C.R.S. Section 31-31-901
Deferred compensation plan

  • definitions

(1)

Upon the request of any employer, the board may administer and amend or provide for the administration and amendment of any deferred compensation plan adopted by such employer for members or other employees who provide direct support to the employer’s public safety department.

(2)

In order to assist employers in establishing a deferred compensation plan, the board may develop, maintain, and amend a master deferred compensation plan document or a multi-employer deferred compensation plan document that is intended to comply with the provisions of section 457 of the “Internal Revenue Code of 1986”, 26 U.S.C. sec. 457, as amended. Any employer may adopt such master plan for its participants with the assistance of the board; however, such employer shall be responsible for ensuring that such master plan is in compliance with applicable law. Participation by nonmember employees shall be subject to the requirements and limitations of said section 457 of the “Internal Revenue Code of 1986”, and the regulations promulgated under section 457.

(3)

There is hereby created the fire and police members’ deferred compensation trust fund, which shall consist of the assets of deferred compensation plans administered by the board pursuant to the provisions of this section. The board shall be the trustee of the trust fund and shall keep a separate account of the assets of each deferred compensation plan held within the trust fund. The assets of each deferred compensation plan shall be held for the exclusive purpose of providing benefits to participants and beneficiaries and defraying reasonable expenses of the plan and any trust established to hold the assets of the plan. The board shall allow investment of the trust fund through the fire and police members’ self-directed investment fund pursuant to section 31-31-301 (4).

(4)

The expenses incurred by the board in the administration of each deferred compensation plan shall be paid from the assets of such plan being held in the fire and police members’ deferred compensation fund pursuant to the provisions of subsection (3) of this section. Such expenses shall not be paid for by the fire and police pension association.

(5)

For the purposes of this section, unless the context otherwise requires:

(a)

“Deferred compensation” means that income that a participant may legally defer pursuant to current rulings of the internal revenue service and that, while invested under a deferred compensation plan adopted pursuant to this section, is exempt from federal income taxes on both the employer’s contribution and all interest, dividends, and capital gains until the ultimate distribution to the participant.

(b)

“Participant” means:

(I)

A member employed by an employer who has requested the board, pursuant to subsection (1) of this section, to administer and amend or provide for the administration and amendment of any deferred compensation plan adopted by the employer; or

(II)

An employee who provides direct support to the public safety department of an employer who has requested the board, pursuant to subsection (1) of this section, to administer and amend or provide for the administration and amendment of any deferred compensation plan adopted by the employer.

Source: Section 31-31-901 — Deferred compensation plan - definitions, 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

§ 31-31-901’s source at colorado​.gov