pension association board of directors.
Where no active employees are participating in an old hire pension plan and the plan provides no cost-of-living benefit to persons receiving benefits from the plan fund, allows the board of trustees of the firefighters' or police officers' old hire pension fund to use the assets in the plan fund to purchase annuities in amounts sufficient to pay for any required benefits to persons receiving benefits from the plan fund. If such annuities are purchased, allows an employer, by resolution, to authorize the use of any additional funds remaining in the plan fund after such purchase for contributions to certain new hire pension plans, for contributions under the federal social security laws, for law enforcement-related purposes, or for any other use as determined by the employer. Limits the types of insurance companies from which such annuities may be purchased. Specifies that the employer remains liable for any required benefit payments to persons for whom such annuities were purchased in case of any default on the payment of benefits resulting from the purchase of such annuities.
If an old hire pension plan fund does not provide any type of cost-of-living benefit to persons receiving benefits from the plan fund, requires the assets in the plan fund to be used to provide an annual adjustment to the pension benefits for such persons prior to using the excess balance of an old hire pension plan fund for contributions to certain new hire pension plans, for contributions under the federal social security laws, for law enforcement-related purposes, or for any other use as determined by the employer and prior to purchasing annuities to pay for required benefits. Specifies the manner in which the minimum annual adjustment is calculated.
Applies to old hire pension plans existing on or after July 1, 1997.
APPROVED by
Governor March 20, 1997
EFFECTIVE July 1,
1997
H.B. 97-1099 Municipal annexation. Clarifies the prohibition on certain annexations of enclaves by prohibiting annexation of an enclave if any part of the municipal boundary or territory surrounding the enclave consists of public rights-of-way rather than "solely" of such rights-of-ways. Specifies that no enclave may be annexed if any part of the territory surrounding the enclave was annexed since December 19, 1980, without compliance with the state constitution. Deletes a provision regarding annexation of unincorporated areas having more than 2/3rds contiguity for 3 years in conformance with state constitutional requirements. Conforms the provision on judicial review of annexation of an enclave to these changes.
Provides that no power of attorney providing the consent of a landowner to be annexed pursuant to a petition for annexation or petition for annexation election shall be valid for a term of more than 5 years and that no power of attorney executed before the effective date of this act is valid for a term of more than 5 years after that date.
APPROVED by
Governor May 27, 1997
EFFECTIVE May 27,
1997
H.B. 97-1111 Volunteer firefighter pensions - postretirement increases - state contribution. Whenever the board of trustees of the volunteer firefighter pension fund increases the retirement pension benefits paid to volunteer firefighters over the age of 50 with 20 years of service, permits such increase to be applied to the pension benefits of volunteer firefighters receiving such benefits at the time of such increase. Allows the pro rata share of such increase to be applied to the pension benefits of volunteer firefighters over the age of 50 with 10 years of service receiving such benefits at the time of such increase. Whenever the board elects to apply any such increase, requires the board to apply such increase to the retirement pension of all retired volunteer firefighters in a fire department who are eligible for such increase. Requires any actuarial review of retirement pension benefit payments to include the cost of any such increase. Specifies the amount of state contributions to be received by a municipality, fire protection district, or county improvement district that was levying a property tax equal to or less than ½ mill before July 1, 1997, and that subsequently increases its mill levy, appropriation, or contributions to pay for any such increase.
APPROVED by
Governor May 22, 1997
EFFECTIVE May 22,
1997
H.B. 97-1213 Fire and police pensions - supplemental disability benefit program. Under the law relating to benefits provided under pension plans for police officers and firefighters, permits an increase in annual disability benefits for total and occupational disabilities if the member participates in a supplemental disability benefit program.
Authorizes the fire and police pension association board to establish a supplemental disability benefit program. Specifies the members who may participate in the program and when the election to participate may be made. Describes the levels of supplemental benefits. Provides how the cost of funding is determined and that such cost is payable by members. Makes benefits under the program eligible for annual cost-of-living adjustments.
Specifies treatment of members who elect an optional form of payment. Exempts supplemental benefits from certain reductions of disability benefits. Requires enrollment in the program at the time of applying for the supplemental benefits in order to receive those benefits. Makes members with preexisting conditions at the time of enrollment ineligible for such benefits.
APPROVED by
Governor April 6, 1997
EFFECTIVE August 6,
1997
NOTE: This act was
passed without a safety clause. It shall take effect at 12:01 a.m. on the day following the
expiration of the ninety-day period after final adjournment of the general assembly that is
allowed for submitting a
referendum petition pursuant to article V, section 1 (3) of the state constitution; except that,
if a referendum petition is
filed against this act or an item, section, or part of this act within such period, then the act,
item, section, or part, if
approved by the people, shall take effect on the date of the official declaration of the vote
thereon by proclamation of
the governor.
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