SB14-024 Summary

• Amends Colorado law to clarify that local pension boards managing volunteer firefighter pension plans affiliated with the Fire and Police Pension Association (FPPA) must operate in accordance with section 31-31-705.

• Directs the Department of Local Affairs to distribute state pension funding directly to the FPPA as administrator for affiliated volunteer firefighter plans, with the FPPA crediting transferred moneys to plan assets.

• Establishes the FPPA's administrative responsibilities including investing plan assets, collecting contributions, distributing benefits, conducting actuarial valuations and audits at least biannually, maintaining records, and managing plan expenses.

• Establishes governing bodies' and local pension boards' responsibilities including determining benefit eligibility and amounts, electing asset allocation options, maintaining plan records, and certifying information required by the FPPA.

• Allows volunteer pension plans to terminate affiliation with the FPPA upon 60 days written notice at the end of a calendar quarter, and permits the FPPA to terminate affiliation for failure to fulfill responsibilities or renew agreements.