reglab/statecodes huggingface dataset:
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54 - County, Municipal, and Political Subdivision Officers' and Employees' Retirement Systems (§§ 24-54-101 — 24-54-117) › Section 24-54-102 - Type of plan or system

Any plan or system adopted pursuant to the provisions of this article shall be based either on the purchase of an insured group plan of retirement annuities funded through a group carrier or on a noninsured trust retirement plan; or such plan or system may provide for participation in the public employees' retirement association as provided in article
51
of this title.
L. 87: Entire article added, p. 1087, § 2, effective July 1.
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54 - County, Municipal, and Political Subdivision Officers' and Employees' Retirement Systems (§§ 24-54-101 — 24-54-117) › Section 24-54-103 - Prior service benefits

Employees of a county, municipality, political subdivision, or other participating entity that adopts a retirement plan or system may receive prior service benefits not to exceed five years to be funded entirely by the county, municipality, political subdivision, or other participating entity; but prior service benefits in excess of five years may be allowed if funded entirely by the employee.
L. 87: Entire article added, p. 1087, § 2, effective July 1. L. 97: Entire section amended, p. 156, § 5, effective March 28. L. 2005: Entire section amended, p. 359, § 2, effective April 22.
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54 - County, Municipal, and Political Subdivision Officers' and Employees' Retirement Systems (§§ 24-54-101 — 24-54-117) › Section 24-54-104 - Funds for plan or system - additional contribution

(1)
Except as otherwise provided in this section, any plan or system adopted pursuant to this article 54 shall require participants to contribute a percentage of their salaries toward the cost thereof, such rate of contribution to be not less than three percent of the participant's basic salary or wage. Participation in the public employees' retirement association shall be as provided by article
51
of this title 24.
(2)
The governing body of each county, municipality, political subdivision, or other participating entity shall establish the percentage of the governing body's contribution to any plan or system, adopted pursuant to this article 54, made on behalf of the participant of the county, municipality, political subdivision, or other participating entity. The amount of the contribution made on behalf of each participant shall not be less than three percent of the participant's basic salary or wage. The percentage of the contribution made by a county, municipality, political subdivision, or other participating entity to any plan or system and the percentage of the contribution made by the participant to a plan or system need not be the same as long as the percentage of the contribution made by either is not less than three percent of the participant's basic salary or wage.
(3)
When a plan or system in lieu of social security benefits is established pursuant to the provisions of section
24-54-101 (5)
, such plan may require additional contributions from the county, municipality, political subdivision, or other participating entity and its employees, and said contributions shall be set at a rate not to exceed the total contribution required by the county, municipality, political subdivision, or other participating entity and its employees pursuant to the "Federal Insurance Contributions Act", as defined in section
24-53-101
.
(4)
Any plan or system adopted pursuant to this article may, pursuant to the provisions of section 414 (h)(2) of the federal "Internal Revenue Code of 1986", as amended, provide that the county, municipality, political subdivision, or other participating entity may elect to pick up the contributions of employee or elected official participants required in this section.
Amended by 2019 Ch. 211, § 1, eff. 8/2/2019.
L. 87: Entire article added, p. 1087, § 2, effective July 1. L. 97: Entire section amended, p. 156, § 6, effective March 28. L. 2004: (1) and (2) amended, p. 86, § 1, effective August 4. L. 2005: Entire section amended, p. 359, § 3, effective April 22. L. 2007: (1) and (2) amended, p. 396, § 2, effective August 3. L. 2019: (1) and (2) amended, (HB 19-1299), ch. 2218, p. 2218, § 1, effective August 2.
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54 - County, Municipal, and Political Subdivision Officers' and Employees' Retirement Systems (§§ 24-54-101 — 24-54-117) › Section 24-54-105 - Insurer authorized to do business in state - county, municipal, or political subdivision charge

