S.B. 98-5 Fire and police pensions - assets held in fire and police members' deferred compensation fund. Eliminates the requirement that the assets of each of the deferred compensation plans administered by the board of the fire and police pension association remain solely the property of the employer until made available to the members or other beneficiaries of a plan, and instead requires such assets to be held for the exclusive purpose of providing benefits to participants and beneficiaries and for defraying expenses of the plan and any trust established to hold the assets of the plan.
Specifies that the board shall allow each participating member to exercise control over the investment of the member's assets in a deferred compensation plan by:
APPROVED by Governor April 2, 1998
EFFECTIVE April 2, 1998
H.B. 98-1022 Fire and police pensions - qualification requirements - internal revenue code. Requires that any volunteer firefighter pension plan must satisfy the qualification requirements of the federal internal revenue code. Specifies the criteria such plans must follow in order to meet the qualification requirements.
Under the provisions on old hire pension plans, changes a reference to the internal revenue code definition of "eligible retirement plan" contained in the provision on transfers of eligible rollover distributions. Requires that benefits paid from an old hire pension fund must be distributed in accordance with certain internal revenue code requirements and specifies the criteria for meeting those requirements. Specifies that contributions, benefits, and service credit with respect to qualified military service shall be provided in accordance with the internal revenue code.
Under the provisions governing the statewide defined benefit plan, modifies the definition of a "money purchase plan". Adds to the criteria a plan must follow to qualify under the internal revenue code the requirement that upon attaining eligibility for a benefit, a member shall be fully vested. Deletes, from the provisions the plan is subject to in order to qualify under the internal revenue code, the prohibition on the board's determination of benefits that discriminates in favor of certain members and on the board's engaging in certain transactions prohibited by the internal revenue code. Changes a reference to the internal revenue code definition of "eligible retirement plan" contained in the provision on transfers of eligible rollover distributions.
APPROVED by Governor March 16, 1998
EFFECTIVE March 16, 1998
H.B. 98-1024 Fire and police pensions - statewide death and disability plan - surviving benefits. Provides survivor benefits for a surviving spouse and children of a member of the statewide death and disability plan if the member dies while in active service as a result of an injury sustained while performing official duties or as a result of an occupational disease arising out of and in the course of the member's employment. Requires the board of the fire and police pension association to promulgate rules to establish standards and procedures for determining whether a member's death is the result of such an injury or disease and for reviewing and changing existing survivor benefit awards if the member's death was a result of such an injury or disease.
States that, if a member elects to remain vested with the statewide defined benefit plan but dies or becomes disabled prior to termination of employment, the member and the member's survivors are not eligible for the benefits under the statewide defined benefit plan but are eligible for the benefits under the disability and survivor benefits plan.
Requires any member hired before, on, or after April 7, 1978, by an employer maintaining a locally administered and financed alternative pension plan to be covered under the provisions of the disability and survivor benefits plan rather than under any other defined disability and preretirement death benefits.
For the surviving spouse and dependent children of a member receiving payments from a member's separate retirement account or of a member vested in a money purchase plan, reduces the benefits payable by an amount that is the actuarial equivalent of the benefits received from the separate retirement account or the money purchase plan.
APPROVED by Governor March 23, 1998
EFFECTIVE See note
NOTE: This act shall take effect sixty days after the date on which the fire and police pension association receives a
letter from the internal revenue service containing a favorable ruling to the effect that benefits paid to the survivors of
deceased police officers or firefighters as a result of on-duty personal injuries or service-related or occupational
diseases under this act are excludable from the gross income of the recipients pursuant to section 104 (a) (1) of the
federal "Internal Revenue Code of 1986", as amended, if such ruling is received by December 31, 1999.
H.B. 98-1029 Statutory council - manager cities - mayors - terms of office. Allows the city council of a statutory council-manager city to enact an ordinance to change the term of office for the mayor from 2 to 4 years. Allows the city council to reinstate 2-year terms for the office of the mayor by ordinance. Subjects such ordinances to referendum and stipulates that the ordinances be enacted at least 180 days prior to a regular election. Prohibits the city council from enacting an ordinance to extend or reduce the term for which a mayor has been elected.
APPROVED by Governor April 17, 1998
EFFECTIVE August 5, 1998
NOTE: This act 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.
H.B. 98-1035 Volunteer firefighters - retirement pension - maximum benefit. Instead of a maximum monthly retirement benefit of $450, allows pension boards to determine the maximum monthly benefit for volunteer firefighters who have 20 years of active service and who are over the age of 50 years based upon an actuarial review indicating the amount of a payment that is actuarially sound. Specifies that a benefit determined by the board of a municipality must be approved by the municipality's governing body.
APPROVED by Governor March 23, 1998
EFFECTIVE March 23, 1998
H.B. 98-1056 Volunteer firefighters - early retirement pension - period of active service. Allows the board of a volunteer firefighter pension fund to pay a pension to a volunteer firefighter who has less than 20 years of active service, but in no event less than 10 years of active service, rather than to a volunteer firefighter who has 10 years of active service. Provides that the board shall determine the period necessary to qualify for such pension.
APPROVED by Governor March 23, 1998
EFFECTIVE March 23, 1998
H.B. 98-1380 Volunteer Firefighter Pension Act - modification of maximum benefit amounts. Eliminates the maximum monthly retirement benefit of $450 and allows pension boards to determine the maximum monthly benefit for volunteer firefighters who have 20 years of active service and who are over 50 years of age based upon an actuarial review indicating the amount of a monthly benefit that is actuarially sound. Requires the maximum monthly benefit determined by the board of a municipality to be approved by the municipality's governing body.
Modifies the maximum amount of the following volunteer firefighter pension benefits:
Provides that survivor benefits may be increased in the same manner as postretirement benefit increases.
APPROVED by Governor May 26, 1998
EFFECTIVE May 26, 1998
|
||||
|
|
||||
The information on this page is presented as an informational service only and should not be relied upon as an official record of action or legal position of the State of Colorado, the Colorado General Assembly, or the Office of Legislative Legal Services.