C.R.S. Section 24-51-1506.5
Additional choices for employees who were eligible employees before January 1, 2006


(1)

Effective July 1, 2009, any employee who became eligible to participate in the state defined contribution plan before January 1, 2006, who was a member or inactive member of the association may, as long as the employee is employed in a position with an employer for which the association’s defined contribution plan is available, make a written election during the annual open enrollment period for the state employees group benefit plan of any year to participate in the association’s defined contribution plan. The written election shall be effective the first day of the annual state employees group benefit plan year established pursuant to section 24-50-604 (1)(m). In the absence of such written election, the employee shall be a member of the association’s defined benefit plan.

(2)

Any employee who was eligible to participate in the state defined contribution plan before January 1, 2006, and who elects to participate in the association’s defined contribution plan pursuant to subsection (1) of this section shall specify one of the following options:

(a)

To terminate future defined benefit contributions beginning on the date of election while maintaining rights as provided by the laws applicable to the association relative to any contributions or benefits accrued prior to such election; or

(b)

To terminate membership in the association’s defined benefit plan and require payment by the association of all member contributions, accrued interest on such contributions, and matching employer contributions, as provided by the laws applicable to the association, to the association’s defined contribution plan. Such election shall constitute a waiver of all rights and benefits provided by the association. Within ninety days after receipt of notice of an election to terminate membership pursuant to this paragraph (b), the association shall pay to the association’s defined contribution plan an amount equal to the employee’s member contributions plus accrued interest calculated pursuant to section 24-51-407 and matching employer contributions paid pursuant to section 24-51-408.

(3)

Intentionally left blank —Ed.

(a)

Effective July 1, 2009, any employee who became eligible to participate in the state defined contribution plan before January 1, 2006, and who participated in the state defined contribution plan before July 1, 2009, and became a member of the association’s defined contribution plan pursuant to section 24-51-1501 (2) or 24-51-1503 (3) may terminate future contributions to the association’s defined contribution plan and instead participate in the association’s defined benefit plan by making a written election during the annual open enrollment period for the state employee group benefit plan of any year. The written election shall be effective on the first day of the annual state employee group benefit plan year, established pursuant to section 24-50-604 (1)(m). Any such election to participate in the association’s defined benefit plan shall be in writing and shall be filed with the association and with such eligible employee’s employer. In the absence of such written election, the employee shall be a member of the association’s defined contribution plan.

(b)

Any employee who terminates participation in the defined contribution plan pursuant to paragraph (a) of this subsection (3) and becomes a member of the association’s defined benefit plan may, upon meeting the requirements of section 24-51-505, purchase service credit for the period of employment during which the employee was a participant in the defined contribution plan. The cost to purchase service credit shall be determined in accordance with section 24-51-505 (3). The employee may elect to have any portion of the employee’s account paid from the defined contribution plan to the association to facilitate the purchase of service credit through a direct rollover in accordance with section 401 (a)(31) of the federal “Internal Revenue Code of 1986”, as amended. The employee may not be vested in the association’s defined contribution plan upon purchasing service credit for employment that was covered by the defined contribution plan.

Source: Section 24-51-1506.5 — Additional choices for employees who were eligible employees before January 1, 2006, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-24.­pdf (accessed Oct. 20, 2023).

