2024 Legislative Update

April 2024 Update:

Pending pension legislation has been compiled into one “omnibus” bill that is moving through the legislative process. The bill is named the “2024 Pension and Retirement Policy and Supplemental Budget Bill” and contains the recommendations adopted by the State Auditor’s Fire Relief Association Working Group. The bill also includes provisions affecting the Statewide Volunteer Firefighter Plan administered by the Public Employees Retirement Association, including a proposal that would add a defined contribution plan option.

February 2024 Update:

The 2024 Fire Relief Association Working Group bill has been introduced in both the House (HF 3636, Cha) and Senate (SF 3574, Pappas; Gustafson; Frentz), and was heard by the Legislative Commission on Pensions and Retirement (LCPR) on February 26. The bill was approved unanimously and we anticipate it will move forward in a Pension Omnibus Bill.

Proposals in the bill would:

• Specify the period of time over which investment returns must be allocated to deferred member accounts for relief associations with a defined contribution plan;
• Define the benefit calculation and reporting requirements that apply when a relief association is involuntarily dissolved;
• Add definitions to the relief association statutes of “volunteer,” “paid on-call,” “part-time,” and “full time/career” firefighter;
• Update firefighter and relief association references to reflect the new definitions; and
• Clarify when municipal ratification of a benefit level or bylaw change is required.

We’ll continue to keep you updated through our Pension Division Newsletter and the Office of the State Auditor (OSA)’s Weekly Update on the status of these legislative initiatives. The progress of the bill can be tracked online. Please contact us with any questions.

Published Last in the April 2024 Pension Newsletter