HB 24-1043 Summary

• State treasurer shall issue warrants to the Fire and Police Pension Association on July 1, 2022 ($6.65 million) and July 1, 2023 ($6.65 million) to fund death and disability benefits for members hired before January 1, 1997.

• Beginning July 1, 2025 and continuing annually through July 1, 2059, the state treasurer shall issue additional warrants of $2.05 million each year.

• The July 1, 2022 warrant is paid from the general fund, while subsequent warrants are paid from a newly created death and disability payment cash fund.

• The state treasurer shall transfer $2.05 million from the general fund to the death and disability payment cash fund on July 1, 2025 and every July 1 thereafter through July 1, 2059.

• All interest and income earned from the death and disability payment cash fund shall be credited to the general fund.