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Legislative Year: 2022 Change
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Bill Detail: HB22-1034

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Title Fire and Police Pension Association Statewide Retirement Plan
Status Governor Signed (03/30/2022)
Bill Subjects
  • Local Government
House Sponsors S. Bird (D)
S. Sandridge (R)
Senate Sponsors K. Priola (R)
J. Bridges (D)
House Committee Finance
Senate Committee Finance
Date Introduced 01/12/2022
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.

Committee Reports
with Amendments
Full Text
Full Text of Bill (pdf) (most recent)
Fiscal Notes Fiscal Notes (05/19/2022) (most recent)  
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