16BB68FA38CE0D3187258750006871FB Hearing Summary CLICS/CLICS2021A/commsumm.nsf PUBLICBILL SUMMARY For PRESENTATION FROM THE FIRE AND POLICE PENSION ASSOCIATIONINTERIM COMMITTEE PENSION REVIEW COMMISSIONDate Sep 14, 2021 Location HCR 0112 Presentation from the Fire and Police Pension Association - Committee Discussion Only Attachment Tag File Name Attachment A http://www2.leg.state.co.us/CLICS/CLICS2021A/commsumm.nsf/0/56C7DFBD4C17...$File/21PenReviewComm0914AttachA.pdf?OpenElement 21PenReviewComm0914AttachA.pdf 01:01:18 PM Director Dan Slack, Mr. Kevin Lindahl, and Mr. Scott Simon, representing the Fire and Police Pension Association (FPPA), came to the table provide an update on the association. Their presentation may be found in Attachment A and at https://leg.colorado.gov/sites/default/files/images/fppa_presentation_to_the_pension_review_commission.pdf. 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. 01:14:50 PM Mr. Lindahl continued by discussing possible legislation or bill draft requests. 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. 01:38:14 PM Mr. Simon continued by discussing FPPA's investments and asset allocation.
