Employer Entry FPPA Fire And Police Pension Association Defined Benefit System
Fire and police pension association - new hire pension plans - entry into defined benefit system. An employer that is affiliated with the fire and police pension association (FPPA) that provides a money purchase plan for its employees is authorized to apply to the board of directors of the FPPA (board), with a single application, to cover some or all of the existing members of its money purchase plan in the defined benefit system. In addition, an employer that provides a money purchase plan is authorized to apply to the board to cover all new employees hired on or after a date certain and who are members of the FPPA to participate as a group in either the statewide hybrid plan or the statewide defined benefit plan through the defined benefit system.
The board is authorized to determine the terms, process, certifications, and schedules that will govern an employer's participation in the defined benefit system. The separate application process for entry into the statewide defined benefit plan is eliminated.
(Note: This summary applies to this bill as enacted.)