C.R.S. Section 31-31-204
Defined benefit system

(1)

There shall be a defined benefit system that shall consist of the following plans:

(a)

The statewide retirement plan established pursuant to article 31.5 of this title 31;

(b)

Repealed.

(c)

Any exempt plan that is incorporated into the defined benefit system, pursuant to an agreement established under section 31-31-706 (2);

(d)

Any health-care benefit plan established in association with the included plans; and

(e)

Any other plan authorized to be incorporated into the statewide defined benefit system.

(2)

The board may create plan documents for the plans within the defined benefit system that shall be in substantial conformance with the statutory provisions for each plan and that may include modifications and plan amendments as authorized under law.

(2.5)

Notwithstanding section 31-31.5-601 or the terms of an agreement entered into pursuant to section 31-31-706 (2), the board may modify, alter, or amend the plan provisions contained in article 31.5 of this title 31 or a plan document or rules of a plan within the defined benefit system as the board deems prudent and necessary to administer benefits under the plan consistently and uniformly across the defined benefit system in a manner that does not result in an actuarial cost to the plan. Such modifications or amendments may include changes to the options for the distribution of benefits. This subsection (2.5) shall not be construed to authorize modification to the amount of a normal benefit.

(3)

Qualification requirements - internal revenue code - definitions.

(a)

As used in this subsection (3), “internal revenue code” means the federal “Internal Revenue Code of 1986”, as amended.

(b)

The defined benefit system and each of the plans established by part 2 or 7 of this article 31 or part 1 of article 31.5 of this title 31 included within the system shall satisfy the qualification requirements specified in section 401 of the internal revenue code, as applicable to governmental plans.

(c)

The board may adopt any provision for a plan established by part 2 or 7 of this article 31 or part 1 of article 31.5 of this title 31 that is necessary to comply with the internal revenue code.

(4)

Trust fund.

(a)

There is hereby created the defined benefit system trust fund. All assets held in connection with the defined benefit system, including all contributions to the plans in the system, all property and rights acquired or purchased with such amounts, and all income attributable to such amounts, property, or rights, shall be held in trust for the exclusive benefit of members and their designated beneficiaries under the plans. Such assets shall constitute the trust fund. No part of the assets and income of the trust fund shall be used for, or diverted to, purposes other than for the exclusive benefit of members and their designated beneficiaries and for defraying reasonable expenses of the system.

(b)

All amounts of compensation contributed pursuant to the plans, all property and rights acquired or purchased with such amounts, and all income attributable to such amounts, property, or rights held as part of the defined benefit system, including member contributions, employer contributions, any state contributions, fees collected, gifts received, unclaimed deposits, and investment income, shall be transferred to the board to be held, managed, invested, and distributed as part of the trust fund in accordance with the provisions of the documents governing the system. All contributions to the plans shall be transferred by the employers to the trust fund. All benefits under the plans shall be distributed solely from the trust fund pursuant to the documents governing the system.

(c)

The board is the trustee of the defined benefit system trust fund.

(d)

Repealed.

Source: Section 31-31-204 — Defined benefit system, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-31.­pdf (accessed Oct. 20, 2023).

31‑31‑101
Legislative declaration 31‑31‑102
Definitions 31‑31‑201
Association - creation - board - organization - tax exemption 31‑31‑202
Powers and duties of the board 31‑31‑203
Fund not subject to levy 31‑31‑204
Defined benefit system 31‑31‑205
Confidentiality of members’ protected personal information 31‑31‑301
Investment funds - creation 31‑31‑302
Fund - management - investment - definitions 31‑31‑303
Fire and police members’ self-directed investment fund - management - investment 31‑31‑401
Applicability of plan 31‑31‑412
Merger into the statewide retirement plan 31‑31‑501
Withdrawal into statewide money purchase plan 31‑31‑502
Statewide money purchase plan - creation - management 31‑31‑602
Withdrawn local alternative pension plans - investment authority 31‑31‑701
Affiliation by old hire pension plans 31‑31‑704
Optional affiliation by social security employers 31‑31‑704.5
Entry for social security employers 31‑31‑705
Affiliation by volunteer pension plans 31‑31‑706
Affiliation by exempt defined benefit pension plans 31‑31‑707
Multiple plan employers 31‑31‑708
Optional affiliation by county sheriff 31‑31‑801
Definitions 31‑31‑802
Coverage 31‑31‑803
Retirement for disability 31‑31‑804
Reduction of disability benefits - definitions 31‑31‑805
Change in disability status - reexamination 31‑31‑806
Disqualification upon reemployment 31‑31‑806.5
Disability benefits - on-duty 31‑31‑807
Death of member - survivor benefits 31‑31‑807.5
Death of member - line-of-duty - survivor benefits 31‑31‑808
Reduction of survivor benefits 31‑31‑809
Termination of benefits 31‑31‑810
Employer liability - statewide standard health history form 31‑31‑811
Funding of death and disability benefits 31‑31‑812
Military leave of absence 31‑31‑813
Statewide death and disability trust fund - created 31‑31‑814
Suspension and termination of benefits for noncompliance 31‑31‑815
Amendment of plan provisions 31‑31‑901
Deferred compensation plan - definitions 31‑31‑902
Group health insurance plans 31‑31‑903
Group life insurance plans 31‑31‑904
Statewide health-care defined benefit plan - definitions 31‑31‑1101
Entry into the fire and police pension association defined benefit system 31‑31‑1104
Merger into the statewide retirement plan 31‑31‑1201
Review of award of benefits and benefit payments 31‑31‑1202
Collection of overpaid benefits 31‑31‑1203
False statement - felony
Green check means up to date. Up to date

Current through Fall 2024

§ 31-31-204’s source at colorado​.gov