C.R.S. Section 31-30.5-304
Limitation on existing funds

  • procedures

(1)

On and after January 1, 1982, every state-assisted old hire police officers’ or firefighters’ pension plan created pursuant to this article shall be financed in accordance with minimum funding standards prescribed in this part 3. Contributions made pursuant to this section include municipal, special district, and county improvement district contributions, the established employee contribution, and any state contribution.

(2)

Intentionally left blank —Ed.

(a)

Annual contributions to state-assisted old hire police officers’ and firefighters’ pension funds shall be made in at least the amount determined by the policy set by the board of the fire and police pension association that balances the following considerations: Stabilization of the amount of the annual required contributions over time; keeping the funded ratio of the pension fund from declining; and reducing or eliminating contributions as may be prudent based on actuarial experience. The unfunded accrued liabilities of the plan may be amortized over a period not to exceed the lesser of twenty years or the number of years equal to the average remaining life expectancy of the pension fund’s members.

(b)

In addition to the contributions required by paragraph (a) of this subsection (2), the employer shall annually pay any required dollar amount of contributions necessary to fund additional plan benefits adopted under section 31-30.5-210 (2), as established by supplemental actuarial studies on such funds.

(3)

and (3.5)(Deleted by amendment, L. 2014.)(4) Repealed.
(5)(Deleted by amendment, L. 2014.)(6) All municipalities, fire protection districts, and county improvement districts, including both paid firefighters and volunteer firefighters in their pension plans, shall segregate the pension funds for paid firefighters and volunteer firefighters on an equitable basis for accounting and actuarial purposes, and said segregation shall be considered in all actuarial reports applicable to such funds. In computing the portion of the fund attributable to volunteer firefighters, the benefits of such volunteer firefighters shall not be reduced or otherwise changed.
(7)(Deleted by amendment, L. 2014.)(8) Every employee employed as a firefighter or police officer for the first time after April 7, 1978, is covered by the benefit provisions set forth in or authorized by article 31 of this title.

(9)

Volunteer firefighters and volunteer firefighter pension funds are exempt from all provisions of this section except subsection (6) of this section.
(10)(Deleted by amendment, L. 2014.)(11) Repealed.
(12)(Deleted by amendment, L. 2014.)(13) The board of any state-assisted old hire pension plan may take, by gift, grant, devise or bequest, any money, personal property, or real estate, or interest therein, as trustees for the uses and purposes for which the fund is created.

Source: Section 31-30.5-304 — Limitation on existing funds - procedures, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-31.­pdf (accessed Dec. 24, 2024).

31–30.5–101
Legislative declaration 31–30.5–102
Definitions 31–30.5–103
Applicability 31–30.5–201
Funds created 31–30.5–202
Board of trustees - firefighters’ old hire pension fund 31–30.5–203
Board of trustees - police officers’ old hire pension fund 31–30.5–204
Powers and duties of the board 31–30.5–205
Attorneys to advise 31–30.5–206
Warrants drawn 31–30.5–207
Method of payment 31–30.5–208
Fund not subject to levy 31–30.5–209
Idle funds 31–30.5–210
Plan amendment 31–30.5–211
Affiliation with the fire and police pension association 31–30.5–212
Qualification requirements - internal revenue code - definitions 31–30.5–213
Dissolution of fire departments 31–30.5–301
Legislative declaration 31–30.5–302
Definitions 31–30.5–304
Limitation on existing funds - procedures 31–30.5–305
No change in employer obligation 31–30.5–306
Actuarial studies 31–30.5–307
State contribution 31–30.5–401
Sources of revenue for fund 31–30.5–402
Municipalities under fifty thousand - limit of contributions to old hire police officers’ pension plans 31–30.5–403
Employers under one hundred thousand - limit of contributions to old hire firefighter pension plans 31–30.5–404
Plans affiliated with the fire and police pension association 31–30.5–501
Old hire pension fund - investments 31–30.5–502
Insurance - investment by banks and trust companies 31–30.5–503
Alternative investment authority 31–30.5–601
Police officers’ old hire pension plans - municipalities under one hundred thousand in population 31–30.5–602
Firefighters’ old hire pension plans - municipalities and districts under one hundred thousand in population 31–30.5–603
Police officers’ old hire pension plans - municipalities of at least one hundred thousand in population 31–30.5–604
Firefighters’ old hire pension plans - municipalities of at least one hundred thousand in population 31–30.5–701
Coverage 31–30.5–702
Police officers’ old hire pension plans - municipalities under one hundred thousand in population 31–30.5–703
Firefighters’ old hire pension plans - municipalities and districts under one hundred thousand in population 31–30.5–704
Police officers’ old hire pension plans - municipalities of at least one hundred thousand in population 31–30.5–705
Firefighters’ old hire pension plans - municipalities of at least one hundred thousand in population 31–30.5–801
Exempt alternative programs authorized 31–30.5–802
Exempt money purchase plan option 31–30.5–803
Investment authority
Green check means up to date. Up to date

Current through Fall 2025

§ 31-30.5-304’s source at colorado​.gov