By September 30, 2001, requires the fire and police pension association board of directors to submit an annual, rather than biennial, report to the joint budget committee or pension reform commission reviewing the status of all employers having an accrued unfunded liability.
Directs the fire and police pension association board of directors to determine annually whether the sum of the required state and employer contributions to any state-assisted old hire pension plan for that year is greater than the amount necessary to eliminate the remaining unfunded liability of the plan. Requires the state and the employer to reduce their required contributions to a state-assisted old hire pension plan when the sum of the required contributions for that year would be greater than the amount necessary to eliminate any remaining unfunded liability of the plan.
APPROVED by Governor April 9, 2001
EFFECTIVE August 8, 2001
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date, see the note from page vi of this digest.
H.B. 01-1011 Fire and police pensions - plans - new hire - revisions. Makes revisions to provisions governing fire and police pension plans.
Generally. Amends the definition of "employer" to include fire authorities. Authorizes the board of directors (board) of the fire and police pension association (association) to release the names and addresses of retirees of a plan affiliated with the association to the local pension board if the local pension board has:
Statewide defined benefit plan. Clarifies the normal retirement age under the statewide defined benefit plan as 55 years. Changes the method by which early retirement benefits are reduced to reflect early receipt of benefits. Allows a member's designated beneficiary to receive a pension in the event the member dies before electing a payment option. Clarifies that a pension election is irrevocable upon deposit or other negotiation of a pension payment. Authorizes the board to promulgate rules to allow members who are eligible for retirement to defer receipt of retirement benefits in accordance with federal law. Clarifies that earnings accruing on a member's separate retirement account are to be allocated monthly until the account is exhausted. Specifies the balance, accumulated contributions, and earnings on a member's separate retirement account shall be paid to the member's estate if the member:
Statewide money purchase plan. Alters the effective date of withdrawals from the statewide defined benefit plan to the statewide money purchase plan, the deadline for obtaining member approval, and the updating of actuarial reports when required by board rules.
Affiliated plans. Allows an employer with multiple plans to exercise options to affiliate with or withdraw from the association on an individual plan basis.
Disability and survivor benefits. Amends the definition of "dependent child" to include:
Precludes the contribution toward the death and disability plan and the payment of disability or survivor benefits if the member:
For purposes of the increase in disability benefits available when a member has a spouse, if a member becomes divorced and is legally required to pay maintenance to the former spouse on or after June 1, 2001, caps the amount of the spousal benefit at 10% of the member's annual base salary or an amount equal to the amount of the maintenance requirement, whichever is less. Authorizes the board to establish an administrative process for determining a claim for a death or disability benefit. Eliminates earned income offsets and reporting requirements for disability recipients for income earned after the calendar year in which the recipient attains the age of 55 years. Requires the board to submit an annual rather than a biennial actuarial valuation report to the state auditor, the legislative audit committee, and the joint budget committee.
Deferred compensation plan. Allows employees who provide direct support to an employer's public safety department to participate in the deferred compensation plan adopted by the employer.
APPROVED by Governor April 20, 2001
EFFECTIVE June 1, 2001
H.B. 01-1027 Fire and police pensions - new hire plans - death and disability plans - survivor benefits. Increases the survivor benefits for certain survivors of members of the statewide death and disability pension plan for police officers and firefighters if the member dies while in active service and is not eligible for a normal retirement pension as follows:
States that the survivor benefits shall terminate upon the death of a surviving spouse or upon the death or termination of dependency of a dependent child. Requires the division of the survivor benefit in the event that a surviving spouse and a dependent child residing in a separate household from the surviving spouse must share the benefit. Specifies the division of the survivor benefit in the event that 2 or more surviving children who reside in separate households from each other must share the benefit.
APPROVED by Governor March 20, 2001
EFFECTIVE January 1, 2002
NOTE: This act was passed without a safety clause. For further explanation concerning the effective date, see the note from page vi of this digest.
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