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and (3.5)(Deleted by amendment, L. 2014.)(4) Repealed.(9)
Volunteer firefighters and volunteer firefighter pension funds are exempt from all provisions of this section except subsection (6) of this section.
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 Oct. 20, 2023).
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