S.B. 03-56 Fire and police pension association - new hire plans - membership - affiliation. Expands the definition of "member" in the statutory provisions governing police officers' and firefighters' new hire pension plans to include:
● An active employee who works less than 1,600 hours per year but otherwise qualifies as a member and whose employer elects to treat all such other similar employees as members; and
● Clerical or other personnel employed by a fire protection district, fire authority, or county improvement district, whose services are auxiliary to fire protection but only certain specified plans.
Exempts members who serve less than 1,600 hours from the statewide defined benefit plan and provides that such members shall be covered by the statewide money purchase plan.
Permits any county that covers salaried employees whose duties are directly involved with the provision of law enforcement or fire protection, as certified by the county under the federal "Social Security Act", to affiliate with the fire and police pension association either as to coverage under the statewide death and disability plan or as to retirement under the statewide defined benefit plan, or as to both. Requires 65% of the employees eligible to participate in the statewide defined benefit plan to approve affiliation prior to it becoming effective.
Excludes from eligibility for disability and survivor benefits any member whose employer has affiliated with the public employees' retirement association for the purpose of administering retirement benefits.
APPROVED by Governor April 22, 2003
EFFECTIVE August 6, 2003
NOTE: This act was passed without a safety clause. For further explanation concerning the
effective date, see page vi of this digest.
S.B. 03-57 Fire and police pension association - money purchase plan alternative - statewide hybrid plan. Allows an employer of police officers and firefighters that has established a local money purchase plan, an alternative exempt local money purchase plan, or that participates in the statewide money purchase plan to apply to the board of directors of the fire and police pension association (board) to cover the existing members of the money purchase plan under either the statewide hybrid plan or the statewide defined benefit plan.
Specifies procedures related to the application for coverage under the hybrid plan. Directs the board to promulgate rules for certain procedures related to the hybrid plan. Authorizes the board to create a plan document for a statewide hybrid plan that offers a combination of defined benefit and defined contribution benefits and that is intended to comply with the qualification requirements established in the federal internal revenue code. Specifies the items that the plan document shall cover.
Creates the fire and police members' statewide hybrid plan benefit fund. Specifies that each member covered by the statewide hybrid plan shall pay 8% of salary paid into the fund and that for each member the employer shall pay 8% of salary paid to such member. Provides for local election to increase the contribution rates. Changes the vesting period under the statewide defined benefit plan to 5 years.
BECAME LAW March 25, 2003
EFFECTIVE August 6, 2003
NOTE: This act was passed without a safety clause. For further explanation concerning the
effective date, see page vi of this digest.
S.B. 03-263 FY 2003-04 budget reduction bill - fire and police pension association - state contribution to old hire plans eliminated for 2003-04 and 2004-05 fiscal years - appropriation. For the 2003-04 and 2004-05 state fiscal years, eliminates the state's annual contribution to the fire and police pension association (FPPA) to assist in amortizing the unfunded accrued liability of old hire pension plans.
Resumes the state's annual contribution to the FPPA beginning in the 2005-06 state fiscal year and extends such annual contribution through the 2011-12 state fiscal year. For the annual state contribution to the FPPA for the 2005-06 through the 2011-12 state fiscal years, changes the date that the contribution is made from September 30 to April 30.
Specifies that the state shall be responsible for any additional liability that may accrue as a result of the suspension of the state contribution to the fire and police members' benefit fund. Requires the actuarial study filed with the FPPA to include the amount of unfunded liability that accrues as a result of such suspension. Specifies that the state shall maintain its authority to evaluate the advisability of the statutory contribution to the old hire pension plans in light of its own fiscal situation.
Makes an adjustment to the 2003 general appropriations act by decreasing the general fund appropriation for the FPPA, unfunded liability - old hire plans by $25,312,019.
APPROVED by Governor May 1, 2003
EFFECTIVE May 1, 2003
H.B. 03-1009 Statewide health care defined benefit plan - creation - election. Authorizes the board of directors of the fire and police pension association (board) to develop, maintain, and amend a statewide health care defined benefit plan (plan) that will provide a defined benefit to assist in paying for the cost of health care for each retired eligible member.
Authorizes the board to conduct an election of all eligible members, who are all members who participate in the statewide retirement plans administered by the board, to determine if such members want to participate in the plan. Requires the board to certify the results of the election, and to mail a copy of the certification to each employer within 10 days after the certification. Requires all eligible members to participate in the plan if 65% of all eligible members vote in favor of participating in the plan; except that, if less than a majority of an employer's eligible members vote in favor of participating in the plan, the employer, on behalf of its eligible members, may elect not to participate in the plan.
Establishes that contributions to the fund shall be the responsibility of the eligible members unless an eligible member's employer elects to pay all or a portion of his or her contribution. Specifies that all contributions made to the plan shall be credited to the fire and police members' benefit fund.
Requires the board to administer the plan on an actuarially sound basis. Specifies that neither the state nor the employer shall be liable for any unfunded accrued liability of the plan.
BECAME LAW March 25, 2003
EFFECTIVE August 6, 2003
NOTE: This act was passed without a safety clause. For further explanation concerning the
effective date, see page vi of this digest.
H.B. 03-1104 Fire and police pension association - old hire pension plans - modifications to plans - eligibility for election to board of trustees of the firefighters' old hire pension fund. Requires the board of trustees of the fire and police pension association, upon the request of an employer, to permit the modification of any provision of an old hire pension plan necessary to comply with state or federal law. Establishes that such modification may be made without the approval of the active old hire members.
Permits retired old hire members to be eligible to be elected by the active old hire members of a fire department to serve on the board of trustees of the firefighters' old hire pension fund.
APPROVED by Governor April 1, 2003
EFFECTIVE April 1, 2003
|
||||
|
|
||||
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.