HB 18-1031 Summary

• Allows employers with local or statewide money purchase pension plans to enroll new fire and police employees hired after a specified date into the statewide defined benefit plan as a group, without requiring employee vote approval.

• Requires employers electing participation to adopt a governing body resolution establishing the effective date of coverage and submit to the Fire and Police Pension Association board for approval.

• Permits existing plan members to transfer to the defined benefit system through either a member vote (requiring 65% approval) or individual opt-in election if the local plan allows self-directed accounts.

• Establishes that the board shall determine a uniform contribution rate for all active members on the coverage effective date based on certified actuarial reports, with no adverse financial impact to plan soundness.

• Repeals section 31-31-1103 and takes effect August 8, 2018, subject to voter approval at the November 2018 general election if a referendum petition is filed.