CO HB1044

Increases member and employer contribution rates for the statewide defined benefit plan to 12% of base salary by 2022 and 2028 respectively, through eight annual incremental increases of 0.5% starting in 2015 and 2021.

Adds an unreduced normal retirement pension option beginning January 1, 2021, for members age 50 with combined age and years of service equaling at least 80.

Changes unfunded accrued liability amortization period from unlimited to not exceeding 20 years or average remaining member life expectancy, with the Fire and Police Pension Association board setting contribution policy to stabilize annual contributions and maintain funded ratios.

Allows the board to increase contribution rates above statutory minimums if approved by 65% of active members and 50% of employers, with equal increases for members and employers.

Modifies separate retirement accounts within the stabilization reserve account to function as self-directed defined contribution accounts with member control over investments, effective January 1, 2021.