(1)
Any group annuity contract purchased pursuant to the provisions of this article shall be obtained from a life insurance company duly authorized to do an insurance and annuity business in this state, responsible and financially sound considering the extent and duration of coverage required.
(2)
The consideration paid by any county, municipality, or political subdivision pursuant to any group annuity contract shall be a proper charge against the county, municipality, or political subdivision participating in any such contract.
L. 87: Entire article added, p. 1088, § 2, effective July 1. L. 2005: (2) amended, p. 360, § 4, effective April 22.
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54 - County, Municipal, and Political Subdivision Officers' and Employees' Retirement Systems (§§ 24-54-101 — 24-54-117) › Section 24-54-107.5 - Boards of retirement - requirements - plans or systems comprised of one or more counties, one or more municipalities, and one or more political subdivisions

(1)
A person who has been adjudicated of violating any provision of this article or who has been convicted of a felony or any crime involving the misappropriation of funds shall not be elected or continue to serve as a member of a joint board of retirement created pursuant to section
24-54-107 (5)
.
(2)
Members of a joint board of retirement created pursuant to section
24-54-107 (5)
shall be entitled to one hundred dollars compensation for each meeting attended and may be reimbursed by the retirement plan or system for any actual and necessary expenses incurred in the conduct of their official duties on the joint board.
(3)
A joint board of retirement created pursuant to section
24-54-107 (5)
shall obtain insurance or self-insure against liability that arises out of, or in connection with, the performance of duties by any joint board member or employee of the retirement plan or system.
(4)
A joint board of retirement created pursuant to section
24-54-107 (5)
shall set the time and place of meetings, conduct the meetings in accordance with the provisions of part 4 of article
6
of this title, and maintain a record of its proceedings.
(5)
A joint board of retirement created pursuant to section
24-54-107 (5)
may hold discussions in executive session pursuant to section
24-6-402 (4)
, which shall be closed to the public.
(6)
A vote of a joint board of retirement created pursuant to section
24-54-107 (5)
shall occur only when a quorum is present.
(7)
A member of a joint board of retirement created pursuant to section
24-54-107 (5)
shall not engage in any activity that might result in a conflict of interest with the member's functions as a fiduciary for the retirement plan or system.
L. 2005: Entire section added, p. 363, § 10, effective April 22.
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54 - County, Municipal, and Political Subdivision Officers' and Employees' Retirement Systems (§§ 24-54-101 — 24-54-117) › Section 24-54-108 - Control and management of plan or system

(1)
The retirement board of any association formed pursuant to the provisions of section
24-54-106
shall have full and complete control and management of any retirement plan provided for and authorized by this article, other than matters relating to participation in the public employees' retirement association. Such retirement board shall make all necessary rules and regulations for managing and discharging its duties, for its own government and procedure in so doing, and for the preservation and protection of any fund or annuity contract.
(2)
Such retirement board shall determine what type of retirement plan in which to participate and shall select, on the basis of the most sound proposal:
(a)
An insurance company qualified under section
24-54-105 (1)
; or
(b)
A noninsured trust retirement plan, with a bank or trust company authorized to exercise trust powers in this state as trustee, invested by the trustee pursuant to the provisions of part 3 of article
1
of title
15
, C.R.S., but of the initial and subsequent sums of money available for investment, the trustee shall invest only in such investments as are specified in section
24-54-112
; or
(c)
A noninsured trust retirement plan, invested by the treasurer of the plan in such securities as are specified in section
24-54-112
; or
(d)
Participation in the public employees' retirement association, pursuant to article
51
of this title.
(3)
The retirement board shall hear and decide all applications for relief, pensions, annuities, retirement, or other benefits pursuant to the plan or system adopted. A record of such action and all other matters properly coming before said retirement board shall be kept and preserved.
(4)
The treasurer of the most populous county, municipality, or political subdivision shall be ex officio the treasurer of any association formed pursuant to the provisions of section
24-54-106
and establishing a noninsured trustee retirement plan or system. If any municipality or political subdivision alone adopts such a plan or system, the treasurer thereof shall serve as the treasurer of such plan or system. No fee therefor shall be charged by the treasurer pursuant to the provisions of section
30-1-102
, C.R.S., or any other provision of law.
L. 87: Entire article added, p. 1089, § 2, effective July 1. L. 97: (2)(b), (2)(c), and (4) amended, p. 153, § 1, effective March 28. L. 2005: (4) amended, p. 363, § 7, effective April 22.
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54 - County, Municipal, and Political Subdivision Officers' and Employees' Retirement Systems (§§ 24-54-101 — 24-54-117) › Section 24-54-108.5 - Control and management of individual county plan

