City Council Study Session Agenda and Packet 2017 05 09

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Statewide Defined Benefit Plan for members of affiliated Social Security Employers Beneficiary Election Members may change beneficiaries any time prior to retirement by contacting FPPA. A desig- nated beneficiary may be eligible for certain limited benefits if a member dies prior to retirement depending on circumstances, as provided in the Colorado Revised Statutes and the FPPA Rules and Regulations. At retirement, members re -confirm their beneficiary election. If a member should die prior to normal retirement eligibility, benefits may be paid according to the provisions of the Statewide Death & Disability Plan, if applicable. Refunds Non -Vested If a member terminates employment and has less than 5 years of service credit, the member's contributions plus 5% as interest may be refunded. If a refund is chosen, SRA monies and all employer contributions are forfeited. Vested If a member terminates employment and has more than 5 years of service credit, the member's contributions plus 5% as interest may be refunded in lieu of electing a retirement benefit. If a refund is chosen, SRA monies and all employer contributions are forfeited. Purchasing Service Credit FPPA members having prior public employment with a non-FPPA employer, employment with a private employer or military service may be eligible to purchase service credit under the Statewide Defined Benefit Plan if certain conditions are met. Members of the SWDB-SS Plan who are purchasing service credit shall do so at the full cost and receive the full Statewide Defined Benefit Plan service credit for the purchase. See FPPA Rule 301.08. After one year in the plan with current department, eligible to purchase: • Any public service time for which you are not eligible for a retirement benefit, • Up to five years of military time for which you are not eligible for a retirement benefit, or for which you were not eligible to submit pension contributions under the Uniformed Services Employment and Reemployment Rights Act (USERRA). After five years of continuous service credit in the plan with the same employer, eligible to purchase: • Up to five years of private employment for which you are not eligible for a retirement benefit. Additional points: • Once eligible, purchase(s) can be made throughout career but must be completed prior to retirement and/or entry into the DROP. • The cost changes as you age and as your base salary changes. • A calculator to estimate the cost may be found on the FPPA website FPPAco.org. • Factors used to determine the cost of purchasing service credit may be revised periodically. FPPA Fire and Police Pension Association of Colorado 5290 DTC Parkway, Suite 100 • Greenwood Village, Colorado 80111-2721 (303) 770-3772 • toll free (800) 332-3772 • fax (303) 771-7622 • www.FPPAco.org This plain language document is intended for informational purposes only. Official interpretations or determinations are based upon the statutes and rules and regulations which govern this plan. 3.16