24‑51‑101
Definitions
24‑51‑201
Public employees’ retirement association - creation
24‑51‑202
Board of trustees - creation
24‑51‑203
Board - composition and election
24‑51‑204
Duties of the board
24‑51‑205
General authority of the board
24‑51‑206
Investments
24‑51‑207
Standard of conduct
24‑51‑208
Allocation of moneys
24‑51‑209
Disbursements
24‑51‑210
Allocation of assets and liabilities
24‑51‑211
Amortization of liabilities
24‑51‑211.5
Notice of possible change in benefits - actuarial necessity
24‑51‑212
Funds not subject to legal process
24‑51‑213
Confidentiality
24‑51‑214
Benefits not offset by workers’ compensation benefits
24‑51‑215
Insurance and banking laws not applicable
24‑51‑216
Legal adviser
24‑51‑217
Termination
24‑51‑218
Unclaimed money
24‑51‑220
Reporting to general assembly - inclusion of climate risk assessment in annual stewardship report
24‑51‑221
Information provided to employer - salary definition
24‑51‑301
Required membership
24‑51‑303
Members of the general assembly
24‑51‑305
District attorneys
24‑51‑305.5
Employees of district attorneys
24‑51‑307
Elected municipal officials
24‑51‑308
City managers and key management staff
24‑51‑309
Affiliation by public entities
24‑51‑310
Persons not eligible for membership
24‑51‑311
Continuation of membership
24‑51‑312
Payment of contributions
24‑51‑313
Termination of affiliation - employer assigned to local government division - requirements
24‑51‑314
Termination of affiliation - rights of benefit recipients and inactive members
24‑51‑315
Termination of affiliation - reserves requirement
24‑51‑316
Inadequate reserves - excess reserves - nonpayment
24‑51‑317
Termination of affiliation - member contributions
24‑51‑318
Purchase of forfeited service credit
24‑51‑319
Retirement plan - creation and use
24‑51‑320
Reaffiliation of a public entity
24‑51‑321
No state liability - political subdivision pension plans
24‑51‑401
Employer and member contributions
24‑51‑402
Unpaid contributions for any member - legislative declaration
24‑51‑403
Contributions assumed and paid by the employer
24‑51‑404
Combining member contributions
24‑51‑405
Refund of the member contribution account
24‑51‑405.5
Direct rollovers
24‑51‑406
Payments from the judicial division
24‑51‑407
Interest
24‑51‑408
Matching employer contributions
24‑51‑408.5
Matching employer contribution on voluntary contributions made by members to tax-deferred retirement programs
24‑51‑409
Refund of erroneous member contribution
24‑51‑410
Anticipation of forfeitures in determining plan cost
24‑51‑411
Amortization equalization disbursement
24‑51‑412
Denver public schools district - contributions and disbursements - legislative declaration
24‑51‑413
Contribution and annual increase amount changes - definitions
24‑51‑414
Direct distribution
24‑51‑415
Defined contribution supplement
24‑51‑501
Earned service credit
24‑51‑502
Purchased service credit
24‑51‑503
Purchase of service credit relating to a refunded member contribution account
24‑51‑504
Purchase of service credit relating to a paid sabbatical leave
24‑51‑505
Purchase of service credit relating to noncovered employment
24‑51‑506
Payments for purchased service credit
24‑51‑507
Uniformed service credit
24‑51‑508
Leave of absence for uniformed service
24‑51‑509
Combining service credit
24‑51‑601
Retirement benefit reserve
24‑51‑602
Service retirement eligibility
24‑51‑603
Benefit formula for service retirement
24‑51‑604
Reduced service retirement eligibility
24‑51‑605
Benefit formula for reduced service retirement
24‑51‑605.5
Benefit calculation for money purchase retirement benefit
24‑51‑606
Vested inactive member rights
24‑51‑606.5
Indexation of benefits for vested inactive members
24‑51‑607
Benefit formula for service retirement or reduced service retirement involving direct payments
24‑51‑609
Service credit exceeding twenty years
24‑51‑610
Division from which a member retires
24‑51‑611
Maximum limit under federal law
24‑51‑612
Required benefit commencement date
24‑51‑615
Distribution of benefits
24‑51‑701
Eligibility to apply for short-term disability program payments and disability retirement
24‑51‑702
Disability programs
24‑51‑703
Disability program design and administration
24‑51‑704
Calculation of disability retirement benefit
24‑51‑705
Ineligibility
24‑51‑706
Disability determination for members of the judicial division
24‑51‑707
Continuation of disability retirement benefits - reduction based on earned income - applications made prior to January 1, 1999
24‑51‑708
Division from which a disabled member retires
24‑51‑801
Benefit options
24‑51‑802
Change in option or cobeneficiary
24‑51‑803
Determination of option 2 or 3 benefits
24‑51‑901
Survivor benefits reserve
24‑51‑902
Modification of named beneficiaries
24‑51‑903
Distribution to named beneficiaries
24‑51‑904
Survivor benefits - eligibility - “member” defined
24‑51‑905
Deceased member who was not eligible for service or reduced service retirement
24‑51‑906
Deceased member who was eligible for service or reduced service retirement
24‑51‑907
Form of survivor benefits and single payments
24‑51‑908
Survivor benefits
24‑51‑909
Surviving spouse’s benefits
24‑51‑910
Option 3 benefits
24‑51‑911
