Colorado Legislative Council Staff

NO FISCAL IMPACT

TITLE:            CONCERNING THE SPECIFICATION OF A PERIOD OF ACTIVE SERVICE REQUIRED FOR THE PAYMENT OF AN EARLY RETIREMENT PENSION TO A VOLUNTEER FIREFIGHTER BY THE BOARD OF THE TRUSTEES OF A VOLUNTEER FIREFIGHTER PENSION FUND.

Summary of Legislation

            This bill clarifies that the board of a volunteer firefighter pension fund is authorized to pay a retirement pension to a volunteer firefighter who has less than 20 years of active service if the municipality’s or district’s fund is actuarially sound. The bill requires the board to determine the period of active service necessary to qualify for this retirement pension, but in no event shall the period be less than ten years of active service. Current law authorizes the board to pay a retirement pension to a volunteer firefighter who has ten years of active service if the fund is actuarially sound.

Summary of Assessment

            This bill will not affect state, or local government, revenue or expenditures. The bill clarifies and conforms law to existing practice. Therefore, this bill is assessed as having no fiscal impact. This bill would become effective upon the signature of the Governor.

Departments Contacted

            Fire and Police Pension Association              Local Affairs