Title 24, Government - State

The election described in section 24-51-1742 shall become irrevocable upon the first payment thereunder of any benefits provided under sections 24-51-1736 to 24-51-1746 or under sections 24-51-1713 and 24-51-1714. If, subsequent to exercise of such election by the appropriate ben…

Upon the effective date of benefits under sections 24-51-1736 to 24-51-1746, the accumulated contributions of said deceased member at the time of death shall be transferred to and merged with that portion of the Denver public schools division trust fund set aside as a reserve to …

Any payments of such survivor's benefits made to any person who is an eligible survivor of the deceased member and entitled thereto shall, to the extent of such payments actually made, be and constitute a complete release and acquittance to the system under this retirement plan. …

In the payment of survivor benefits hereunder, the association may, from time to time, authorize and approve payments directly to a minor or the parent caring for such minor without requiring the appointment of a duly constituted guardian for such minor. Likewise, the association…

(1) As used in this section, unless the context otherwise requires: (a) “DPS active member” means a person, as defined in subsection (2) of this section, who as of December 31, 2009, is an employee of the Denver public school district, the Denver public schools retirement system,…

(1) Each staff member employed by the Denver public schools retirement system on the date of the merger shall be hired as an employee-at-will of the association at a salary not less than the annual salary received from the Denver public schools retirement system as of the merger …

(1) There is hereby created the public employees' retirement association, for the purpose of providing the benefits and programs specified in this article, which shall be a body corporate with the right to sue and be sued and the right to hold property for its use and purposes. N…

There is hereby created the board of trustees of the association, which shall have the responsibilities, duties, and authorities as set forth in this article. Source: L. 87: Entire article R&RE, p. 1047, � 1, effective July 1. Editor's note: This section is similar to former �� 2…

(1) The board consists of the following fifteen trustees: (a) The state treasurer; (b) Three members of the state division elected by the members of that division, at least one of whom shall be an employee of a state institution of higher education and at least one of whom shall …

(1) The trustees shall elect from among themselves a chairman and any other officers as may be necessary for the board to carry out its duties and responsibilities. (2) (a) The board shall set the time and place for meetings, and conduct those meetings in accordance with part 4 o…

(1) The board shall have the authority to determine membership status within the state, school, local government, judicial, and Denver public schools divisions; exemptions from membership; eligibility for benefits, life insurance, health care, the voluntary investment program, th…

(1) The board shall have complete control and authority to invest the funds of the association. Preference shall be given to Colorado investments consistent with sound investment policy. (2) Investments may be made without limitation in the following: (a) Obligations of the Unite…

(1) The trustees of the board shall be held to the standard of conduct of a fiduciary specified in subsection (2) of this section in the discharge of their functions. Their functions shall include any duty, obligation, power, authority, responsibility, right, privilege, activity,…

(1) The money of the association shall be divided into several trust funds, including, but not limited to: (a) The state division trust fund, which consists of contributions, payments, and interest paid by members and employers of the state division, in addition to a proportional…

Disbursements from the trust funds authorized in section 24-51-208 shall be subject to the approval of the board and shall be made only for the benefits, health-care subsidies, investments, refunds, single payments, payments of remaining member contributions pursuant to the provi…

(1) The assets and liabilities of the association shall be divided equitably on an historical accumulative basis among the several trust funds specified in section 24-51-208 (1). (2) Repealed. Source: L. 87: R&RE, p. 1051, � 1. L. 93: Entire section amended, p. 479, � 11, effecti…

(1) An amortization period for each of the state division, school division, local government division, judicial division, and Denver public schools division trust funds shall be calculated separately. A maximum amortization period of thirty years shall be deemed actuarially sound…

The association shall provide written notice to each member, DPS member, and inactive member of the association that the possibility of an actuarial necessity could occur in the future, and the general assembly may modify by bill the benefits allowed to members of the defined ben…

(1) Except for federal tax liens on distributions payable by the association, for Colorado tax distraints and liens pursuant to section 39-21-114, C.R.S., on distributions payable by the association, for assignments for child support purposes as provided for in sections 14-10-118…

(1) All information contained in records of members, former members, inactive members, DPS members, DPS retirees, benefit recipients and their dependents, including those from the Denver public schools division, participants in the voluntary investment program established pursuan…

Benefits paid under this article shall be in addition to any benefits paid to the benefit recipients pursuant to the provisions of the Workers' Compensation Act of Colorado, articles 40 to 47 of title 8, C.R.S. Source: L. 87: Entire article R&RE, p. 1052, � 1, effective July 1. L…

None of the laws of this state regulating insurance, insurance companies, or banking institutions shall apply to the association or any of its trust funds. Source: L. 87: Entire article R&RE, p. 1052, � 1, effective July 1. Editor's note: This section is similar to former �� 24-5…

The attorney general shall be the legal adviser to the board upon request of the board, and the board shall have the authority to select and retain legal counsel in the board's discretion. Source: L. 87: Entire article R&RE, p. 1052, � 1, effective July 1. L. 2010: Entire section…

If the association is terminated or partially terminated for any reason, the rights of all members and former members affected thereby to benefits accrued and funded to the date of termination shall become nonforfeitable. Any distribution of assets shall be conducted in accordanc…

Notwithstanding any other provision of this article 51 to the contrary, any money that is presumed to be abandoned pursuant to section 38-13-216 is subject to the Revised Uniform Unclaimed Property Act, article 13 of title 38. Source: L. 92: Entire section added, p. 2108, � 2, ef…

