CO SB025

Allows members of the Fire and Police Pension Association (FPPA) statewide defined benefit plan to transfer qualified retirement funds from other public employment pension plans and receive service credit on an actuarially equivalent basis.

Requires members to have at least one year of continuous service credit with an employer covered by the FPPA plan and provide documentation that benefits were earned through public employment.

Permits members with at least five years of continuous service credit to transfer funds from private employer retirement plans and receive up to five years of service credit, with combined public and private service credit not exceeding five years total.

Allows members to purchase up to five years of service credit for U.S. military uniformed services if honorably discharged and meets other conditions including verification they will not receive duplicate benefits.

Takes effect at 12:01 a.m. on August 5, 2015, unless a referendum petition is filed, in which case approval by voters in November 2016 is required.