Commencement of survivor benefits or single payment
24‑51‑912
Termination of survivor benefits
24‑51‑913
Payment upon termination of survivor benefits
24‑51‑1001
Types of benefit increases
24‑51‑1002
Annual percentages to be used
24‑51‑1003
Annual increases in the base benefit
24‑51‑1009
Annual increase reserve - creation
24‑51‑1009.5
Annual increase amount changes
24‑51‑1010
Increase in benefits - actuarial assessment required
24‑51‑1101
Employment after service retirement - report - definitions - repeal
24‑51‑1102
Reduction of a service retirement benefit - disclosure of service agreements by employers - definitions
24‑51‑1103
Contributions for a retiree who returns to membership - benefit calculation upon subsequent retirement - survivor benefit rights - disability retirement benefits
24‑51‑1104
Employment after disability retirement
24‑51‑1105
Retirees from the judicial division
24‑51‑1201
Health care trust fund
24‑51‑1202
Health care program - design
24‑51‑1203
Authority to contract and to self-insure
24‑51‑1204
Health care program - eligibility
24‑51‑1205
Enrollment
24‑51‑1206
Premium subsidy
24‑51‑1206.5
Health care trust fund subsidy funding
24‑51‑1206.7
Denver public schools division premium subsidy
24‑51‑1207
Cancellation of enrollment
24‑51‑1208
Long-term care insurance
24‑51‑1301
Plan sponsored group life insurance
24‑51‑1302
Premiums for group life insurance
24‑51‑1303
Life insurance beneficiary
24‑51‑1304
Life insurance for certain retired state employees
24‑51‑1401
Voluntary investment program established and fund created
24‑51‑1402
Contributions to the voluntary investment program
24‑51‑1403
Expenses of the voluntary investment program
24‑51‑1404
Investments of the voluntary investment program
24‑51‑1500.2
Legislative declaration
24‑51‑1501
Defined contribution plan - establishment - creation of fund - definitions
24‑51‑1502
New eligible employees - election - definitions
24‑51‑1503
Defined contribution plan option
24‑51‑1504
Investments
24‑51‑1505
Contributions - vesting - definition
24‑51‑1506
Additional choices within first five years
24‑51‑1506.5
Additional choices for employees who were eligible employees before January 1, 2006
24‑51‑1507
Transfer or rollover into plan
24‑51‑1508
Distribution options
24‑51‑1509
Rights of defined contribution plan members
24‑51‑1510
Report to members
24‑51‑1511
Limitation on actions by eligible employees
24‑51‑1601
Deferred compensation plan and trust fund
24‑51‑1602
Affiliation with the deferred compensation plan
24‑51‑1603
Contributions to the deferred compensation plan
24‑51‑1604
Expenses of the deferred compensation plan
24‑51‑1605
Investments of the deferred compensation plan
24‑51‑1701
Legislative declaration
24‑51‑1702
Definitions
24‑51‑1703
Denver public schools division - consolidation
24‑51‑1704
Service credit
24‑51‑1705
Purchase of service credit relating to a refunded member contribution account and noncovered employment
24‑51‑1706
Accreditation of casual employment and qualifiable leave
24‑51‑1707
Affiliate membership
24‑51‑1708
Unclaimed moneys
24‑51‑1709
Arrearages
24‑51‑1710
Earned service
24‑51‑1711
Contributions - refunds
24‑51‑1712
Application for retirement benefits
24‑51‑1713
Eligibility - retirements without actuarial reduction
24‑51‑1714
Eligibility - retirements requiring actuarial reduction
24‑51‑1715
Benefits
24‑51‑1716
Optional forms of allowance
24‑51‑1717
Option A
24‑51‑1718
Option B
24‑51‑1719
Option C
24‑51‑1720
Option D
24‑51‑1721
Option E
24‑51‑1722
Additional optional forms of allowance beginning December 31, 2004
24‑51‑1723
Option P2
24‑51‑1724
Option P3
24‑51‑1725
Determination of option P2 or P3 benefits
24‑51‑1726
Minimum benefits - contributing members and affiliate members
24‑51‑1726.5
Contributions for a retiree who returns to membership - benefit calculation upon subsequent retirement - survivor benefit rights
24‑51‑1727
Eligibility for deferred members
24‑51‑1728
Accredited service - deferred members
24‑51‑1729
Benefits - deferred members
24‑51‑1730
Deferred member death
24‑51‑1731
Benefits for deferred members determined upon date of termination
24‑51‑1732
Benefit increases - annual retirement allowance adjustment - contributing members - affiliate members - deferred members - survivors (2001 and 2005)
24‑51‑1733
Domestic relations order
24‑51‑1734
Disability retirement
24‑51‑1735
Survivor benefits - refund
24‑51‑1736
Eligibility for survivor benefits
24‑51‑1737
Eligible beneficiaries
24‑51‑1738
Survivors of members who died between 1974 and 1984
24‑51‑1739
Survivors of members who died between 1984 and 1988
24‑51‑1740
Survivors of members who die in 1988 or later
24‑51‑1741
Effective date of survivor benefits
24‑51‑1742
Election by designated beneficiary
24‑51‑1743
When election becomes irrevocable
24‑51‑1744
Fund transfer
24‑51‑1745
Payment in good faith
24‑51‑1746
Waive appointment of guardian
24‑51‑1747
Portability between the Denver public schools division and the other four divisions within the association - definitions
24‑51‑1748
Staff members of the Denver public schools retirement system
Green check means up to date. Up to date

Current through Fall 2024

§ 24-51-1506.5’s source at colorado​.gov