reglab/statecodes huggingface dataset:
2023 Colorado Revised Statutes › Title 31 - GOVERNMENT - MUNICIPAL (§§ 31-1-101 — 31-35-712) › POWERS AND FUNCTIONS OF CITIES AND TOWNS (§§ 31-15-101 — 31-35-712) › Article 31.5 - FIRE AND POLICE PENSION ASSOCIATION OF COLORADO STATEWIDE RETIREMENT PLAN (§§ 31-31.5-101 — 31-31.5-601) › Part 1 - ESTABLISHMENT AND ADMINISTRATION (§§ 31-31.5-101 — 31-31.5-102) › Section 31-31.5-102 - Administration of the plan - rules

(1)
(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.
Added by 2022 Ch. 61, § 1, eff. 8/10/2022.
2022 Ch. 61, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 31 - GOVERNMENT - MUNICIPAL (§§ 31-1-101 — 31-35-712) › POWERS AND FUNCTIONS OF CITIES AND TOWNS (§§ 31-15-101 — 31-35-712) › Article 31.5 - FIRE AND POLICE PENSION ASSOCIATION OF COLORADO STATEWIDE RETIREMENT PLAN (§§ 31-31.5-101 — 31-31.5-601) › Part 2 - MEMBER PARTICIPATION (§§ 31-31.5-201 — 31-31.5-204) › Section 31-31.5-201 - Membership

Except as otherwise provided in this article 31.5 or article
31
of this title 31, a member whose employer is affiliated with a component of the statewide retirement plan shall participate in the statewide retirement plan on the first day of employment if the employer withholds member contributions on behalf of the member and the applicable forms are completed and submitted to the association.
Added by 2022 Ch. 61,§1, eff. 8/10/2022.
2022 Ch. 61, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 31 - GOVERNMENT - MUNICIPAL (§§ 31-1-101 — 31-35-712) › POWERS AND FUNCTIONS OF CITIES AND TOWNS (§§ 31-15-101 — 31-35-712) › Article 31.5 - FIRE AND POLICE PENSION ASSOCIATION OF COLORADO STATEWIDE RETIREMENT PLAN (§§ 31-31.5-101 — 31-31.5-601) › Part 2 - MEMBER PARTICIPATION (§§ 31-31.5-201 — 31-31.5-204) › Section 31-31.5-202 - Reentering and affiliating employers

(1)
Members of employers who reenter or affiliate pursuant to part 7 or part 11 of article
31
of this title 31 shall participate in the statewide retirement plan beginning on the employer's effective date pursuant to rules adopted by the board.
(2)
Members covered by subsection (1) of this section may elect a trustee-to-trustee transfer in order to transfer assets from the predecessor money purchase plan to the member's individual account established pursuant to part 5 of this article 31.5.
(3)
An active member who is required to transfer money purchase assets to the statewide retirement plan may also elect to convert the vested proceeds from the predecessor money purchase plan into service credit towards the accrual of benefits under the lifetime benefit components as may be allowed pursuant to the board's rules.
Added by 2022 Ch. 61,§1, eff. 8/10/2022.
2022 Ch. 61, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 31 - GOVERNMENT - MUNICIPAL (§§ 31-1-101 — 31-35-712) › POWERS AND FUNCTIONS OF CITIES AND TOWNS (§§ 31-15-101 — 31-35-712) › Article 31.5 - FIRE AND POLICE PENSION ASSOCIATION OF COLORADO STATEWIDE RETIREMENT PLAN (§§ 31-31.5-101 — 31-31.5-601) › Part 2 - MEMBER PARTICIPATION (§§ 31-31.5-201 — 31-31.5-204) › Section 31-31.5-203 - Department chief - exemption by written agreement - definition

(1)
A department chief hired on or after April 8, 1978, is exempt from the statewide retirement plan upon the execution of a written agreement between the department chief and the chief's employer that provides for the department chief's participation in social security or in a federal insurance contribution act replacement plan as allowed under rules established by the board and in compliance with the federal "Internal Revenue Code of 1986". A department chief may satisfy the federal insurance contribution act replacement plan requirement by participating in an employer sponsored plan, the statewide money purchase plan, or a component of the statewide retirement plan.
(2)
As used in this section, "department chief" means the senior command officer of any fire or police department of any employer by whatever title known including but not limited to chief, administrator, or director.
(3)
A department chief exempted pursuant to subsection (1) of this section may maintain coverage for disability and survivor benefits under part 8 of article
31
of this title 31 if the department chief participates in the statewide money purchase plan, the statewide retirement plan, or a local money purchase plan that is qualified under section 401 (a) of the federal "Internal Revenue Code of 1986" and that has a contribution rate of not less than eighteen percent.
Amended by 2023 Ch. 303,§ 76, eff. 8/7/2023.
Added by 2022 Ch. 61, § 1, eff. 8/10/2022.
2023 Ch. 303, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2022 Ch. 61, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 31 - GOVERNMENT - MUNICIPAL (§§ 31-1-101 — 31-35-712) › POWERS AND FUNCTIONS OF CITIES AND TOWNS (§§ 31-15-101 — 31-35-712) › Article 31.5 - FIRE AND POLICE PENSION ASSOCIATION OF COLORADO STATEWIDE RETIREMENT PLAN (§§ 31-31.5-101 — 31-31.5-601) › Part 2 - MEMBER PARTICIPATION (§§ 31-31.5-201 — 31-31.5-204) › Section 31-31.5-204 - Reemployment

