CO SB031

Changes "participating members" to "active participants" in old hire pension plans to clarify when plans with no active members can use excess funds for specified purposes.

Modifies unfunded liability amortization period from maximum 37 years to the lesser of 20 years or the average remaining life expectancy of pension fund members.

Repeals section 31-30.5-303 which previously conditioned state assistance on maintaining contribution levels and allowed suspension of state moneys for non-compliance.

Establishes new responsibilities for the Fire and Police Pension Association and local pension boards in administering affiliated old hire plans, including investment management, benefit distribution, and expense allocation.

Allows municipalities with contribution hardship to phase in full contributions over 2015-2016 period if their 2014 contribution is less than the amount required under subsection (2).