Fire and Police Pension Association 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.)