(1)
An inactive member who is subsequently reemployed shall participate in the plan in the manner prescribed by rules adopted by the board.
(2)
(a)
The board shall adopt rules regarding the treatment of a member who participates in the statewide retirement plan, incurs a bona fide separation from service, elects a retirement, and subsequently returns to work with an employer who participates in the statewide retirement plan in conformance with the federal "Internal Revenue Code of 1986", as amended.
(b)
Such rules must indicate:
(I)
Whether the member continues to receive benefit distributions during the reemployment or whether the member's benefit distribution ceases during reemployment;
(II)
Whether the member earns additional service credit as determined by the plan in which the subsequent employer participates or whether the member earns additional retirement benefits by participating in an alternate money purchase plan; and
(III)
Whether the benefit distribution, if ceased during reemployment, resumes when the member subsequently separates from service.
Added by 2022 Ch. 61, § 1, eff. 8/10/2022.
2022 Ch. 61, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 31 - GOVERNMENT - MUNICIPAL (§§ 31-1-101 — 31-35-712) › POWERS AND FUNCTIONS OF CITIES AND TOWNS (§§ 31-15-101 — 31-35-712) › Article 31.5 - FIRE AND POLICE PENSION ASSOCIATION OF COLORADO STATEWIDE RETIREMENT PLAN (§§ 31-31.5-101 — 31-31.5-601) › Part 3 - CONTRIBUTIONS AND SERVICE CREDIT (§§ 31-31.5-301 — 31-31.5-310) › Section 31-31.5-301 - Defined benefit component minimum contributions

(1)
Every member covered under the defined benefit component of the statewide retirement plan shall pay into the lifetime benefits account twelve percent of base salary paid or any higher member contribution rate established pursuant to part 6 of this article 31.5. The payment shall be made by the employer by deduction from the salary paid to the member.
(2)
(a)
Every employer employing members who are covered by the defined benefit component of the statewide retirement plan shall pay into the lifetime benefits account nine percent of the base salary paid to the member or any higher employer contribution rate established pursuant to part 6 of this article 31.5. The employer contribution rate shall increase by three percent to be implemented through six annual increases as follows: Beginning in 2023, and each year thereafter through 2028, the employer contribution rate shall increase by an additional one-half of one percent of base salary until the total employer contribution rate, including the cumulative contribution rate increases, is twelve percent of base salary.
(b)
In addition to the rate established in subsection (2)(a) of this section, the employer contribution rate shall be increased by one percent of base salary to be implemented as follows: Beginning in 2029, and continuing through 2030, the employer contribution rate shall increase by an additional one-half of one percent of base salary in each year for a total of a one percent increase in order to pay for the cost of providing the option to retire contained in section
31-31.5-401 (2)(b)
.
(3)
After considering the results of the actuarial valuation conducted pursuant to section
31-31.5-402
, if the assets of the lifetime benefit components of the plan combined with projected contributions are sufficient to fully fund the benefits provided for in part 4 of this article 31.5 on an actuarially sound basis plus the projected cost of living adjustments as determined by the board, the board may, in its sole discretion, allocate surplus contributions to the money purchase component pursuant to section
31-31.5-304
. The board shall designate whether any such allocation is an employer contribution or a member contribution.
Added by 2022 Ch. 61, § 1, eff. 8/10/2022.
2022 Ch. 61, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 31 - GOVERNMENT - MUNICIPAL (§§ 31-1-101 — 31-35-712) › POWERS AND FUNCTIONS OF CITIES AND TOWNS (§§ 31-15-101 — 31-35-712) › Article 31.5 - FIRE AND POLICE PENSION ASSOCIATION OF COLORADO STATEWIDE RETIREMENT PLAN (§§ 31-31.5-101 — 31-31.5-601) › Part 3 - CONTRIBUTIONS AND SERVICE CREDIT (§§ 31-31.5-301 — 31-31.5-310) › Section 31-31.5-302 - Social security component minimum contributions

(1)
This component covers the members of those employers that have elected coverage under the plan pursuant to section
31-31-704.5
.
(2)
Each member shall make contributions at one-half of the member contribution rate established for the defined benefit component in section
31-31.5-301
by deduction from the salary paid to the member. For each member, the employer shall pay one-half of the employer contribution rate established for the defined benefit component in section
31-31.5-301
including any allocation made to the money purchase component made pursuant to section
31-31.5-301 (3)
.
Added by 2022 Ch. 61, § 1, eff. 8/10/2022.
2022 Ch. 61, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 31 - GOVERNMENT - MUNICIPAL (§§ 31-1-101 — 31-35-712) › POWERS AND FUNCTIONS OF CITIES AND TOWNS (§§ 31-15-101 — 31-35-712) › Article 31.5 - FIRE AND POLICE PENSION ASSOCIATION OF COLORADO STATEWIDE RETIREMENT PLAN (§§ 31-31.5-101 — 31-31.5-601) › Part 3 - CONTRIBUTIONS AND SERVICE CREDIT (§§ 31-31.5-301 — 31-31.5-310) › Section 31-31.5-303 - Hybrid component minimum contributions

