§ 31-30.5-801 — Exempt alternative programs authorized

Colorado § 31-30.5-801

• Jurisdiction: Colorado
• Title 31: Government
• Art.: Fire - Police - Old Hire Pension Plans

Text

(1) Notwithstanding
any other provision of this article or the provisions of article 31 of this title that
specifically refer to exempt plans, any municipality, fire protection district, or
county improvement district, prior to January 1, 1980, may establish an alternative
police officers' or firefighters' pension benefit program or combination pension and
insurance benefit program for police officers or firefighters that, if found by an
actuarial study to be actuarially sound, shall be exempt from all provisions of parts
3 to 7 of this article. Such program and any amendments thereto must be approved
in an election held or vote called for that purpose by at least sixty-five percent of
the total votes cast by all police officers or firefighters actively employed by the
municipality, fire protection district, or county improvement district and all former
old hire members who have earned pension rights or benefits under this article at
the time the program is adopted or amended. No amendment of an exempt
alternative program may be adopted that would adversely affect the accrued
pension benefits of former old hire members. Once established, such exempt
alternative program shall cover all police officers or firefighters employed by the
municipality, fire protection district, or county improvement district, regardless of
the date of hire. Any municipality, fire protection district, or county improvement
district having established an exempt alternative program pursuant to this section
shall be entitled to receive its appropriate share of state contributions to local
police officers' or firefighters' pension funds and shall file any reports required to
receive such state contributions. The date limitation of January 1, 1980, established
in this subsection (1) shall not be construed as limiting the ability of an employer to
establish an exempt money purchase plan in accordance with the provisions of
subsection (2) of this section and section 31-30.5-802.

(2) (a) Not later than January 1, 1983, any employer that covered its
firefighters or police officers hired on or after April 8, 1978, under the statewide
defined benefit plan established in part 4 of article 31 of this title, may withdraw
from that plan upon establishment of a money purchase plan, in accordance with
the requirements governing exempt alternative programs under subsection (1) of
this section.

(b) Such money purchase plan shall include all firefighters or police officers
hired on or after April 8, 1978, and may include all old hire firefighter or police
officer members, at the option of the employer.

(c) The money purchase plan shall be approved by sixty-five percent of all
firefighters or police officers hired on or after April 8, 1978. In order for old hire
firefighter or police officer members to be included in such plan, pursuant to
paragraph (b) of this subsection (2), sixty-five percent of those members shall
approve the plan.

(d) Any employer desiring to withdraw pursuant to the provisions of this
section shall file a resolution with the fire and police pension association stating
such intent. The resolution shall also state a requested effective date for
withdrawal.

(e) The withdrawal shall be effective on the requested effective date or on
the first day of the month following certification by the fire and police pension
association of the approval of the members, whichever occurs later.

Legislative History

Source: L. 96: Entire article added with relocations, p. 889, � 1, effective May 23. L. 2005: (1) amended, p. 776, � 64, effective June 1.