| 2005 State Legislation
The Fire and Police Pension Association sponsored the following three bills in the 2005 Colorado Legislature. The Pension Reform Commission approved these bills on September 28, 2004. The purpose of these summaries are informational and cannot be relied upon as the ultimate declaration of benefits under a plan or the law in Colorado. In some cases the information below is prior to any consequential amendments. Please consult the actual legislation.
This proposed bill provides property tax exemption for property owned by FPPA and used for administrative purposes. FPPA is a political subdivision of the State of Colorado. Properties held for investment purposes and leased to others would not be included in the exemption. Property taxes on leased properties are typically paid by the tenant. STATUS |
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Passed through the Senate and House and became law: March 11, 2005.
Increasingly, third parties, including data base vendors, researchers and industry publications, have used governmental open record laws to obtain investment information from public pension funds, including from FPPA, that is proprietary and is otherwise not publicly available. Disclosure re of this information may adversely impact FPPA’s investment portfolio. The managers of some alternative investments, including certain private equity funds, have reacted by limiting investment information given to public pension fund investors or by refusing to accept investments from public pension funds. This situation at best puts FPPA at a disadvantage in investing in the market and could deny FPPA access to certain investment opportunities. This proposed bill exempts from disclosure under the Open Records Act investment information that has not been publicly disseminated or that is unavailable from other sources, the release of which might cause a portfolio company or an investment fiduciary significant competitive harm. This bill does not alter the availability of the types of information that FPPA has historically reported on a periodic basis to any interested party. In fact the bill requires that at a minimum, FPPA must annually publish a report of its investments that includes the name of each investment management firm utilized by the association, the total value of the assets managed by each firm during the reporting period, and the rate of return realized during the reporting period by each firm. State legislatures have adopted similar protections for other large public pension plans, including the Colorado General Assembly, which last year enacted legislation on behalf of Colorado PERA. |
Senate Bill 05-043 Social Security Coverage Clarification Passed through the Senate and House and became law: April 14, 2005.
This proposed bill would clarify that Social Security coverage is not an option for newly formed fire and police departments. |
Senate Bill 05-067 Colorado Springs Inclusion Passed through the Senate and House and became law: April 14, 2005.
This bill, while not sponsored by FPPA, is supported by FPPA. It provides for the inclusion of the
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