(1)
Every employer shall contribute to the lifetime benefits account eight percent of the base salary of the member. The employer contribution rate shall increase by one percent of base salary to be implemented through eight annual increases as follows: Beginning in 2023, and each year thereafter through 2030, the employer contribution rate shall increase by an additional one-eighth of one percent of base salary until the total employer contribution rate, including the cumulative contribution rate increases, is nine percent of base salary.
(2)
Every member shall contribute to the lifetime benefits account eight percent of the base salary of the member. The member contribution rate shall increase by one percent of base salary to be implemented through eight annual increases as follows: Beginning in 2023, and each year thereafter through 2030, the member contribution rate shall increase by an additional one-eighth of one percent of base salary until the total member contribution rate, including the cumulative contribution rate increases, is nine percent of base salary. The payment shall be made by the employer by deduction from the salary paid to the member.
(3)
The combined mandatory contributions shall be allocated between the hybrid component and the money purchase component as determined annually by the board based on the amount required to fund the benefit provided under the hybrid component.
Added by 2022 Ch. 61,§1, eff. 8/10/2022.
2022 Ch. 61, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 31 - GOVERNMENT - MUNICIPAL (§§ 31-1-101 — 31-35-712) › POWERS AND FUNCTIONS OF CITIES AND TOWNS (§§ 31-15-101 — 31-35-712) › Article 31.5 - FIRE AND POLICE PENSION ASSOCIATION OF COLORADO STATEWIDE RETIREMENT PLAN (§§ 31-31.5-101 — 31-31.5-601) › Part 3 - CONTRIBUTIONS AND SERVICE CREDIT (§§ 31-31.5-301 — 31-31.5-310) › 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.
Added by 2022 Ch. 61, § 1, eff. 8/10/2022.
2022 Ch. 61, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 31 - GOVERNMENT - MUNICIPAL (§§ 31-1-101 — 31-35-712) › POWERS AND FUNCTIONS OF CITIES AND TOWNS (§§ 31-15-101 — 31-35-712) › Article 31.5 - FIRE AND POLICE PENSION ASSOCIATION OF COLORADO STATEWIDE RETIREMENT PLAN (§§ 31-31.5-101 — 31-31.5-601) › Part 3 - CONTRIBUTIONS AND SERVICE CREDIT (§§ 31-31.5-301 — 31-31.5-310) › Section 31-31.5-305 - Continuing rates of contribution for reentry and affiliating departments

(1)
At the time of reentry or affiliation, the board may establish a continuing rate of contribution for departments reentering or affiliating with the statewide retirement plan in addition to the employer and member contributions otherwise required by this part 3 in order to maintain the actuarial soundness of the plan and the plan for disability and survivors benefits provided for in part 8 of article
31
of this title 31.
(2)
It shall be locally decided during the affiliation process whether the continuing rate of contribution shall be made by the member or the employer or split equally between the member and the employer.
Added by 2022 Ch. 61,§1, eff. 8/10/2022.
2022 Ch. 61, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 31 - GOVERNMENT - MUNICIPAL (§§ 31-1-101 — 31-35-712) › POWERS AND FUNCTIONS OF CITIES AND TOWNS (§§ 31-15-101 — 31-35-712) › Article 31.5 - FIRE AND POLICE PENSION ASSOCIATION OF COLORADO STATEWIDE RETIREMENT PLAN (§§ 31-31.5-101 — 31-31.5-601) › Part 3 - CONTRIBUTIONS AND SERVICE CREDIT (§§ 31-31.5-301 — 31-31.5-310) › Section 31-31.5-306 - Picked-up contributions

Each employer shall pick up the mandatory employee contributions required under this part 3, to the extent allowed by the federal "Internal Revenue Code of 1986", as amended, and the contributions picked up shall be treated as employer contributions pursuant to section 414 (h)(2) of the federal "Internal Revenue Code of 1986", as amended, in determining their income tax treatment. The employer shall pay these employee contributions directly to the association, instead of paying such amounts to the members. Such contributions shall be paid from the same funds that are used in paying salaries to the members. Such contributions, although designated as employee contributions, shall be paid by the employer in lieu of contributions by the members. Members may not elect to choose to receive such contributions directly instead of having them paid by the employer to the plan. Employee contributions so picked up shall be treated for all purposes of this article 31.5, other than federal tax, in the same manner as employee contributions made before the date picked up.
Added by 2022 Ch. 61, § 1, eff. 8/10/2022.
2022 Ch. 61, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 31 - GOVERNMENT - MUNICIPAL (§§ 31-1-101 — 31-35-712) › POWERS AND FUNCTIONS OF CITIES AND TOWNS (§§ 31-15-101 — 31-35-712) › Article 31.5 - FIRE AND POLICE PENSION ASSOCIATION OF COLORADO STATEWIDE RETIREMENT PLAN (§§ 31-31.5-101 — 31-31.5-601) › Part 3 - CONTRIBUTIONS AND SERVICE CREDIT (§§ 31-31.5-301 — 31-31.5-310) › Section 31-31.5-307 - Increased local mandatory contribution requirements

