Partial Entry allows the employer to offer the existing members of a fire or police department the choice between remaining in their locally administered money purchase plan or participating in the FPPA Defined Benefit System. In other words, the employer agrees to continue to offer the local money purchase plan for those who wish to remain in that plan and allow those who want to move to FPPA to do so. (All members hired after the effective date of entry are enrolled in the FPPA plan selected by the employer; either the Statewide Defined Benefit Plan or the Statewide Hybrid Plan with the Defined Benefit Component)
The possibility of Partial Entry raises a lot of questions. One of the most common is: why should I be interested in converting my retirement to a defined benefit plan?
The biggest reason is longevity. A defined benefit plan, commonly called a pension, provides a monthly payment for the retiree’s lifetime, with the option to pass the benefit on to a beneficiary. It’s a monthly check for the rest of your life, compared to a local money purchase plan (also called a defined contribution plan) in which the contribution is all that is known. You don’t know how much money you’ll have or how long it will last.
For those members who do not wish to transition from a defined contribution plan, FPPA offers a Statewide Hybrid Plan with both Defined Benefit and Money Purchase Components, which would allow members to receive a monthly pension and have the flexibility of a money purchase account.
FPPA uses the formula below to calculate our members' estimated monthly pension benefits:
To see what your FPPA pension benefit could look like, use the Partial Entry Benefit Calculator.
Many fire and police departments across Colorado are eligible for partial entry into the FPPA System. To qualify, a department must meet certain requirements, including (but not limited to):
In this video, FPPA members discuss their experience during and after completing the partial entry process.
Partial Entry has been available since 2006. The following Colorado fire and police departments have completed the Partial Entry process:
|Grand Junction FD||9/9/18|
|West Metro FPD||10/1/07|
Full Entry refers to a department who elects to have all its members enter the FPPA Defined Benefit System. It has been available since 2003. The departments below have completed this process:
|Buena Vista PD||12/15/11|
|Cañon City PD||4/1/07|
|Carbondale and Rural FPD||7/1/06|
|Federal Heights FD & PD||1/1/05|
|Lake Dillon FPD||9/1/05|
|North Metro Fire Rescue||9/1/05|
|Snake River FPD||7/1/05|
|West Metro FPD||3/1/11|
*Note: full department entry is not currently available