CO SB028

Department chiefs hired on or after April 8, 1978 may be exempted from the statewide defined benefit plan if they participate in Social Security, a Federal Insurance Contribution Act (FICA) replacement plan, or an employer-sponsored plan with employer agreement.

Exempted department chiefs may participate in the statewide money purchase plan, statewide hybrid plan, or a local money purchase plan as alternatives to the defined benefit plan.

Department chiefs exempted from the defined benefit plan may maintain disability and survivor benefits coverage under Part 8 if they participate in a money purchase plan or hybrid plan with a contribution rate of at least 16 percent.

Social Security employers offering statewide death and disability plan coverage must also participate in the Social Security supplemental retirement plan; coverage may be terminated by the board on or after January 1, 2017 for non-compliant employers.

The act takes effect 90 days after final adjournment of the general assembly (August 5, 2015) unless a referendum petition is filed, in which case it requires voter approval in November 2016.