Source: L. 2003: Entire section added, p. 2657, � 3, effective June 5. L. 2005: Entire section amended, p. 528, � 5, effective May 24. L. 2008: (2) amended, p. 1441, � 3, effective May 28. L. 2009: Entire section repealed, (SB 09-282), ch. 288, p. 1338, � 14, effective January 1,…

(1) The association shall submit a report to the general assembly on January 1, 2016, and every five years thereafter, regarding the economic impact of the 2010 legislative changes to the annual increase provisions on the retirees and benefit recipients as compared to the actual …

An employer may request information from the association to determine whether to use salary as defined in section 24-51-101 (42)(a) or as defined in section 24-51-101 (42)(b), when the employer hires an employee who is a current member or retiree of the association. The associati…

All employees who hold positions subject to membership and whose salaries are paid by an employer shall become members as a condition of employment, except as specified in this article. Source: L. 87: Entire article R&RE, p. 1052, � 1, effective July 1. Editor's note: The provisi…

Source: L. 87: Entire article R&RE, p. 1052, � 1, effective July 1. L. 90: (1)(a.5) added and (3) amended, p. 1248, �� 4, 5, effective April 5. L. 91: Entire section repealed, p. 873, � 2, effective July 1. Editor's note: This section was similar to former �� 24-51-101, 24-51-203…

(1) Repealed. (2) A member of the general assembly who served as a legislator prior to July 1, 1967, shall be granted service credit for such prior service upon becoming a member of the association if such legislator had not elected to be exempt from membership during any period …

Source: L. 87: Entire article R&RE, p. 1053, � 1, effective July 1. L. 91: Entire section repealed, p. 874, � 4, effective July 1. Editor's note: This section was similar to former � 24-51-128 as it existed prior to 1987.

(1) District attorneys who have not made an election to participate in the association's defined contribution plan pursuant to section 24-51-1502 (1) shall become members of the association's defined benefit plan. Up to five years of service credit shall be granted for public ser…

(1) (a) The boards of county commissioners of the counties within a judicial district, in consultation with the district attorney for the judicial district, may authorize any assistant district attorney, chief deputy district attorney, or deputy district attorney in the judicial …

Source: L. 87: Entire section R&RE, p. 1053, � 1, effective July 1. L. 88: Entire section amended, p. 1432, � 15, effective June 11. L. 91: Entire section repealed, p. 875, � 6, effective July 1. Editor's note: This section was similar to former � 24-51-102 as it existed prior to…

(1) (a) Any elected official of a municipality which is affiliated with the association shall, within sixty days after taking office, make a one-time, irrevocable written election to become a member or to be exempted from membership. In the absence of a written election to be exe…

Any municipality affiliated with the association may authorize the city manager and key management staff who report directly to the city council or city manager to make a one-time, irrevocable election to be exempted from membership. If so authorized, the city manager and key man…

Except as otherwise provided in section 24-51-320, any political subdivision within the state of Colorado or any public agency created by the state or any of its political subdivisions may make application to the board to affiliate with the association. Any such entity specified …

(1) Persons not eligible for membership in the association include: (a) (I) Students enrolled in an undergraduate or graduate program at and employed by a state college or university or by a public employer affiliated with a college or university, including the Auraria higher edu…

Notwithstanding the provisions of section 24-51-310, employees of a public hospital which is sold, leased, or otherwise transferred to a nonprofit corporation organized pursuant to the laws of this state for the purpose of conducting a hospital, or employees of an association-aff…

(1) Nothing in this article shall be construed as modifying or abridging the responsibilities of any person or employer for any social security payments which may be required pursuant to federal law. (2) Member or employer contributions paid to the association shall not be consid…

(1) Any political subdivision within the state of Colorado or any public agency created by such a political subdivision that is an employer affiliated with the association pursuant to section 24-51-309 and that is assigned to the local government division may make application to …

The rights of benefit recipients and the vested rights of inactive members shall not be impaired or reduced in any manner as a result of the termination of affiliation of an employer with the association as provided in section 24-51-313.

(1) The board has the authority to determine the amount of reserves required as of the effective date of termination of affiliation to: (a) Maintain current benefits payable by the association to benefit recipients and to preserve the vested rights of inactive members; and (b) Fu…

(1) (a) In the event that the amount of the reserves required pursuant to section 24-51-315 (1)(a) exceeds the amount of the employer's share of the employer contribution reserve in the local government division trust fund as calculated by the actuary, then the employer shall mak…

Members who are employees of an employer that has terminated its affiliation with the association shall become inactive members as of the effective date of termination of affiliation. Such members may elect to have their member contributions credited to the alternative pension pl…

The provisions of section 24-51-503 which relate to the purchase of service credit forfeited by the refund of member contributions shall not apply to the members who are employees of an employer which has terminated its affiliation with the association. Such service credit forfei…

An employer that terminates its affiliation with the association shall utilize an existing, or shall establish an alternative, pension plan or system established pursuant to the provisions of article 54 of this title 24. Failure to utilize or establish an alternative pension plan…

(1) Any employer which terminates its affiliation with the association pursuant to the provisions of section 24-51-313 shall be eligible to apply for reaffiliation with the association as provided in section 24-51-309 no earlier than one year after the effective date of terminati…

The state shall not be held liable for any deficit that occurs in any defined benefit or defined contribution plan or system of any political subdivision within the state of Colorado or any public agency created by such a political subdivision which is an employer which has termi…