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HB24-1043

State Contribution to Fire & Police Pension Association Death & Disability Fund

Concerning payments to the statewide death and disability trust fund to pay benefits for fire and police pension association members hired before January 1, 1997.
Session:
2024 Regular Session
Subject:
State Government
Bill Summary

Pension Review Commission. For members of the fire and police pension association hired before January 1, 1997, death and disability benefits are paid from state money in the statewide death and disability trust fund (trust fund). State funding for this benefit discontinued in 1997 based on an assumption that the last payment had fully funded all the benefits to be paid. An actuarial analysis from 2021 determined that the payment in 1997 was not sufficient to cover the benefit obligations associated with members hired prior to January 1, 1997. The 2021 actuarial analysis indicated a shortfall of $33.191 million. The state made 2 payments of $6.65 million on July 1, 2022, and July 1, 2023, to cover a portion of this shortfall. Based on the 2023 actuarial calculation, the remaining shortfall is now $27.39 million.

The bill requires the state treasurer to pay a total of $27.39 million, in 3 equal payments of $9.13 million, to be made on July 1, 2024, July 1, 2025, and July 1, 2026, to the fire and police pension association for it to deposit into the trust fund so that there will be sufficient money to pay future death and disability benefits to these members.


(Note: This summary applies to this bill as introduced.)

Status

Introduced
Under Consideration

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Bill Text

Colorado legislature email addresses ending in @state.co.us are no longer active. Please replace @state.co.us with @coleg.gov for Colorado legislature email addresses. Details

The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details