CO SB260

Allows employers and counties covering law enforcement and fire protection employees under Social Security to elect coverage under the Fire and Police Pension Association's social security supplemental plan, with such election being irrevocable.

Permits the board to allow eligible employers to alternatively elect participation in one or more defined benefit plans within the association with full benefits and unreduced contribution rates, with contribution rates determined to prevent adverse financial impact on plan soundness.

Requires approval by at least 65 percent of active members voting on coverage, except when members can elect to remain in a predecessor plan or have already approved leaving one, and designates all future eligible employees will participate in an association plan.

Requires employers to certify that all active fire and law enforcement employees (except those electing to remain in predecessor plans) and all newly hired employees will become plan participants, and prohibits employers from opting out after affiliation.

Takes effect at 12:01 a.m. on the day following the 90-day period after final adjournment of the general assembly (August 2, 2019), unless subject to referendum petition requiring voter approval at the November 2020 general election.