CO SB029

State Auditor shall retain a nationally recognized law firm with federal tax law expertise and an actuary to conduct a comprehensive study of volunteer firefighter pension plans in Colorado.

Study must examine whether the IRS recognizes volunteer firefighter plans, how to bring non-compliant plans into federal compliance, whether plans have paid excess benefits, and alternatives to the current local plan structure.

State Auditor's office, Fire and Police Pension Association, and Department of Local Affairs shall develop legislative recommendations based on the study, considering issues such as state assistance eligibility, actuarial valuations, and multi-employer plan options.

Police Officers' and Firefighters' Pension Reform Commission shall meet within 45 days of receiving the report to hear presentations and determine whether to propose legislation on volunteer firefighter pension plan funding and structure.

$100,000 appropriated to the State Auditor's office and $4,271 to the Department of Local Affairs for the 2015-16 fiscal year to implement the study and related administration.