C.R.S. Section 23-21-603
Pension status of part 4 corporation employees


(1)

Employees who elected to become employees of the part 4 corporation and rolled over PERA contributions to the part 4 corporation’s qualified retirement plan - election to return to PERA.

(a)

Any employee of university hospital on September 30, 1989, who elected to become an employee of the part 4 corporation and who had all member contributions to PERA credited to the part 4 corporation’s qualified retirement plan may elect to return to the employee’s prior state employment status and resume active membership in PERA.

(b)

If an employee elects to resume active membership in PERA, the authority is obligated to contribute to PERA an amount necessary to restore said employee to the retirement status with PERA the employee would have attained if said employee had never elected to become an employee of the part 4 corporation; except that said employee shall cooperate in obtaining the refund of any moneys contributed by the part 4 corporation and the employee under the “Federal Insurance Contributions Act”, as amended, shall direct the trustee of the part 4 corporation’s qualified retirement plan to distribute such employee’s account balance in the plan to the authority for transfer to PERA, and shall relinquish all rights in the part 4 plan and the authority’s qualified retirement plan. The authority’s obligation under this paragraph (b) shall be discharged consistent with sound actuarial practices and PERA shall be obligated to act in accordance with this paragraph (b) in order to accomplish an employee election under this paragraph (b).

(c)

An employee who elects to resume active membership in PERA may elect, no earlier than three years after the election to return to PERA or upon acquiring twenty years of service credit in PERA, whichever occurs first, to become an employee of the authority and participate in the authority’s qualified retirement plan in accordance with section 23-21-508; except that said employee shall not thereafter resume active membership in PERA while employed by the authority.

(2)

Employees who elected to become employees of the part 4 corporation and received cash - election to return to PERA.

(a)

Any employee of university hospital on September 30, 1989, who elected to become an employee of the part 4 corporation and who received said employee’s member contributions to PERA in cash may elect to return to the employee’s prior state employment status and resume active membership in PERA.

(b)

If an employee elects to resume active membership in PERA, the authority is obligated to contribute to PERA an amount necessary to restore said employee to the retirement status with PERA the employee would have attained if said employee had never elected to become an employee of the part 4 corporation; except that the authority shall have no such obligation unless the employee electing pursuant to this paragraph (b) purchases all of the employee’s service credit in PERA for employment at university hospital prior to becoming a part 4 corporation employee by restoring to PERA the member contributions refunded plus interest accrued from the date of refund to completion of purchase. Said employee shall cooperate in obtaining the refund of any moneys contributed by the part 4 corporation and the employee under the “Federal Insurance Contributions Act”, as amended, shall direct the trustee of the part 4 corporation’s qualified retirement plan to distribute such employee’s account balance in the plan to the authority for transfer to PERA, and shall relinquish all rights in the part 4 plan and the authority’s qualified retirement plan. The authority’s obligation under this paragraph (b) shall be discharged consistent with sound actuarial practices and PERA shall be obligated to act in accordance with this paragraph (b) in order to accomplish an employee election pursuant to this paragraph (b).

(c)

An employee electing to resume active membership in PERA may elect, no earlier than three years after the election to return to PERA or upon acquiring twenty years of service credit in PERA, whichever occurs first, to become an employee of the authority and participate in the authority’s qualified retirement plan in accordance with section 23-21-508; except that said employee shall not thereafter resume active membership in PERA while employed by the authority.

(3)

Employees who elected to become employees of the part 4 corporation and became vested inactive members of PERA - election to return to PERA.

(a)

Any employee of university hospital on September 30, 1989, who elected to become an employee of the part 4 corporation and who became a vested inactive member of PERA may elect to return to the employee’s prior state employment status and resume active membership in PERA.

(b)

If an employee elects to resume active membership in PERA, the authority is obligated to contribute to PERA an amount necessary to restore said employee to the retirement status with PERA the employee would have attained if said employee had never elected to become an employee of the part 4 corporation; except that said employee shall cooperate in obtaining the refund of moneys contributed by the part 4 corporation and the employee under the “Federal Insurance Contributions Act”, as amended, shall direct the trustee of the part 4 corporation’s qualified retirement plan to distribute such employee’s account balance in the plan to the authority for transfer to PERA, and shall relinquish all rights in the part 4 plan and the authority’s qualified retirement plan. The authority’s obligation under this paragraph (b) shall be discharged consistent with sound actuarial practices and PERA shall be obligated to act in accordance with this paragraph (b) in order to accomplish an employee election under this paragraph (b).

(c)

An employee who elects to resume active membership in PERA may elect, no earlier than three years after the election to return to PERA or upon acquiring twenty years of service credit in PERA, whichever occurs first, to become an employee of the authority and participate in the authority’s qualified retirement plan in accordance with section 23-21-508; except that said employee shall not thereafter resume active membership in PERA while employed by the authority.

(4)

Employees of the part 4 corporation not electing to return to prior state employment status become active members of the qualified retirement plan of the authority.
An employee of university hospital on September 30, 1989, who elected to become an employee of the part 4 corporation and who does not elect to return to such employee’s prior state employment status and resume active membership in PERA shall become an employee of the authority on the authority’s transfer date, shall commence active membership in the authority’s qualified retirement plan, shall receive service credit in the authority’s qualified retirement plan for the period of employment by the part 4 corporation, shall direct the trustee of the part 4 corporation’s qualified retirement plan to distribute such employee’s account balance in the plan to the authority, and shall relinquish all rights in the part 4 plan.