(1)
An employer or active member or both may be required to pay a mandatory contribution rate in excess of the rate established in section
31-31.5-301
,
31-31.5-302
, or
31-31.5-303
upon enactment by the employer of a resolution or ordinance setting forth the higher contribution rate and approval of the higher rate by at least sixty-five percent of the employer's active members voting for the higher contribution rate.
(2)
An employee who has previously established a mandatory contribution rate under a local money purchase plan in excess of the mandatory contribution rate may continue the previous contribution rate as an increased contribution rate.
(3)
Upon adoption of a resolution or ordinance, and approval of at least sixty-five percent of the employer's active members voting, a mandatory contribution rate in excess of the minimum required contribution rate may be reduced to the minimum required contribution rate or the excess above the minimum required contribution rate may be redirected to another available employee benefit.
Added by 2022 Ch. 61, § 1, eff. 8/10/2022.
2022 Ch. 61, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 31 - GOVERNMENT - MUNICIPAL (§§ 31-1-101 — 31-35-712) › POWERS AND FUNCTIONS OF CITIES AND TOWNS (§§ 31-15-101 — 31-35-712) › Article 31.5 - FIRE AND POLICE PENSION ASSOCIATION OF COLORADO STATEWIDE RETIREMENT PLAN (§§ 31-31.5-101 — 31-31.5-601) › Part 3 - CONTRIBUTIONS AND SERVICE CREDIT (§§ 31-31.5-301 — 31-31.5-310) › Section 31-31.5-308 - Increased local voluntary contribution requirements

(1)
Active members may make additional after-tax contributions to the money purchase component account under part 5 of this article 31.5. Voluntary member contributions are not subject to the employer pick-up provisions of section 414 (h)(2) of the federal "Internal Revenue Code of 1986", as amended.
(2)
Employers may make additional contributions to the money purchase component account under part 5 of this article 31.5 on behalf of members. Employer voluntary contributions vest on the schedule established in section
31-31.5-501
.
Added by 2022 Ch. 61, § 1, eff. 8/10/2022.
2022 Ch. 61, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 31 - GOVERNMENT - MUNICIPAL (§§ 31-1-101 — 31-35-712) › POWERS AND FUNCTIONS OF CITIES AND TOWNS (§§ 31-15-101 — 31-35-712) › Article 31.5 - FIRE AND POLICE PENSION ASSOCIATION OF COLORADO STATEWIDE RETIREMENT PLAN (§§ 31-31.5-101 — 31-31.5-601) › Part 3 - CONTRIBUTIONS AND SERVICE CREDIT (§§ 31-31.5-301 — 31-31.5-310) › Section 31-31.5-309 - Remittance of contributions to the association

(1)
Remittances of contributions are due no later than ten days following the date of payment of salary to a member. All remittances of contributions must be credited to the defined benefit system trust fund.
(2)
The payments required by this section are subject to interest as established by the board if not submitted when due.
Added by 2022 Ch. 61,§1, eff. 8/10/2022.
2022 Ch. 61, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 31 - GOVERNMENT - MUNICIPAL (§§ 31-1-101 — 31-35-712) › POWERS AND FUNCTIONS OF CITIES AND TOWNS (§§ 31-15-101 — 31-35-712) › Article 31.5 - FIRE AND POLICE PENSION ASSOCIATION OF COLORADO STATEWIDE RETIREMENT PLAN (§§ 31-31.5-101 — 31-31.5-601) › Part 3 - CONTRIBUTIONS AND SERVICE CREDIT (§§ 31-31.5-301 — 31-31.5-310) › Section 31-31.5-310 - Service credit purchases

Members participating in the lifetime benefit components may purchase, including by rollover or transfer of funds, additional defined benefit service credit for other public employment within the United States not covered by the plan, United States uniformed military service, or up to five years of private employment, subject to the limits established by the federal "Internal Revenue Code of 1986", as amended, and as may be allowed under the rules and regulations adopted by the board.
Added by 2022 Ch. 61,§1, eff. 8/10/2022.
2022 Ch. 61, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 31 - GOVERNMENT - MUNICIPAL (§§ 31-1-101 — 31-35-712) › POWERS AND FUNCTIONS OF CITIES AND TOWNS (§§ 31-15-101 — 31-35-712) › Article 31.5 - FIRE AND POLICE PENSION ASSOCIATION OF COLORADO STATEWIDE RETIREMENT PLAN (§§ 31-31.5-101 — 31-31.5-601) › Part 4 - BENEFITS IN THE LIFETIME BENEFIT COMPONENTS (§§ 31-31.5-401 — 31-31.5-411) › Section 31-31.5-401 - Vesting and benefit eligibility

