C.R.S. Section 31-31-705
Affiliation by volunteer pension plans


(1)

The board is authorized to make affiliation agreements with governing bodies that provide pension plans for volunteer firefighters to administer such plans and manage the funds of such plans for investment. The fire and police pension association may require periodic renewal of the agreement.

(2)

The fire and police pension association has the following responsibilities in connection with a volunteer firefighter pension plan that has an agreement with the association pursuant to subsection (1) of this section:

(a)

Investing the assets of the plan, including determining the allocation of assets;

(b)

Collecting and accounting for contributions to the plan;

(c)

Distributing benefits provided under the plan as directed by the governing body or its agent and issuing tax forms and filing tax reports regarding distributions;

(d)

Conducting actuarial valuations and financial audits of the plan on at least a biannual basis or as required by regulatory bodies or by law;

(e)

Maintaining records and reporting the investments, assets, and benefits of the plan as required by statute or by regulatory bodies;

(f)

Authorizing the payment of expenses of the plan from the assets of the plan. Any expenses that are incurred by the fire and police pension association that are directly related to the association’s administration of the plan shall be paid from that plan’s assets. Any expenses incurred by the association that are attributable to more than one plan administered by the association shall be allocated to each plan on an equitable basis as determined by the association. The allocated expense shall be paid from the assets of each plan.

(g)

Taking such other actions as may be allowed or required by statute.

(3)

The governing body of a volunteer pension plan or its local pension board has the following responsibilities when the plan is affiliated with the fire and police pension association pursuant to subsection (1) of this section:

(a)

Establishing eligibility for and the amount of benefits to be received by members and beneficiaries of the plan, including the determination of base benefits, years of service under the plan, marital status, and continuing eligibility of retirees and survivors;

(b)

Electing options for the allocation of assets, if such options are provided by the fire and police pension association;

(c)

Maintaining records of the terms and provisions of the plan as they may be adopted and amended;

(d)

Making determinations regarding benefit improvements, if any; and

(e)

Periodically certifying information required by the fire and police pension association to administer the plan benefits.

(4)

A governing body that provides pension benefits for volunteer firefighters may terminate its affiliation with the fire and police pension association upon giving written notice to the association at least sixty days prior to the end of any quarter of a calendar year. The association may allow a shorter notice period. The association may terminate the affiliation of a volunteer plan upon sixty days written notice to the governing body for failure to fulfill its responsibilities to the plan or its failure to renew an affiliation agreement.

Source: Section 31-31-705 — Affiliation by volunteer pension plans, 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

§ 31-31-705’s source at colorado​.gov