HB12-1031 Summary

• The Fire and Police Pension Association (FPPA) Board may modify or amend plan provisions in the defined benefit system without actuarial cost to administer benefits consistently across the system.

• Modifications to benefit distribution options are permitted, but the bill explicitly prohibits changes to the amount of normal benefits.

• The FPPA Board may amend the statewide money purchase plan document without member and employer approval when necessary to comply with state and federal law or to efficiently administer benefits.

• The FPPA Board may amend disability and survivor benefit provisions when necessary to comply with state and federal law or to efficiently administer the plan.

• The act takes effect August 8, 2012, unless a referendum petition is filed, in which case it requires voter approval at the November 2012 general election.