Amendments for HB24-1042
House Journal, February 1
50 HB24-1042 be amended as follows, and as so amended, be referred to
51 the Committee of the Whole with favorable
52 recommendation:
53
54 Amend printed bill, page 2, after line 8 insert:
55 "SECTION 2. In Colorado Revised Statutes, 31-30.5-103, amend
56 (2)(b) as follows:
1 31-30.5-103. Applicability. (2) The following members,
2 otherwise eligible to participate in an old hire pension plan pursuant to
3 subsection (1) of this section shall be exempt from participation:
4 (b) Members who, pursuant to the affiliation of their old hire
5 pension plan with the fire and police pension association as provided by
6 section 31-31-701, elect to become covered under the provisions of the
7 statewide defined benefit COMPONENT OF THE STATEWIDE RETIREMENT
8 plan, established by article 31 ARTICLE 31.5 of this title; and".
9
10 Renumber succeeding sections accordingly.
11
12 Page 6, after line 7 insert:
13 "SECTION 8. In Colorado Revised Statutes, 31-31-401, amend
14 (1)(c) and (1)(d) as follows:
15 31-31-401. Applicability of plan. (1) Every employer in this
16 state shall provide the pension benefits of the statewide retirement plan
17 established by part 31.5 of this title 31 for members hired on or after
18 April 8, 1978, except for the following:
19 (c) Any employer that has withdrawn WITHDREW its members
20 from the statewide defined benefit plan pursuant to part 6 of this article
21 31 SECTION 31-31-601, AS SAID SECTION EXISTED PRIOR TO ITS REPEAL,
22 and established a locally administered and financed alternative pension
23 plan;
24 (d) Any employer that has withdrawn its members from the
25 statewide defined benefit COMPONENT OF THE STATEWIDE RETIREMENT
26 plan for the purpose of covering them under the statewide money
27 purchase plan established pursuant to part 5 of this article 31; and".
28
29 Renumber succeeding sections accordingly.
30
31 Page 6, line 14, strike "defined benefit" and substitute "defined benefit
32 RETIREMENT".
33
34 Page 7, after line 1 insert:
35
36 "SECTION 11. In Colorado Revised Statutes, 31-31-1101,
37 amend (7) as follows:
38 31-31-1101. Entry into the fire and police pension association
39 defined benefit system. (7) The board shall determine a continuing
40 uniform rate of contribution for all members who are active on the
41 effective date of coverage to fund the benefits payable by the fire and
42 police pension association under the statewide defined benefit
43 APPLICABLE COMPONENT OF THE STATEWIDE RETIREMENT plan. The
44 continuing rate of contribution shall be determined by the board utilizing
45 certified actuarial reports prepared by the actuary for the plan. Any
46 actuarial report shall also certify, in accordance with accepted actuarial
47 principals, that the employers' coverage shall not have an adverse
48 financial impact on the actuarial soundness of the plan. Continuing
49 contributions for each member who is active on the effective date of
50 coverage shall be made at the rate established on said date until the
51 member's retirement or termination; except that the board may lower the
52 continuing rate of contribution in the event it finds that the original
53 continuing rate of contribution is in excess of what is required to pay the
54 cost of benefits based on the advice of the actuary. The board may
1 periodically adjust the rate prior to the election of coverage by an
2 employer based on certified actuarial reports prepared by the actuary for
3 the plan.".
4
5 Renumber succeeding sections accordingly.
6
7