Statewide Hybrid Plan definition

Statewide Hybrid Plan means the Fire and Police Pension Association of Colorado Statewide Hybrid Plan established pursuant to C.R.S. § 31-31-1102, as described in the Statewide Hybrid Plan Document, as initially adopted and as subsequently amended and as interpreted by these Rules and Regulations. This Statewide Hybrid Plan is comprised of two (2) components: the DB Component and the MP Component.
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Examples of Statewide Hybrid Plan in a sentence

  • The System has three tiers: the Statewide Defined Benefit Plan under Part 4 of C.R.S. § 31-31; the Statewide Hybrid Plan under C.R.S.§ 31-31-1102; and the Colorado Springs New Hire Pension Plan.

  • If no election is made, the Member shall be deemed to have elected to participate in only the MP Component of the Statewide Hybrid Plan.

  • Refunds of a Member's DB Contributions shall not be made to any Members of Employers who have failed to remit all contributions required under the provisions of the Statewide Hybrid Plan.

  • Also included is the money purchase component for the Defined Benefit System – Statewide Hybrid Plan.

  • Members of an Employer who were hired prior to their Employer's Effective Date and are active on that Effective Date shall make an election to participate (i) in only the MP Component of the Statewide Hybrid Plan, (ii) in both the MP Component and DB Component of the Statewide Hybrid Plan, or (iii) in the Statewide Defined Benefit Plan.

  • Except as otherwise provided in this Article, a Member whose Employer has adopted the FPPA Defined Benefit System shall participate in the System and the Statewide Hybrid Plan on the first day of employment, provided that (i) the Employer withholds Member Contributions on behalf of the Member and (ii) the Applicable Forms are completed and submitted to the Plan Administrator.

  • This Article applies only to the MP Component of the Statewide Hybrid Plan.

  • Members who are eligible for normal, defined, or early retirement may elect to transfer all or part of their Aggregate Account balance within the Statewide Hybrid Plan from the MP Component to the DB Component to purchase a monthly benefit, which will be considered a portion of the pension under Article IV.

  • The System has three tiers: the Statewide Defined Benefit Plan under Part 4 of C.R.S. 31-31; the Colorado Springs New Hire Pension Plan under C.R.S. 31-31-706(2)(a); and the Statewide Hybrid Plan.

  • A Member with five (5) Years of Service Credit with an Employer who covers the Member in either the Statewide Defined Benefit Plan or the Statewide Hybrid Plan is considered vested for purposes of the defined benefit pension payable from either Plan.

Related to Statewide Hybrid Plan

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