(1)
A member with five years of service credit in one or a combination of more than one of the lifetime benefit components is considered vested for purposes of a pension payable from the lifetime benefit components of the statewide retirement plan.
(2)
A member is eligible for a normal retirement when:
(a)
The member has accumulated at least twenty-five years of service credit and has attained age fifty-five; or
(b)
The member has attained age fifty, the member's combined age and years of accrued service is equal to at least eighty, and the member is not receiving benefits pursuant to section
31-31-803
.
(3)
A vested member who attains age fifty-five is eligible to terminate service and begin receiving an unreduced benefit. A member who terminates employment before attaining age fifty-five and who has at least five years of service credit may leave contributions in the plan and begin receiving an unreduced benefit upon attaining age fifty-five.
(4)
An active or inactive vested member who is not eligible for normal retirement, who has attained age fifty, who is not receiving or has terminated benefits pursuant to section
31-31-803
, and who has terminated employment is eligible for an early retirement pension. The early retirement pension for a member is the benefit that the member would have received at age fifty-five reduced on an actuarial equivalent basis to reflect the early receipt of the benefit as determined by the board.
(5)
Subject to rules adopted by the board, years of service credit of a member who is employed by successive employers may be aggregated for determining eligibility and benefits provided by the lifetime benefit components of the statewide retirement plan if the service for each employer was rendered while the employer covered its members under the statewide retirement plan, the predecessor statewide defined benefit plan, or the defined benefit component of the predecessor statewide hybrid plan.
Added by 2022 Ch. 61,§1, eff. 8/10/2022.
2022 Ch. 61, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 31 - GOVERNMENT - MUNICIPAL (§§ 31-1-101 — 31-35-712) › POWERS AND FUNCTIONS OF CITIES AND TOWNS (§§ 31-15-101 — 31-35-712) › Article 31.5 - FIRE AND POLICE PENSION ASSOCIATION OF COLORADO STATEWIDE RETIREMENT PLAN (§§ 31-31.5-101 — 31-31.5-601) › Part 4 - BENEFITS IN THE LIFETIME BENEFIT COMPONENTS (§§ 31-31.5-401 — 31-31.5-411) › Section 31-31.5-403 - Defined benefit component benefits

(1)
In calculating the retirement pension for a member who has service credit in the defined benefit component, the benefit is the sum of the following:
(a)
Two percent multiplied by the service credit earned or purchased in the defined benefit component, not to exceed ten years of service credit, multiplied by the average of the member's highest three years' base salary in the defined benefit component; plus
(b)
Two and one-half percent multiplied by the service credit earned or purchased in the defined benefit component in excess of ten years multiplied by the average of the member's highest three years' base salary in the defined benefit component.
Added by 2022 Ch. 61,§1, eff. 8/10/2022.
2022 Ch. 61, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 31 - GOVERNMENT - MUNICIPAL (§§ 31-1-101 — 31-35-712) › POWERS AND FUNCTIONS OF CITIES AND TOWNS (§§ 31-15-101 — 31-35-712) › Article 31.5 - FIRE AND POLICE PENSION ASSOCIATION OF COLORADO STATEWIDE RETIREMENT PLAN (§§ 31-31.5-101 — 31-31.5-601) › Part 4 - BENEFITS IN THE LIFETIME BENEFIT COMPONENTS (§§ 31-31.5-401 — 31-31.5-411) › Section 31-31.5-404 - Social security component benefits

(1)
In calculating the retirement pension for a member who has service credit in the social security component, the benefit is the sum of the following:
(a)
One percent multiplied by the years of service credit in the social security component, not to exceed ten years of service credit, multiplied by the average of the member's highest three years' base salary in the social security component; plus
(b)
One and one-quarter percent multiplied by the years of service credit in the social security component in excess of ten years multiplied by the average of the member's highest three years' base salary in the social security component.
Added by 2022 Ch. 61,§1, eff. 8/10/2022.
2022 Ch. 61, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 31 - GOVERNMENT - MUNICIPAL (§§ 31-1-101 — 31-35-712) › POWERS AND FUNCTIONS OF CITIES AND TOWNS (§§ 31-15-101 — 31-35-712) › Article 31.5 - FIRE AND POLICE PENSION ASSOCIATION OF COLORADO STATEWIDE RETIREMENT PLAN (§§ 31-31.5-101 — 31-31.5-601) › Part 4 - BENEFITS IN THE LIFETIME BENEFIT COMPONENTS (§§ 31-31.5-401 — 31-31.5-411) › Section 31-31.5-405 - Hybrid component benefits

