C.R.S. Section 31-31.5-304
Money purchase component contributions

(1)

For members who elected the money purchase only option upon reentry into a predecessor plan, the contribution rate for employers and members is equal to the contribution rates established in the predecessor plan.

(2)

Contributions, including separate retirement account balances from the predecessor statewide defined benefit plan established under part 4 of article 31 of this title 31, transfers from the predecessor statewide hybrid plan money purchase accounts, surplus contributions allocated from the defined benefit component contributions pursuant to section 31-31.5-301 (3), the portion of the minimum contributions of hybrid component allocated to the money purchase component pursuant to section 31-31.5-303 (3), increased local mandatory contributions pursuant to section 31-31.5-307, and increased local voluntary contributions pursuant to section 31-31.5-308 must be deposited in the money purchase component.

(3)

The board may provide through rules for rollovers or transfer of funds from other plans to be deposited in the money purchase component subject to requirements and limits established by the federal “Internal Revenue Code of 1986”, as amended.

Source: Section 31-31.5-304 — Money purchase component contributions, 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

§ 31-31.5-304’s source at colorado​.gov