Fire and Police Pension Association Statewide Retirement Plan

The fire and police pension association (association) administers a number of retirement plans for police officers and firefighters throughout the state, including the statewide defined benefit plan, the statewide hybrid plan, and the social security supplemental plan. Effective January 1, 2023, the act merges these 3 plans into separate components of a new plan to be known as the "statewide retirement plan". The act provides for the following with respect to the statewide retirement plan: The administration of the plan by the association; The deposit and investment of funds for the plan; Membership requirements; Employer and member contribution rates for each component of the plan, including phased future increases for specified rates; The purchase of service credit by members; Vesting and retirement eligibility requirements; Annual actuarial valuation of the plan; Actions that may be taken by the board of the association to ensure that the plan is fully funded on an actuarially sound basis; Pension and optional survivor benefits; Late and deferred retirement options; Cost of living adjustments; Refunds of contributions to members; and Modification of the plan by the board of the association. The act also: Provides for the confidentiality of information contained in the records of members of the association; Extends the deadline to file an application for disability; and Makes conforming amendments to and repeals portions of the existing statutes governing the statewide defined benefit plan, the statewide hybrid plan, and the social security supplemental plan.(Note: This summary applies to this bill as enacted.)