input: [Bill #] SB12-149 [Short Title] Allow Local Gov Retirement Plan Modifications [Sponsors] STEADMAN / PRIOLA [Most Recent Status] 05/29/2012 Governor Action - Signed [Calendar Notification] NOT ON CALENDAR [News Links] No news items found [Bill Summary] 
output: S.B. 12-149 Defined benefit plans - modification of benefits and age and service requirements. Until July 1, 2017, the board of a defined benefit plan or system created by a local government is authorized to modify the benefits and the age and service requirements for any such plan or system when the board determines the modification is required to ensure the sustainability of the plan or system. Any modifications to the benefits and age and service requirements shall not adversely affect vested benefits already accrued by members of such defined benefit plans or systems, including, but not limited to, members who are retired or eligible to retire as of the effective date of the modifications, unless otherwise permitted under or required by Colorado or federal law. Boards of defined benefit plans or systems are required to provide written notice to each member, inactive member, and beneficiary that the possibility of a reduction of benefits to ensure the sustainability of the plan or system could occur in the future. APPROVED by Governor May 29, 2012 EFFECTIVE May 29, 2012