(5)

Employees initially employed by the part 4 corporation on or after October 1, 1989 - election to become active members of PERA.

(a)

Any employee of university hospital initially employed on or after October 1, 1989, may elect to become a state employee and an active member of PERA.

(b)

If an employee elects to become an active member in PERA, the authority is obligated to contribute to PERA an amount necessary to establish the retirement status with PERA the employee would have attained if said employee had been a member of PERA from the date the employee was initially employed by the part 4 corporation; except that said employee shall cooperate in obtaining the refund of moneys contributed by the part 4 corporation and the employee under the “Federal Insurance Contributions Act”, as amended, shall direct the trustee of the part 4 corporation’s qualified retirement plan to distribute such employee’s account balance in the plan to the authority for transfer to PERA, and shall relinquish all rights in the part 4 plan and the authority’s qualified retirement plan. The authority’s obligation under this paragraph (b) shall be discharged consistent with sound actuarial practices and PERA shall be obligated to act in accordance with this paragraph (b) in order to accomplish an employee election under this paragraph (b).

(c)

An employee who becomes an active member in PERA may elect, no earlier than three years after the election to join PERA or upon acquiring twenty years of service credit in PERA, whichever occurs first, to become an employee of the authority and participate in the authority’s qualified retirement plan in accordance with section 23-21-508; except that said employee shall not thereafter resume active membership in PERA while employed by the authority.

(6)

Employees initially employed by the part 4 corporation on or after October 1, 1989 - election to become active members of the authority’s qualified retirement plan.
Any employee of university hospital initially employed on or after October 1, 1989, who does not elect to become a state employee and an active member in PERA shall become an employee of the authority on the authority’s transfer date, shall commence active membership in the authority’s qualified retirement plan, shall receive service credit in the authority’s qualified retirement plan for the period of employment by the part 4 corporation, shall direct the trustee of the part 4 corporation’s qualified retirement plan to distribute such employee’s account balance in the plan to the authority, and shall relinquish all rights in the part 4 plan.

(7)

Election required - when.
Except as otherwise provided in subsections (1)(c), (2)(c), (3)(c), and (5)(c) of this section, any election provided for in this section shall be made no later than one hundred twenty days after the authority’s transfer date.

Source: Section 23-21-603 — Pension status of part 4 corporation employees, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-23.­pdf (accessed Oct. 20, 2023).

23‑21‑201
Legislative declaration
23‑21‑202
Definitions
23‑21‑203
Center created - committee established
23‑21‑204
Duties of the school of medicine
23‑21‑301
Legislative declaration
23‑21‑302
Definitions
23‑21‑303
Center created - committee established
23‑21‑304
Duties of the school of medicine
23‑21‑501
Legislative declaration
23‑21‑502
Definitions
23‑21‑503
University of Colorado hospital authority
23‑21‑504
Mission of the authority - obligation to provide uncompensated care - action of the board of directors
23‑21‑505
Authorization for transfer of hospital assets and liabilities to authority
23‑21‑506
Relationship between authority and regents
23‑21‑507
Personnel
23‑21‑508
Retirement benefits - rights of former state employees - PERA membership
23‑21‑509
Status of part 4 corporation - effect of actions taken by part 4 corporation - validation of certain actions
23‑21‑510
Records of board of directors
23‑21‑511
Meetings of board of directors
23‑21‑512
Disclosure of interests required
23‑21‑513
General powers of the authority
23‑21‑514
Bonds and notes
23‑21‑515
Remedies
23‑21‑516
Negotiable instruments
23‑21‑517
Bonds eligible for investment
23‑21‑518
Refunding bonds
23‑21‑519
Nonliability of state for bonds
23‑21‑520
Members of authority not personally liable on bonds
23‑21‑521
Annual report
23‑21‑522
Powers of the authority - investments
23‑21‑523
Agreement of this state
23‑21‑524
This part 5 not a limitation of powers
23‑21‑525
Exemption from property taxation
23‑21‑526
Psychiatric hospital
23‑21‑527
General assembly retains authority to enact laws governing university hospital
23‑21‑528
Severability
23‑21‑601
Legislative declaration
23‑21‑602
Personnel - election to return to state personnel system
23‑21‑603
Pension status of part 4 corporation employees
23‑21‑604
Transfers necessary to accomplish the purposes of this part 6
23‑21‑701
Legislative declaration
23‑21‑702
Definitions
23‑21‑703
Center created
23‑21‑704
Duties of the school of medicine
23‑21‑801
Short title
23‑21‑802
Legislative declaration
23‑21‑803
Definitions
23‑21‑804
Medication-assisted treatment expansion pilot program - created - pilot program location - eligible grant recipients - rules
23‑21‑805
MAT expansion advisory board - created - duties
23‑21‑806
Grant application - criteria - awards
23‑21‑807
Reporting requirements
23‑21‑808
Funding for pilot program
23‑21‑901
Regional health connector workforce program - creation - school of medicine - repeal
23‑21‑1001
Medication for opioid use disorder - consultation - stipends - school of medicine duties - legislative declaration
23‑21‑1101
Legislative declaration
23‑21‑1102
Definitions
23‑21‑1103
Colorado multidisciplinary health-care provider access training program - created
23‑21‑1104
Colorado multidisciplinary health-care provider access training program advisory committee - created - training
23‑21‑1105
Reporting
Green check means up to date. Up to date

Current through Fall 2024

§ 23-21-603’s source at colorado​.gov