CO SB240

Modifies voting requirements for approval of benefit modifications to the Fire and Police Pension Association's statewide defined benefit plan to require approval by 65% of active members who vote in the election (rather than all active members).

Changes employer voting threshold for benefit modifications from a simple majority to more than 50% of employers having active members who vote in the election, with employers having both police and fire members receiving two votes instead of one.

Applies the same voting thresholds (65% of voting members and more than 50% of voting employers) to member contribution rate increases above the established rate in section 31-31-402.

Effective date is August 7, 2013 (90 days after final adjournment), unless a referendum petition is filed within that period, in which case the act requires approval by voters at the November 2014 general election.