(1) A board created by this part 11 to control a fund:
(a) Shall adopt necessary rules that are not inconsistent with this part 11 for the management and discharge of its duties, for its own government and procedure, and for the preservation and protection of the fund;
(b) Shall hear and decide each application for benefits under this part 11 in accordance with section 24-4-105, C.R.S. Action on an application is final and conclusive; except that, if in the opinion of a board, justice demands reconsideration of the action, the board may reverse the action.
(c) Shall keep and preserve a record of the action and all other matters properly before the board;
(d) May make agreements with the fire and police pension association to administer the plan and manage the funds of the plan for investment in accordance with section 31-31-705;
(e) May consolidate its fund with the fund of another municipality or district and shall administer the consolidated funds as a single fund if in the opinion of the board the total moneys allocated to a fund by a municipality or district are inadequate to sustain a proper fund for retirement or for the other purposes of the fund under this part 11. The boards of these single funds may consolidate the funds under conditions and terms provided in an agreement consistent with this part 11.
Source: L. 95: Entire part added, p. 1367, § 2, effective June 5. L. 2014: (1)(d) amended, (SB 14-024), ch. 51, p. 232, § 1, effective March 20.
ANNOTATION
Annotator's note. The following annotations include cases decided under former provision similar to this section.
Health insurance benefits may also be provided to retirees covered by the Policemen's and Firemen's Pension Reform Act. The provisions of this act indicate that the fund's administrative board may contract with carriers to provide this type of coverage. The act does not specify the manner in which these benefits are to be funded, nor does it specify the extent of coverage which may be provided. Colo. Springs Fire Fighters v. Colo. Springs, 784 P.2d 766 (Colo. 1989).
Rules promulgated by fund's administrative board to enable it to review whether an employer had elected to continue rank escalation benefits after January 1, 1980, fit squarely within the board's express statutory authority under this section. Pueblo v. Fire and Police Pension Ass'n, 827 P.2d 597, (Colo. App. 1992).
Hearing held by fund's administrative board to review and ascertain the character or nature of the city's determination regarding continuation of rank escalation benefits was critical to the board's ability to carry out its statutory obligations, first, to members eligible for benefits under pension plans affiliated with FPPA and, second, to the state in distributing its contributions to such plans. Pueblo v. Fire and Police Pension Ass'n, 827 P.2d 597, (Colo. App. 1992).
Actions taken by fund's administrative board under its rules were limited to interpreting acts taken by the employer, and the dispositive actor in setting the scope of pension benefits, undisputably a local policy issue, continued under the rules, to the city as the employer. Pueblo v. Fire and Police Pension Ass'n, 827 P.2d 597 (Colo. App. 1992).
As "gatekeeper" of state moneys, fund's administrative board must insure that employers maintain a level of annual contributions to pay earned benefits to present and future plan members and see that no state moneys are used to fund a continuation of full rank escalation benefits after January 1, 1980. Pueblo v. Fire and Police Pension Ass'n, 827 P.2d 597 (Colo. App. 1992).