Limitation on existing funds - procedures

(1) On and after January 1, 1982, every state-assisted old hire police officers' or firefighters' pension plan created pursuant to this article shall be financed in accordance with minimum funding standards prescribed in this part 3. Contributions made pursuant to this section include municipal, special district, and county improvement district contributions, the established employee contribution, and any state contribution. (2) (a) Annual contributions to state-assisted old hire police officers' and firefighters' pension funds shall be made in at least the amount determined by the policy set by the board of the fire and police pension association that balances the following considerations: Stabilization of the amount of the annual required contributions over time; keeping the funded ratio of the pension fund from declining; and reducing or eliminating contributions as may be prudent based on actuarial experience. The unfunded accrued liabilities of the plan may be amortized over a period not to exceed the lesser of twenty years or the number of years equal to the average remaining life expectancy of the pension fund's members. (b) In addition to the contributions required by paragraph (a) of this subsection (2), the employer shall annually pay any required dollar amount of contributions necessary to fund additional plan benefits adopted under section 31-30.5-210 (2), as established by supplemental actuarial studies on such funds. (3) and (3.5) (Deleted by amendment, L. 2014.) (4) Repealed. (5) (Deleted by amendment, L. 2014.) (6) All municipalities, fire protection districts, and county improvement districts, including both paid firefighters and volunteer firefighters in their pension plans, shall segregate the pension funds for paid firefighters and volunteer firefighters on an equitable basis for accounting and actuarial purposes, and said segregation shall be considered in all actuarial reports applicable to such funds. In computing the portion of the fund attributable to volunteer firefighters, the benefits of such volunteer firefighters shall not be reduced or otherwise changed. (7) (Deleted by amendment, L. 2014.) (8) Every employee employed as a firefighter or police officer for the first time after April 7, 1978, is covered by the benefit provisions set forth in or authorized by article 31 of this title. (9) Volunteer firefighters and volunteer firefighter pension funds are exempt from all provisions of this section except subsection (6) of this section. (10) (Deleted by amendment, L. 2014.) (11) Repealed. (12) (Deleted by amendment, L. 2014.) (13) The board of any state-assisted old hire pension plan may take, by gift, grant, devise or bequest, any money, personal property, or real estate, or interest therein, as trustees for the uses and purposes for which the fund is created.