SB15-027 Summary

• Board of the Fire and Police Pension Association may promulgate rules for assessing interest at one-half of one percent per month on unpaid contributions to statewide plans, with authority to waive interest for good cause.

• Board may assess reasonable actuarial, audit, and operational costs incurred by the Association for regulatory compliance attributable to employers with participating members, or alternatively may determine such costs are de minimis and pay them from plan assets.

• Simplifies language across multiple pension plan sections (money purchase, social security supplemental, hybrid, and death/disability plans) to state that "payments required are subject to interest if not submitted when due" rather than specifying detailed interest calculation procedures.

• Changes take effect at 12:01 a.m. on the day following the 90-day period after final adjournment of the general assembly (August 5, 2015), unless a referendum petition is filed requiring voter approval in November 2016.

• Signed into law by Governor John W. Hickenlooper.