(1) Any contributing member or affiliate member choosing or having chosen option E through December 31, 2009, will be governed by the DPS plan document. As of January 1, 2010, option E will no longer be a permissible payment choice.
(2) Notwithstanding any provision to the contrary, an annuitant may change the co-annuitant that was named by such annuitant and designate a supplemental needs trust as a co-annuitant in place of the previously named co-annuitant if:
(a) The beneficiary of the supplemental needs trust is the same person as the previously named co-annuitant; and
(b) The retiree files an application and any required documents in a form as designated by the association.
(3) If a supplemental needs trust is not established before or within ninety days after the death of the annuitant, is determined to be invalid, or is terminated on or after the death of the annuitant, the beneficiary that was named in the trust is the co-annuitant.
Source: L. 2009: Entire part added, (SB 09-282), ch. 288, p. 1370, � 56, effective January 1, 2010. L. 2015: Entire section amended, (SB 15-097), ch. 111, p. 328, � 11, effective April 16.
Cross references: For the legislative declaration in SB 15-097, see section 1 of chapter 111, Session Laws of Colorado 2015.
24-51-1722. Additional optional forms of allowance beginning December 31, 2004. In addition to the options provided in sections 24-51-1717 and 24-51-1721, any contributing member or affiliate member whose effective date of retirement is on or after December 31, 2004, may elect to receive a superannuation retirement allowance in accordance with any of the options provided in sections 24-51-1723 and 24-51-1724. Option A shall be deemed a basic option under this section, and the amount of the annual retirement allowance payable thereunder, as determined under the provisions of section 24-51-1715, shall be the amount that shall be duly adjusted in computing payments to be made under options P2 and P3. Prior to application for retirement, any such election may be changed or revoked, but when a member files application for retirement and elects an option, such option may not thereafter be changed or revoked except as provided in this part 17.
Source: L. 2009: Entire part added, (SB 09-282), ch. 288, p. 1370, � 56, effective January 1, 2010.