C.R.S. Section 31-31.5-102
Administration of the plan

  • rules

(1)

Intentionally left blank —Ed.

(a)

Contributions and earnings to all components of the statewide retirement plan shall be held in trust as part of the defined benefit system trust fund.

(b)

There is hereby established in the defined benefit system trust fund, a lifetime benefits account into which contributions made pursuant to sections 31-31.5-301, 31-31.5-302, and 31-31.5-303 must be deposited. The defined benefits of the lifetime benefit components, including cost of living adjustments provided by the plan pursuant to part 4 of this article 31.5, together with the expenses of administering the lifetime benefit components of the plan, shall be paid from the account. The lifetime benefits account shall be invested within the fire and police members’ benefit investment fund.

(c)

There is established in the defined benefit system trust fund, a money purchase account into which contributions made pursuant to section 31-31.5-304 must be deposited and assigned to individual accounts and administered pursuant to part 5 of this article 31.5. The board may create subaccounts within the account to adequately track the vesting and the source of money deposited into the account on behalf of each member. The money purchase component account must be invested within the fire and police members’ self-directed investment fund.

(d)

The board shall keep an accurate account of the assets and liabilities of the lifetime benefits account and the money purchase component account.

(2)

The board may adopt by rule such matters as may be necessary to codify the board’s interpretation, administration, and management of the statewide retirement plan.

(3)

The board may provide for the administration of domestic relations orders issued pursuant to article 10 of title 14 with regard to the plan or its predecessor plans.

Source: Section 31-31.5-102 — Administration of the plan - rules, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-31.­pdf (accessed Oct. 20, 2023).

31‑31.5‑101
Establishment of the statewide retirement plan - definitions 31‑31.5‑102
Administration of the plan - rules 31‑31.5‑201
Membership 31‑31.5‑202
Reentering and affiliating employers 31‑31.5‑203
Department chief - exemption by written agreement - definition 31‑31.5‑204
Reemployment 31‑31.5‑301
Defined benefit component minimum contributions 31‑31.5‑302
Social security component minimum contributions 31‑31.5‑303
Hybrid component minimum contributions 31‑31.5‑304
Money purchase component contributions 31‑31.5‑305
Continuing rates of contribution for reentry and affiliating departments 31‑31.5‑306
Picked-up contributions 31‑31.5‑307
Increased local mandatory contribution requirements 31‑31.5‑308
Increased local voluntary contribution requirements 31‑31.5‑309
Remittance of contributions to the association 31‑31.5‑310
Service credit purchases 31‑31.5‑401
Vesting and benefit eligibility 31‑31.5‑402
Plan funding - actuarial valuation and adjustments to maintain the actuarial soundness of the plan 31‑31.5‑403
Defined benefit component benefits 31‑31.5‑404
Social security component benefits 31‑31.5‑405
Hybrid component benefits 31‑31.5‑406
Optional survivor benefits 31‑31.5‑407
Minimum benefit 31‑31.5‑408
Late retirement 31‑31.5‑409
Deferred retirement option plan (DROP) 31‑31.5‑410
Cost of living adjustments - definitions 31‑31.5‑411
Refunds of member contributions 31‑31.5‑501
Vesting 31‑31.5‑502
Normal retirement age 31‑31.5‑503
Individual accounts - investment and account administration 31‑31.5‑504
Distribution of money purchase component accounts 31‑31.5‑601
Modification of plan by the board
Green check means up to date. Up to date

Current through Fall 2024

§ 31-31.5-102’s source at colorado​.gov