FPPA has been busy in 2018. We have been researching, studying, planning, and discussing various ways to ensure the continued soundness of your retirement plans.
The funding status of the retirement plans remains among the top in the country. As of the 2018 valuation reporting, the current funding statuses are as follows:
- Statewide Defined Benefit Plan: 103.7%
- Statewide Hybrid Plan: 135.5%
- Statewide Death & Disability Plan: 100.1%
The Board of Directors created a task force in September 2018 to study-and potentially recommend-possible changes to the Statewide Pension System. Read more about the task force here.
Our actuarial firm, Gabriel, Roeder, Smith & Company (GRS) has recently completed a draft Actuarial Experience Investigation Study for our retirement plans. The purpose of the study is to examine the recent experience of FPPA’s Pension System; an example would be comparing previous assumptions about member life expectancy to how long these members actually live. Based on the results, GRS then produces new recommendations for actuarial assumptions and methods, and makes projections regarding the potential impact of these recommendations on the health and stability of the System. These recommendations will more accurately measure the soundness of the System, and provide the task force with information necessary to analyze the options before them.
The operations team is upgrading our computer systems to allow for online enrollment of new members. More information about FPPA e-onboarding can be found here.
Reentry into FPPA remains very popular. We continue to receive inquiries from members and employers regarding Partial Entry into the FPPA Defined Benefit System. We are excited to announce that Fountain Police Department, Montrose Police Department, Broomfield Police Department, Littleton Police Department, and Grand Junction Fire Department will all complete the Partial Entry process in 2018. For fire and police departments interested in learning more about Partial Entry into the FPPA Defined Benefit System, please visit JoinFPPA.org.
As the year comes to a close and we reflect on 2018, we are thankful as ever for the trust our members and employers place in us to manage their retirement plans. With that in mind, we look forward to another productive year in 2019.