(1)
The retirement board of any individual county retirement plan shall have full and complete control and management of any retirement plan provided for and authorized by this article, other than matters relating to participation in the public employees' retirement association. Such retirement board shall make all necessary rules for managing and discharging its duties, for its own government and procedure in so doing, and for the preservation and protection of any fund or annuity contract.
(2)
The retirement board of any individual county retirement plan shall determine what type of retirement plan in which to participate and shall select, on the basis of the most sound proposal:
(a)
An insurance company qualified under section
24-54-105 (1)
; or
(b)
A noninsured trust retirement plan, with a bank or trust company authorized to exercise trust powers in this state as trustee, invested by the trustee pursuant to the provisions of part 3 of article
1
of title
15
, C.R.S., but, of the initial and subsequent sums of money available for investment, the trustee shall invest only in such investments as are specified in section
24-54-112
; or
(c)
A noninsured trust retirement plan, invested by the treasurer of the plan in such securities as are specified in section
24-54-112
; or
(d)
Participation in the public employees' retirement association, pursuant to article
51
of this title.
(3)
The retirement board of any individual county retirement plan shall hear and decide all applications for relief, pensions, annuities, retirement, or other benefits pursuant to the plan or system adopted. A record of such action and all other matters properly coming before said retirement board shall be kept and preserved.
(4)
The county treasurer shall serve as the treasurer of the individual county retirement plan. No fee therefor shall be charged by the treasurer pursuant to the provisions of section
30-1-102
, C.R.S., or any other provision of law.
L. 97: Entire section added, p. 154, § 2, effective March 28.
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54 - County, Municipal, and Political Subdivision Officers' and Employees' Retirement Systems (§§ 24-54-101 — 24-54-117) › Section 24-54-109 - County, municipal, or political subdivision retirement fund - tax

(1)
Any county adopting a retirement plan as authorized by this article shall establish a county officials' and employees' retirement fund, which fund is hereby authorized. The board of county commissioners may levy a retirement fund tax, in addition to any other tax authorized by law, on all of the taxable property within said county, the proceeds of which shall be deposited to the credit of said fund for appropriation to pay the costs and expenses of and the employer contributions pursuant to said retirement plan.
(2)
Any municipality adopting a retirement plan as authorized by this article shall establish a municipal officials' and employees' retirement fund. The city council or board of trustees, in addition to any other tax authorized by law, may levy a retirement fund tax on all the taxable property within said municipality, the proceeds of which shall be deposited to the credit of said fund for appropriation to pay the costs and expenses of and the employer contributions pursuant to said retirement plan.
(3)
Any political subdivision adopting a retirement plan or system as authorized by this article shall establish a political subdivision employees' retirement fund, which fund is hereby authorized. The board of directors may levy a retirement fund tax, in addition to any other tax authorized by law, on all of the taxable property within the political subdivision, the proceeds of which shall be deposited to the credit of said fund for appropriation to pay the costs and expenses of and the employer contributions pursuant to said retirement plan or system. Such tax, when added to other taxes levied by the political subdivision, shall not exceed any limitation on taxation established by law.
L. 87: Entire article added, p. 1089, § 2, effective July 1. L. 2005: (3) amended, p. 363, § 8, effective April 22.
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54 - County, Municipal, and Political Subdivision Officers' and Employees' Retirement Systems (§§ 24-54-101 — 24-54-117) › Section 24-54-110 - Exemption authorized - conditions

