Date: 02/28/2006

Final
BILL SUMMARY for HB06-1059

SENATE COMMITTEE ON LOCAL GOVERNMENT

Votes: View--> Action Taken:
Move HB06-1059 to the Committee of the Whole with PASS


02:19 PM -- House Bill 06-1059

Senator Williams, prime sponsor, presented her bill and explained that this bill is the result of her membership on the Fire and Police Pension Reform Commission during the summer of 2005. Senator Williams briefly explained the history of the FPPA and spoke to how this bill responds to changing retirement demands and fiscal management needs. Senator Williams referenced a handout (Amendment B), which explained the FPPA structure and how this structure would change under her bill. Senator Williams addressed questions from the committee regarding state funds, referenced in Referendum D, previously committed to older FPPA plans.


02:23 PM

Kevin Lindahl, FPPA General Counsel, testified in support of HB06-1059, stating that the state created the FPPA in response to the previous plan that was in trouble. Mr. Lindahl explained that this bill will change the statute to recognize a more modern method for accounting for these FPPA funds. Mr. Lindahl explained that FPPA holds funding from all aspects of the retirement plan, including the self-directed investment fund, which allows employees to direct their own investments options. Mr. Lindahl clarified the FPPA plan, specifically the self-directed aspect of the retirement plan for FPPA employees. Mr. Lindahl responded to questions from the committee regarding the FPPA funding, that was referenced in Referendum D, for older FPPA plans.
BILL:HB06-1059
TIME: 02:36:53 PM
MOVED:Groff
MOTION:Move HB06-1059 to the Committee of the Whole with the recommendation that it be placed on the Consent Calendar. Motion passed on a 7-0 roll call vote.
SECONDED:
VOTE
Bacon
Yes
Entz
Yes
Jones
Yes
Kester
Yes
Tochtrop
Yes
Groff
Yes
Hanna
Yes
Final YES: 7 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS