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FPPA’s Year in Review 2024

On your marks, get set, go! FPPA was off to the races in 2024, a year of accomplishments, new heights, and teamwork at its finest. This year, we hit the ground running with a great win at the capitol and hit some solid splits throughout the year throughout the year, delivering useful enhancements to the Member Account Portal and a second round of One Time Lump Sum payments to retirees. But what we really did in 2024 was truly hit our stride in administering the Statewide Retirement Plan, now completed its second full year.

As you might expect in a state with a growing population, economy, and more than three dozen Olympic athletes in the 2024 Olympics, FPPA has kept pace: Investment returns remain strong, Plan contributions and retirement benefits paid were the most for a single year, and FPPA processed the second most retirements in our history.

That said, let’s take a look at some podium-worthy movements from the past 12 months at the Fire & Police Pension Association.

Member and Employer Contributions

"Member & Employer Contributions: $404.1 million in payroll contributions to fund Plan benefits. Firefighters pictured."

This year, the Employer Solutions team processed almost 7,500 payroll files, totaling $404.1 million in contributions into FPPA’s plans.

Benefits Paid

A couple walking outdoors. Text: "Benefits Paid: $299.1 million to 11,452 retirees."

We paid monthly retirement benefits to 11,452 retirees, totaling nearly $300 million. This included $4.8 million in One-Time Lump Sum payments to Statewide Retirement Plan payees.

Benefit Approvals

Text stating benefits approvals: 361 member retirements and disability benefits processed. Background shows snow-capped mountains.

In 2024, the Benefit Administration team processed 287 Member retirements (second most all time) and 74 Death & Disability Plan benefits (third most all time). In the past decade, this team has processed 1,290 Member retirements.

State Funding Success

State funding success: SWDD bill secures $2.05 million annually for 35 years to enhance Plan funding. Image of Colorado state capital dome.

This year, an FPPA-sponsored bill passed the legislature and was signed by the governor. The legislation secured $2.05 million per year over 35 years to fulfill the state’s obligation to fund a portion of the Statewide Death & Disability Plan.

Investment Performance

Infographic showing a 10.03% return in a Long-Term Pool with growing plants symbolizing investment growth.

FPPA’s long-term investment pool achieved a 10.03% annual return. This boosted the pool’s average return since 1980 to 9.19%.

RAP on MAP Goes Live

RAP ON MAP GOES LIVE. Online retirement app launched in September. 78 members (27%) applied by December 31.

FPPA’s long-awaited online retirement application launched this fall. In between launch and the end of the year, 78 Members (27% of 2024’s benefit applications) applied for retirement using the new tool.

Stakeholder Connections

Icon of a laptop and text: "Stakeholder Connections. 526 days on calls/Zoom with stakeholders."

Between Zoom meetings and phone calls, our staff spent 526 days (1.44 years) engaging with stakeholders in 2024.

FPPA on the Road

"FPPA traveled 29,000 miles across Colorado, visiting 98 police and fire departments. Adams County Fire image included."

FPPA’s Relationship Management team crisscrossed the state this year, logging 29,000 miles to visit our Members. This included stops at nearly 100 fire and police departments.

The Next Lap: What’s Coming in 2025

While continuing to keep pace and going for gold in the new year, our Members and other stakeholders have much to look forward to, including:

  • New 75% payment options in the Statewide Retirement Plan (already live!)
  • An updated corporate website
  • New tools available online, including the annual Verification of Eligibility process