HB 24-1042

House Bill 24-1042 is a technical update to previous pension law changes for Colorado's firefighters and police officers. It fixes outdated references in the law after merging different retirement plans into one statewide plan, ensuring everything stays accurate and clear. The bill also clarifies who qualifies as a "member" under certain pension plans. Since it was signed by the governor on March 6, 2024, these changes are now in effect, meaning that current and future members of these pension plans will be governed by the updated definitions and references.

Official Summary

House Bill 22-1034, concerning the administration of retirement plans administered by the fire and police pension association, merged the statewide defined benefit plan, the statewide hybrid plan, and the social security supplemental plan into a single statewide retirement plan. Certain statutory cross references in House Bill 22-1034 were not properly updated to reflect the repeals and relocations of statutory provisions that were necessary to accomplish the merger. The act updates the obsolete statutory cross references. The act also updates the definition of "member" in the new hire pension plan statute to clarify that a portion of the definition applies only for purposes of the statewide money purchase plan and repeals an inapplicable portion of the definition of "member" in the statewide retirement plan statute. APPROVED by Governor March 6, 2024 EFFECTIVE March 6, 2024(Note: This summary applies to this bill as enacted.)

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