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HB22-1034

Fire and Police Pension Association Statewide Retirement Plan

Concerning the administration of retirement plans administered by the fire and police pension association, and, in connection therewith, merging the statewide defined benefit plan, the statewide hybrid plan, and the social security supplemental plan into a single new statewide retirement plan.
Session:
2022 Regular Session
Subject:
Local Government
Bill Summary

Pension Review Commission. 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 bill merges these 3 plans into separate components of a new plan to be known as the "statewide retirement plan". The bill 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 bill 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 the reengrossed version of this bill as introduced in the second house.)

Status

Introduced
Passed
Became Law

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Bill Text

  • All Versions (7 )
    Date Bill Type Documents
    03/30/2022 Signed Act PDF
    03/25/2022 Final Act PDF
    03/15/2022 Rerevised PDF
    03/14/2022 Revised PDF
    02/18/2022 Reengrossed PDF
    02/17/2022 Engrossed PDF
    01/12/2022 Introduced PDF