(1)
In calculating the normal retirement pension for a member who has years of service credit in the hybrid component, the benefit shall be:
(a)
A multiplier, which the board shall establish by adjusting the funding status of the predecessor statewide hybrid plan to equal the funding status of the predecessor statewide defined benefit plan using valuations as of December 31, 2021, and based on the recommendations made by the plan's actuary, multiplied by the years of service credit earned or purchased in the statewide hybrid plan prior to January 1, 2023, multiplied by the average of the member's highest three years' base salary; plus
(b)
One and one-half percent multiplied by the years of service credit earned or purchased in the hybrid component on or after January 1, 2023, multiplied by the average of the member's highest three years' base salary.
Added by 2022 Ch. 61,§1, eff. 8/10/2022.
2022 Ch. 61, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 31 - GOVERNMENT - MUNICIPAL (§§ 31-1-101 — 31-35-712) › POWERS AND FUNCTIONS OF CITIES AND TOWNS (§§ 31-15-101 — 31-35-712) › Article 31.5 - FIRE AND POLICE PENSION ASSOCIATION OF COLORADO STATEWIDE RETIREMENT PLAN (§§ 31-31.5-101 — 31-31.5-601) › Part 4 - BENEFITS IN THE LIFETIME BENEFIT COMPONENTS (§§ 31-31.5-401 — 31-31.5-411) › 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
.
Amended by 2023 Ch. 303,§ 78, eff. 8/7/2023.
Added by 2022 Ch. 61, § 1, eff. 8/10/2022.
2023 Ch. 303, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2022 Ch. 61, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 31 - GOVERNMENT - MUNICIPAL (§§ 31-1-101 — 31-35-712) › POWERS AND FUNCTIONS OF CITIES AND TOWNS (§§ 31-15-101 — 31-35-712) › Article 31.5 - FIRE AND POLICE PENSION ASSOCIATION OF COLORADO STATEWIDE RETIREMENT PLAN (§§ 31-31.5-101 — 31-31.5-601) › Part 4 - BENEFITS IN THE LIFETIME BENEFIT COMPONENTS (§§ 31-31.5-401 — 31-31.5-411) › Section 31-31.5-407 - Minimum benefit

(1)
If the total amount of pension benefits paid under the lifetime benefit component as provided in this article 31.5 at the time of death is less than the amount of the members' contributions to the lifetime benefit component, the difference shall be paid to:
(a)
The member's estate, if no pension payment was made pursuant to an option under section
31-31.5-406
; or
(b)
The survivor's estate, if pension payments were made pursuant to an option under section
31-31.5-406
.
Added by 2022 Ch. 61, § 1, eff. 8/10/2022.
2022 Ch. 61, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 31 - GOVERNMENT - MUNICIPAL (§§ 31-1-101 — 31-35-712) › POWERS AND FUNCTIONS OF CITIES AND TOWNS (§§ 31-15-101 — 31-35-712) › Article 31.5 - FIRE AND POLICE PENSION ASSOCIATION OF COLORADO STATEWIDE RETIREMENT PLAN (§§ 31-31.5-101 — 31-31.5-601) › Part 4 - BENEFITS IN THE LIFETIME BENEFIT COMPONENTS (§§ 31-31.5-401 — 31-31.5-411) › Section 31-31.5-408 - Late retirement

(1)
Any member retiring and eligible for a normal or vested retirement benefit may elect to defer receipt of the pension until attaining age sixty-five years, but no later. In the case of such an election, the late retirement pension is the actuarial equivalent of the normal retirement pension as determined by the board.
(2)
The board may promulgate rules to allow members who are eligible to receive any type of retirement benefits to defer receipt of the benefits to the extent permitted under the federal "Internal Revenue Code of 1986" as amended, and the regulations promulgated pursuant to section 401 (a)(9) of said code.
Added by 2022 Ch. 61, § 1, eff. 8/10/2022.
2022 Ch. 61, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 31 - GOVERNMENT - MUNICIPAL (§§ 31-1-101 — 31-35-712) › POWERS AND FUNCTIONS OF CITIES AND TOWNS (§§ 31-15-101 — 31-35-712) › Article 31.5 - FIRE AND POLICE PENSION ASSOCIATION OF COLORADO STATEWIDE RETIREMENT PLAN (§§ 31-31.5-101 — 31-31.5-601) › Part 4 - BENEFITS IN THE LIFETIME BENEFIT COMPONENTS (§§ 31-31.5-401 — 31-31.5-411) › Section 31-31.5-409 - Deferred retirement option plan (DROP)

The board may establish by rule a deferred retirement option plan for vested members who have attained age fifty. The purpose of the DROP is to allow an eligible member to elect, in lieu of immediate termination of employment and receipt of a lifetime retirement benefit, to continue employment for a specified period of time of up to five years and to have the member's otherwise deductible employee contribution and retirement benefits paid into the member's individual account created by section
31-31.5-503
until the end of the specified period of the member's participation, at which time employment ceases.
Added by 2022 Ch. 61, § 1, eff. 8/10/2022.
2022 Ch. 61, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 31 - GOVERNMENT - MUNICIPAL (§§ 31-1-101 — 31-35-712) › POWERS AND FUNCTIONS OF CITIES AND TOWNS (§§ 31-15-101 — 31-35-712) › Article 31.5 - FIRE AND POLICE PENSION ASSOCIATION OF COLORADO STATEWIDE RETIREMENT PLAN (§§ 31-31.5-101 — 31-31.5-601) › Part 4 - BENEFITS IN THE LIFETIME BENEFIT COMPONENTS (§§ 31-31.5-401 — 31-31.5-411) › Section 31-31.5-410 - Cost of living adjustments - definitions

