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Study of Volunteer Firefighter Pension Plans in Colorado

DEPARTMENT:
Local Affairs
Other
REPORT NUMBER:
1550P
RELEASE DATE:
October, 2016
SUBJECT:
Financial Services & Commerce

There is a high risk that the Plans do not comply with the tax qualification requirements of the Internal Revenue Code (IRC). While the vast majority of Plans comply with the Fair Labor Standards Act (FLSA), as many as 33 Plans may warrant further analysis to assure compliance. Alternatives exist which would allow the Plans to comply with the IRC and FLSA, and could also address other funding and administrative concerns.