CLICS/CLICS2021A/commsumm.nsf
PUBLIC
BILL SUMMARY For PRESENTATION FROM THE FIRE AND POLICE PENSION ASSOCIATION
INTERIM COMMITTEE PENSION REVIEW COMMISSION
Date Sep 14, 2021
Location HCR 0112
Presentation from the Fire and Police Pension Association - Committee Discussion Only
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01:04:01 PM |
Mr. Slack continued
by discussing the variety of plans offered and the funded status of those
plans. In response to a committee question, Mr. Slack described a
combined contribution rate.
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01:14:50 PM |
Mr. Lindahl continued by discussing possible legislation or bill draft requests.
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01:29:16 PM |
Mr. Lindahl discussed
several ideas, including: merge the assets and liabilities of the Statewide
Hybrid Plan and the Statewide Defined Benefit Plan including the Social
Security Supplemental Plan; apply special multiplier adjustment to Statewide
Hybrid Plan benefits accrued prior to merger; increase the required minimum
contributions into the Hybrid Defined Benefit and Money Purchase Components
by 2 percent; implement the Rule of 80 - allow Hybrid Defined Benefit Component
members whose age and years of service totals 80 to elect a normal retirement
benefit; provide additional private information protections for FPPA members;
extend Death & Disability Application Deadline from 180 to 365 days;
and seek additional state funding for unfunded death and disability liabilities
for members hired prior to 1997.
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01:38:14 PM |
Mr. Simon continued by discussing FPPA's investments and asset allocation.
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