(1)Any employer may elect
affiliation with the association relating to an old hire fire or police pension plan that
it has established pursuant to article 30.5 of this title by filing with the board a
resolution approved as to form by the fire and police pension association and
adopted by the employer. The effective date of affiliation must be mutually agreed
upon by the employer and the association.
(2)(Deleted by amendment, L. 2014.)
(3)On the effective date of affiliation pursuant to this section, the assets of
the old hire pension plan shall be transferred to the trust fund created by
subsection (6) of this section. The amount of the transfer must equal the market
value of such assets at the close of business on date of affiliation. Upon affiliation
and the transfer of as
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(1) Any employer may elect
affiliation with the association relating to an old hire fire or police pension plan that
it has established pursuant to article 30.5 of this title by filing with the board a
resolution approved as to form by the fire and police pension association and
adopted by the employer. The effective date of affiliation must be mutually agreed
upon by the employer and the association.
(2) (Deleted by amendment, L. 2014.)
(3) On the effective date of affiliation pursuant to this section, the assets of
the old hire pension plan shall be transferred to the trust fund created by
subsection (6) of this section. The amount of the transfer must equal the market
value of such assets at the close of business on date of affiliation. Upon affiliation
and the transfer of assets to the fund, benefits due pursuant to the old hire plan
shall be paid by the association from the assets of the plan.
(4) An eligible employer may request of the board, prior to filing a resolution
of affiliation, an estimate of the employer's contribution rate necessary to comply
with the contribution requirements established by subsection (5) of this section.
(5) An employer that affiliates pursuant to this section shall annually
contribute an amount approved by the board, upon advice of its actuary, to pay the
normal cost plus amortize the unfunded past service liability attributed to old hire
members hired prior to April 8, 1978, over a period not to exceed the lesser of
twenty years or the number of years equal to the average remaining life expectancy
of the pension fund's members.
(6) There is hereby created the old hire plan members' benefit trust fund that
consists of the assets of old hire plans administered and managed by the board
pursuant to this section. The board shall keep an accurate account of each such
individual old hire plan.
(7) (a) The fire and police pension association has the following
responsibilities for affiliated plans:
(I) Investing the assets of the plan, including determining the allocation of
assets;
(II) Collecting and accounting for contributions to the plan;
(III) Distributing benefits provided under the plan as directed by the
employer or its agent and issuing tax forms and filing tax reports regarding
distributions;
(IV) Conducting actuarial valuations and audits of the plan as are required by
statute or by regulatory bodies;
(V) Maintaining records and reporting the investments, assets, and benefits
of the plan as required by statute or by regulatory bodies;
(VI) Authorizing the payment of expenses of the plan from the assets of the
plan. Any expenses that are incurred by the association which are directly related
to the association's administration of the plan shall be paid from that plan's assets.
Any expenses that are incurred by the association which are attributable to more
than one plan administered by the association shall be allocated to each plan on an
equitable basis as determined by the association. The allocated expense shall be
paid from the assets of each plan.
(VII) Taking such other actions as may be allowed or required by statute.
(b) The local old hire pension board has the following responsibilities for an
affiliated plan:
(I) Establishing eligibility for and the amount of benefits to be received by
members and beneficiaries of the plan, including but not limited to determination of
base salaries, years of service under the plan, marital status, and continuing
eligibility of members and survivors;
(II) Maintaining records of the terms and provisions of the plan, as they may
be adopted and amended;
(III) Making determinations regarding benefit or cost-of-living adjustments
and rank escalation, if any;
(IV) Periodically certifying information required by the association to
administer the plan benefits; and
(V) Electing options for the allocation of assets, if such options are provided
by the association.