Title
Fire and Police Pension Association (FPPA) Employer Election Regarding Member Contributions to the Fire Statewide Defined Benefit Plan
Body
From:
Kara Skinner, Chief Financial Officer
Summary:
City sworn employees hired on or after October 1, 2006 and 190 plan transferees are Members of the FPPA SWDB Plan. During the month of June 2014, the active Members in the SWDB Plan had an opportunity to vote on two proposals with respect to increasing the Member contribution rate to the SWDB Plan. Members voted in favor of the Primary Proposal (68% approval), to increase the Member contribution rate to the SWDB Plan by 4%, phased in at 1/2% per year over 8 years.
The process now provides for an Employer Election on the Primary Proposal.
Employers vote by submitting to FPPA a resolution from the city council or district board indicating whether or not the Employer supports the proposed change. The election packet was mailed to the City on July 11, 2014 and received on July 14. The Employer vote must be received by FPPA no later than August 22, 2014, at 4 pm to be counted.
Employers are not required to vote. The Employer election will pass if a majority of those Employers voting in the Employer election approve the proposal. Employers that have both active firefighters and police officers who participate in the SWDB Plan get one vote for each department; therefore, FPPA will look for two resolutions to be submitted from the City of Colorado Springs. Currently there are 215 departments represented in the SWDB Plan - 29 of which have not active members so do not have a vote.
Previous Council Action:
On September 12, 2006, City Council approved Resolution No. 145-06, which authorized the City Manager to enter into an agreement with the Fire and Police Pension Association of Colorado (FPPA) merging the Alternate Firefighter's Pension Plan and the Alternate Police Pension Plan into the Defined Benefit system maintained and a...
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