SB 17-020

Senate Bill 17-020, also known as the Fire and Police Pension Association Statewide Plan Election Approval Standard, aims to simplify how changes are made to pension plans for police officers and firefighters in Colorado. Currently, different approval requirements exist depending on the type of change being proposed. The bill proposes a single standard: any modifications to these pension plans must be approved by at least 65% of the participating members who vote on it. This ensures consistency across all types of changes within the pension plans. The bill has been signed into law, meaning that this new approval process is now in effect for all relevant elections regarding pension plan modifications.

Official Summary

Police Officers' and Firefighters' Pension Reform Commission. Current law specifies that an employer in a statewide pension plan administered by the fire and police pension association may modify its status in the plan through a vote of the members of the plan. In some cases, a modification must be approved by 65% of the members employed by the employer, and in other cases, a modification must be approved by 65% of the members employed by the employers who vote in the election for the modification. The bill creates a uniform approval standard by requiring that any modifications be approved by 65% of the members employed by the employer who vote in the election for the plan modification. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Votes