NOTE: The governor signed this measure on 3/13/2015.
      
      
      SENATE BILL 15-026
      
      
      BY SENATOR(S) Balmer, Ulibarri;
      also REPRESENTATIVE(S) Ginal, Court, Melton, Esgar, Fields, Salazar,
      Williams, Young.
      
      
      Concerning the contribution rate for participants beginning
           membership in the fire and police pension association's
           statewide defined benefit plan.
       
      
      Be it enacted by the General Assembly of the State of Colorado:
      
           SECTION 1.  In Colorado Revised Statutes, 31-31-401, amend (3)
      as follows:
      
           31-31-401.  Applicability of plan. (3)  Where an employer results
      from a merger, a consolidation, or an exclusion or dissolution proceeding
      between or among one or more employers, including a new governmental
      entity created by intergovernmental agreement between or among one or
      more employers, all members transferred to or employed by such resulting
      employer shall, for the purposes of this article and article 30.5 of this title,
      have those rights and obligations they had prior to the merger,
      consolidation, exclusion, dissolution, or intergovernmental agreement. In
      the event of a transfer of members, provision shall be made in such
      agreement or proceeding for allocation and transfer of plan assets, and, in
      the event of the transfer of members of a defined benefit plan, provision
      shall be made in such agreement or proceeding for discharging plan
      liabilities and funding in order to maintain or enhance the actuarial
      soundness of the remaining and resulting plans. If the resulting employer
      had no members prior to the merger, consolidation, exclusion, or
      dissolution, it may continue as its plan any plan of a transferring employer,
      authorized by this article, for its members hired after the effective date of
      the agreement or proceeding or the resulting employer shall belong to the
      statewide defined benefit plan. The board may authorize the resulting
      employer to consolidate preexisting retirement plans and any retirement
      plan attributable solely to the resulting employer into one or more plans if
      the plans to be consolidated are identical, the benefits are equal for all
      members covered under the retirement provisions of the plans, and no
      member suffers a reduction of benefits or an increase in member
      contributions due to such plan consolidation. Any member employed by
      a predecessor department who participated in a money purchase
      plan prior to the merger, consolidation, exclusion, or dissolution
      and who participates in the statewide defined benefit plan after
      the merger, consolidation, exclusion, or dissolution shall pay the
      continuing uniform rate of contribution established by the board
      pursuant to section 31-31-1103 (2).
      
           SECTION 2.  Act subject to petition - effective date. This act
      takes effect at 12:01 a.m. on the day following the expiration of the
      ninety-day period after final adjournment of the general assembly (August
      5, 2015, if adjournment sine die is on May 6, 2015); except that, if a
      referendum petition is filed pursuant to section 1 (3) of article V of the state
      constitution against this act or an item, section, or part of this act within
      such period, then the act, item, section, or part will not take effect unless
      approved by the people at the general election to be held in November 2016
      and, in such case, will take effect on the date of the official declaration of
      the vote thereon by the governor.
      
      
      
      
      ____________________________  ____________________________
      Bill L. Cadman                Dickey Lee Hullinghorst
      PRESIDENT OF                     SPEAKER OF THE HOUSE
      THE SENATE                         OF REPRESENTATIVES
      
      
      
      
      
      
      ____________________________  ____________________________
      Cindi L. Markwell                      Marilyn Eddins
      SECRETARY OF                 CHIEF CLERK OF THE HOUSE
      THE SENATE                         OF REPRESENTATIVES
      
      
      
      
                  APPROVED________________________________________
      
      
      
      
      
                                    _________________________________________
                                    John W. Hickenlooper
                                    GOVERNOR OF THE STATE OF COLORADO