(1)
Cost of living adjustments payable under the lifetime benefit components of the plan, if any, may be paid effective October 1 each year. To be eligible to receive a cost of living adjustment, the benefits must have been paid for at least twelve calendar months prior to the effective date of the cost of living adjustment. Subject to the limits set forth in subsection (2) of this section, the board has the authority to determine the form in which a cost of living adjustment may be paid. This includes the frequency of payment, whether the payment is compounded or noncompounded, and any other form in which to pay a cost of living adjustment.
(2)
(a)
Any cost of living adjustment made pursuant to subsection (1) of this section shall be determined by the board in its discretion as a fiduciary of the statewide retirement plan after considering the funding level of the lifetime benefit components, the cost of the adjustment, the components' ability to fund future benefits, and any other factors that the board deems appropriate. The cost of living adjustment shall not exceed the greater of:
(I)
One hundred three percent of the benefits paid for the prior twelve-month period; or
(II)
The benefits paid during the prior twelve-month period multiplied by a fraction using the consumer price index for the immediately preceding calendar year as the numerator and the consumer price index for the calendar year prior to the immediately preceding calendar year as the denominator.
(b)
As used in this section, "consumer price index" means the national consumer price index for urban wage earners and clerical workers prepared by the United States department of labor.
Amended by 2023 Ch. 34, § 1, eff. 8/7/2023.
Added by 2022 Ch. 61, § 1, eff. 8/10/2022.
2023 Ch. 34, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2022 Ch. 61, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 31 - GOVERNMENT - MUNICIPAL (§§ 31-1-101 — 31-35-712) › POWERS AND FUNCTIONS OF CITIES AND TOWNS (§§ 31-15-101 — 31-35-712) › Article 31.5 - FIRE AND POLICE PENSION ASSOCIATION OF COLORADO STATEWIDE RETIREMENT PLAN (§§ 31-31.5-101 — 31-31.5-601) › Part 5 - MONEY PURCHASE COMPONENT (§§ 31-31.5-501 — 31-31.5-504) › Section 31-31.5-502 - Normal retirement age

The normal retirement age for the money purchase component is age fifty-five.
Added by 2022 Ch. 61,§1, eff. 8/10/2022.
2022 Ch. 61, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 31 - GOVERNMENT - MUNICIPAL (§§ 31-1-101 — 31-35-712) › POWERS AND FUNCTIONS OF CITIES AND TOWNS (§§ 31-15-101 — 31-35-712) › Article 32 - UTILITIES (§§ 31-32-101 — 31-32-201) › Part 1 - PUBLIC UTILITIES - FRANCHISES (§§ 31-32-101 — 31-32-105) › Section 31-32-101 - Franchise granted by ordinance

No franchise or license giving or granting to any person the right or privilege to erect, construct, operate, or maintain a street railway, electric light plant or system, gasworks, gas plant or system, geothermal system, solar system, or telegraph or telephone system within any city or town or to use the streets or alleys of a city or town for such purposes shall be granted or given by any city or town in this state in any other manner or form than by an ordinance passed and published in the manner set forth in this part 1.
L. 75: Entire title R&RE, p. 1243, § 1, effective July 1.
This section is similar to former § 31-32-101 as it existed prior to 1975.
2023 Colorado Revised Statutes › Title 31 - GOVERNMENT - MUNICIPAL (§§ 31-1-101 — 31-35-712) › POWERS AND FUNCTIONS OF CITIES AND TOWNS (§§ 31-15-101 — 31-35-712) › Article 32 - UTILITIES (§§ 31-32-101 — 31-32-201) › Part 1 - PUBLIC UTILITIES - FRANCHISES (§§ 31-32-101 — 31-32-105) › Section 31-32-102 - Notice of application - publication

Any person desiring to secure a franchise or license for any of the purposes named in section
31-32-101
shall cause a notice of its intention to apply to the governing body of the city or town for the passage of an ordinance granting such franchise or license. Notice shall be published, in a newspaper of general circulation published in such city or town, once a week for three successive weeks immediately prior to the next regular meeting of the governing body at which it is intended to apply for the passage of the ordinance granting or giving such franchise or license. Such notice shall specify the regular meeting of the governing body at which it is intended to apply for such franchise or license, the name of the applicant therefor, a general description of the rights and privileges to be applied for, and the time for and terms upon which such franchise or license is desired. If there is no newspaper of general circulation published within the city or town, such notice may be published by posting copies thereof in six public places for the same length of time.
L. 75: Entire title R&RE, p. 1243, § 1, effective July 1.
This section is similar to former § 31-32-102 as it existed prior to 1975.
2023 Colorado Revised Statutes › Title 31 - GOVERNMENT - MUNICIPAL (§§ 31-1-101 — 31-35-712) › POWERS AND FUNCTIONS OF CITIES AND TOWNS (§§ 31-15-101 — 31-35-712) › Article 32 - UTILITIES (§§ 31-32-101 — 31-32-201) › Part 1 - PUBLIC UTILITIES - FRANCHISES (§§ 31-32-101 — 31-32-105) › Section 31-32-103 - Ordinance read twice - publication before passage

