§ 31-31-705 — Affiliation by volunteer pension plans

(1) The board is
authorized to make affiliation agreements with governing bodies that provide
pension plans for volunteer firefighters to administer such plans and manage the
funds of such plans for investment. The fire and police pension association may
require periodic renewal of the agreement.

(2) The fire and police pension association has the following responsibilities
in connection with a volunteer firefighter pension plan that has an agreement with
the association pursuant to subsection (1) of this section:

(a) Investing the assets of the plan, including determining the allocation of
assets;

(b) Collecting and accounting for contributions to the plan;

(c) Distributing benefits provided under the plan as directed by the
governing body or its agent and issuing tax forms and filing tax reports regarding
distributions;

(d) Conducting actuarial valuations and financial audits of the plan on at
least a biannual basis or as required by regulatory bodies or by law;

(e) Maintaining records and reporting the investments, assets, and benefits
of the plan as required by statute or by regulatory bodies;

(f) Authorizing the payment of expenses of the plan from the assets of the
plan. Any expenses that are incurred by the fire and police pension association that
are directly related to the association's administration of the plan shall be paid from
that plan's assets. Any expenses incurred by the association that 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.

(g) Taking such other actions as may be allowed or required by statute.

(3) The governing body of a volunteer pension plan or its local pension board
has the following responsibilities when the plan is affiliated with the fire and police
pension association pursuant to subsection (1) of this section:

(a) Establishing eligibility for and the amount of benefits to be received by
members and beneficiaries of the plan, including the determination of base
benefits, years of service under the plan, marital status, and continuing eligibility of
retirees and survivors;

(b) Electing options for the allocation of assets, if such options are provided
by the fire and police pension association;

(c) Maintaining records of the terms and provisions of the plan as they may
be adopted and amended;

(d) Making determinations regarding benefit improvements, if any; and

(e) Periodically certifying information required by the fire and police pension
association to administer the plan benefits.

(4) A governing body that provides pension benefits for volunteer
firefighters may terminate its affiliation with the fire and police pension association
upon giving written notice to the association at least sixty days prior to the end of
any quarter of a calendar year. The association may allow a shorter notice period.
The association may terminate the affiliation of a volunteer plan upon sixty days
written notice to the governing body for failure to fulfill its responsibilities to the
plan or its failure to renew an affiliation agreement.

Legislative History

Source: L. 96: Entire article added with relocations, p. 926, � 1, effective May 23. L. 2014: Entire section amended, (SB 14-024), ch. 51, p. 233, � 3, effective March 20.