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Legislative Year: 2024 Change
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Bill Detail: HB24-1043

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Title State Contribution to Fire & Police Pension Association Death & Disability Fund
Status House Committee on Finance Refer Unamended to Appropriations (02/08/2024)
Bill Subjects
  • State Government
House Sponsors E. Hamrick (D)
R. Taggart (R)
Senate Sponsors K. Van Winkle (R)
C. Hansen (D)
House Committee Finance
Senate Committee
Date Introduced 01/10/2024
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.

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