Colorado House Bill 1034
Session 2022A
Fire and Police Pension Association Statewide Retirement Plan
Became Law
Signed by Governor on Mar 30, 2022
Sponsors
4 Sponsors
Shannon Bird
Shane Sandridge
Jeff Bridges
Kevin Priola
First Action
Jan 12, 2022
Latest Action
Mar 30, 2022
Origin Chamber
House
Type
Bill
Bill Number
1034
State
Colorado
Session
2022A
checkPassed on February 18, 2022
Motion Text
BILL
House Roll Call Votes
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Excused
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Excused
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Summary
The fire and police pension association (association) administers a number of retirement plans for police officers and firefighters throughout the state, including the statewide defined benefit plan, the statewide hybrid plan, and the social security supplemental plan. Effective January 1, 2023, the act merges these 3 plans into separate components of a new plan to be known as the "statewide retirement plan". The act provides for the following with respect to the statewide retirement plan:
The administration of the plan by the association;
The deposit and investment of funds for the plan;
Membership requirements;
Employer and member contribution rates for each component of the plan, including phased future increases for specified rates;
The purchase of service credit by members;
Vesting and retirement eligibility requirements;
Annual actuarial valuation of the plan;
Actions that may be taken by the board of the association to ensure that the plan is fully funded on an actuarially sound basis;
Pension and optional survivor benefits;
Late and deferred retirement options;
Cost of living adjustments;
Refunds of contributions to members; and
Modification of the plan by the board of the association.
The act also:
Provides for the confidentiality of information contained in the records of members of the association;
Extends the deadline to file an application for disability; and
Makes conforming amendments to and repeals portions of the existing statutes governing the statewide defined benefit plan, the statewide hybrid plan, and the social security supplemental plan.(Note: This summary applies to this bill as enacted.)
Signed Act (03/30/2022)
Final Act (03/25/2022)
Rerevised (03/15/2022)
Revised (03/14/2022)
Reengrossed (02/18/2022)
Engrossed (02/17/2022)
Introduced (01/12/2022)
Committee Amendment
Fiscal Note FN2 (05/19/2022)
Fiscal Note FN1 (01/18/2022)
Sort by most recent
03/30/2022
Office of the Governor
Governor Signed
03/25/2022
Office of the Governor
Sent to the Governor
03/25/2022
Senate
Signed by the President of the Senate
03/25/2022
House
Signed by the Speaker of the House
03/15/2022
Senate
Senate Third Reading Passed - No Amendments
03/14/2022
Senate
Senate Second Reading Passed - No Amendments
03/09/2022
Senate
Senate Committee on Finance Refer Unamended - Consent Calendar to Senate Committee of the Whole
02/24/2022
Senate
Introduced In Senate - Assigned to Finance
02/18/2022
House
House Third Reading Passed - No Amendments
02/17/2022
House
House Second Reading Special Order - Passed - No Amendments
02/14/2022
House
House Committee on Finance Refer Unamended to House Committee of the Whole
01/12/2022
House
Introduced In House - Assigned to Finance
Sources
CO Legislature
Record Created
Jan 13, 2022 12:05:27 PM
Record Updated
Aug 13, 2022 1:50:05 AM