C.R.S. Section 31-31-412
Merger into the statewide retirement plan

(1)

Intentionally left blank —Ed.

(a)

On or about January 1, 2023, the assets and liabilities of the statewide defined benefit plan shall merge into the statewide retirement plan created pursuant to article 31.5 of this title 31.

(b)

Statewide defined benefit assets held in the actuarial account pursuant to this part 4 shall be transferred to the lifetime benefits account created pursuant to part 1 of article 31.5 of this title 31.

(c)

Stabilization reserve account assets held in separate retirement accounts pursuant to this part 4 shall be transferred to the money purchase account created pursuant to part 1 of article 31.5 of this title 31.

(d)

Deferred retirement option plan account assets of the statewide defined benefit plan shall be transferred to the money purchase account created pursuant to part 1 of article 31.5 of this title 31.

(2)

All remaining defined benefits and other obligations of the statewide defined benefit plan payable on and after January 1, 2023, shall be paid from the lifetime benefits account of the statewide retirement plan; except that the remaining obligations held in the separate retirement accounts of the statewide defined benefit plan shall be transferred to and be payable from the money purchase component of the statewide retirement plan. Said obligations shall be paid pursuant to the statutory provisions and rules adopted by the board regarding the statewide retirement plan.

(3)

Participation by all members, including retirees, in the statewide defined benefit plan shall terminate upon the merger of the plans and said members shall begin participation in the defined benefit component of the statewide retirement plan. Accumulated service credit and length of service shall be aggregated between the plans.

(4)

Immediately after such transfer, the affected member’s accrued benefits in the statewide retirement plan shall be equal to the member’s accrued benefits immediately before the transfer.

(5)

The merger is intended to be consistent with the requirements under section 414 (l) of the “Internal Revenue Code of 1986”, as amended, and shall not be considered a plan termination and shall not result in a distributable event.

Source: Section 31-31-412 — Merger into the statewide retirement plan, 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

§ 31-31-412’s source at colorado​.gov