Every such ordinance shall be read at least twice in full, once at the time of its introduction and again before the question of its passage is voted upon. No governing body of any city or town shall permit any such ordinance to be introduced or read for the first time at any meeting other than the regular meeting specified in such notice nor unless proof of compliance by the applicant with section
31-32-102
is first presented to such governing body in the form of a publisher's affidavit of publication or a certificate of the clerk of the posting of such notice. When such ordinance has been introduced and read for the first time, the governing body, if it desires to further consider the granting of the rights or privileges sought for thereby, shall order the same to be published daily in a paper of general circulation published in such city or town for a period of not less than two weeks prior to the time such ordinance is again read and put upon its passage. If there is no paper of general circulation published daily in such city or town, such publication shall be made in a paper of general circulation published weekly in such city or town. If there is no such paper published daily or weekly, such publication shall be made by posting copies of such proposed ordinance in at least six public places in such municipality for the same period of time. No such ordinance shall be adopted or passed by the governing body of any city or town unless the same has been previously introduced and read and publication first made as provided for in this section. Such previous introduction and reading of such ordinance and the fact of its publication in a newspaper or by posting shall appear in the certificate and the attestation of the clerk on such ordinance after its adoption.
L. 75: Entire title R&RE, p. 1243, § 1, effective July 1.
This section is similar to former § 31-32-103 as it existed prior to 1975.
2023 Colorado Revised Statutes › Title 31 - GOVERNMENT - MUNICIPAL (§§ 31-1-101 — 31-35-712) › POWERS AND FUNCTIONS OF CITIES AND TOWNS (§§ 31-15-101 — 31-35-712) › Article 32 - UTILITIES (§§ 31-32-101 — 31-32-201) › Part 1 - PUBLIC UTILITIES - FRANCHISES (§§ 31-32-101 — 31-32-105) › Section 31-32-104 - Majority vote required for passage

Every such ordinance shall require for its passage or adoption the concurrence of a majority of all the members of the governing body of the city or town.
L. 75: Entire title R&RE, p. 1244, § 1, effective July 1. L. 81: Entire section amended, p. 1496, § 11, effective May 28.
This section is similar to former § 31-32-104 as it existed prior to 1975.
2023 Colorado Revised Statutes › Title 31 - GOVERNMENT - MUNICIPAL (§§ 31-1-101 — 31-35-712) › POWERS AND FUNCTIONS OF CITIES AND TOWNS (§§ 31-15-101 — 31-35-712) › Article 32 - UTILITIES (§§ 31-32-101 — 31-32-201) › Part 1 - PUBLIC UTILITIES - FRANCHISES (§§ 31-32-101 — 31-32-105) › Section 31-32-105 - Cities or towns may erect utilities

Nothing in this part 1 shall be construed as in any way modifying or restricting the right of cities or towns to purchase or erect electric light works, heating and cooling works and distribution systems for the distribution of heat and cooling obtained from geothermal resources, solar or wind energy, hydroelectric or renewable biomass resources, including waste and cogenerated heat, or gasworks in the manner provided for by law.
L. 75: Entire title R&RE, p. 1244, § 1, effective July 1. L. 81: Entire section amended, p. 1457, § 5, effective May 27.
This section is similar to former § 31-32-105 as it existed prior to 1975.
2023 Colorado Revised Statutes › Title 31 - GOVERNMENT - MUNICIPAL (§§ 31-1-101 — 31-35-712) › POWERS AND FUNCTIONS OF CITIES AND TOWNS (§§ 31-15-101 — 31-35-712) › Article 32 - UTILITIES (§§ 31-32-101 — 31-32-201) › Part 2 - PUBLIC UTILITIES - ACQUISITION - METHOD (§ 31-32-201) › Section 31-32-201 - Financing acquisition of utilities

(1)
In any municipality possessed of authority to acquire public utilities operating under general law or under article XX of the state constitution, unless otherwise provided by the charter of such municipality, no public utility shall be acquired until the plan for such acquisition has been adopted by ordinance and such ordinance has been approved at a regular or special election in the manner provided for authorization of bonded indebtedness by section
31-15-302(1)(d)
. Nothing in this subsection (1) shall prevent the institution of condemnation proceedings as may be provided by law or require an election with respect to water facilities or sewerage facilities.
(2)
Such ordinance shall describe the property to be acquired, the full purchase price to be paid by such municipality therefor, and the method of payment thereof as well as the total obligations to be incurred by such municipality in making such acquisition, whether by way of general obligation bonds of such municipality issued under the provisions of section 6 of article XI of the state constitution or by way of obligations chargeable solely or in part against the income of such utility, or both. In the event of the issuance of obligations payable solely out of income, all operating and other costs shall be met solely out of income of the utility acquired.
(3)
Said ordinance may provide for the payment into such income fund for service to be rendered for municipal purposes, but such payments shall at all times be reasonable.
L. 75: Entire title R&RE, p. 1244, § 1, effective July 1.
This section is similar to former § 31-32-201 as it existed prior to 1975.