C.R.S. Section 31-31.5-406
Optional survivor benefits

(1)

A member eligible for a normal, late, or early retirement pension may elect to receive a reduced pension payable to the member and, upon the member’s death a reduced benefit to the member’s designated beneficiary. The board shall establish such options by rule in a manner that provides for an actuarial equivalent benefit of the normal or early retirement pension otherwise payable.

(2)

If a member reaches age eligibility for a normal, vested, or early retirement pension, and dies before making an election allowed pursuant to subsection (1) of this section or before the first pension payment has been deposited, and is survived by a spouse, dependent child, or designated beneficiary, the member shall be considered to have elected an actuarially reduced pension and retired on the day before the member’s death. Payable to the members spouse, dependent child, or designated beneficiary, such reduced pension shall be payable to the member’s designated beneficiary. A spouse, dependent child, or designated beneficiary of a member who has not yet reached age eligibility may elect to receive an actuarially reduced benefit beginning on the date that the member would have reached age eligibility in lieu of a death benefit under part 8 of article 31 of this title 31 and in lieu of a refund of member contributions pursuant to section 31-31.5-411.

Source: Section 31-31.5-406 — Optional survivor benefits, 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

§ 31-31.5-406’s source at colorado​.gov