Any municipality is authorized to exempt the city manager and key management staff who report directly to the city manager or directly to the city council from the provisions of this article.
L. 87: Entire article added, p. 1090, § 2, effective July 1; entire section amended, p. 1589, § 65, effective July 1.
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54 - County, Municipal, and Political Subdivision Officers' and Employees' Retirement Systems (§§ 24-54-101 — 24-54-117) › Section 24-54-111 - Funds not subject to process

Except for assignments for child support purposes as provided for in sections
14-10-118 (1)
and
14-14-107
, C.R.S., as they existed prior to July 1, 1996, for income assignments for child support purposes pursuant to section
14-14-111.5
, C.R.S., for writs of garnishment that are the result of a judgment taken for arrearages for child support or for child support debt, for payments made in compliance with a properly executed court order approving a written agreement entered into pursuant to section
14-10-113 (6)
, C.R.S., and for restitution that is required to be paid for the theft, embezzlement, misappropriation, or wrongful conversion of public property or in the event of a judgment for a willful and intentional violation of fiduciary duties pursuant to this article where the offender or a related party received direct financial gain, none of the moneys, funds, annuities, individual accounts, or other benefits specified in this article shall be assignable either in law or in equity or be subject to execution, levy, attachment, garnishment, or other legal process.
L. 87: Entire article added, p. 1090, § 2, effective July 1; entire section amended, p. 590, § 29, effective July 1. L. 96: Entire section amended, p. 623, § 35, effective July 1; entire section amended, p. 1460, § 4, effective 1/1/1997. L. 2005: Entire section amended, p. 74, § 9, effective August 8.
Amendments to this section by Senate Bill 96-002 and Senate Bill 96-204 were harmonized.
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54 - County, Municipal, and Political Subdivision Officers' and Employees' Retirement Systems (§§ 24-54-101 — 24-54-117) › Section 24-54-112 - Investments

(1)
The retirement board shall have complete control and authority to invest the funds of the plan.
(2) and (3)
(Deleted by amendment, L. 2000, p. 752, § 1, effective August 2, 2000.)
(4)
Funds of the plan shall be managed and invested by the retirement board of such plan in accordance with the prudent investor rule and the other standards and provisions for trustees set forth in the "Colorado Uniform Prudent Investor Act", article
1.1
of title
15
, C.R.S.
(5)
The limitations specified in subsection (4) of this section shall not apply to investments self-directed by participants in the plan.
L. 97: Entire section added, p. 154, § 3, effective March 28. L. 2000: Entire section amended, p. 752, § 1, effective August 2.
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54 - County, Municipal, and Political Subdivision Officers' and Employees' Retirement Systems (§§ 24-54-101 — 24-54-117) › Section 24-54-113 - Direct rollovers

Notwithstanding any other provision of this article, an employee or official who has terminated contributions to a plan established pursuant to this article, or a surviving spouse, may elect to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan in a direct rollover in accordance with section 401 (a)(31) of the federal "Internal Revenue Code of 1986", as amended. If a direct rollover is elected, such distribution shall be made by the distributing plan not later than ninety days after the later of the date the last contribution is received or the date a direct rollover election is received by the plan.
L. 2003: Entire section added, p. 2612, § 13, effective June 5.
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54 - County, Municipal, and Political Subdivision Officers' and Employees' Retirement Systems (§§ 24-54-101 — 24-54-117) › Section 24-54-114 - Audit

Every three years, the state auditor may conduct or cause to be conducted an audit of any retirement plan or system of retirement benefits established and maintained by any county in conjunction with any other county pursuant to the provisions of this article. The audit shall review the financial transactions and accounts of the plan or system, investigate the qualified status of the plan or system with the internal revenue service, and determine whether the plan or system otherwise complies with the provisions of this article. The results of the audit shall be reported to the legislative audit committee created in section
2-3-101
, C.R.S., the speaker of the house of representatives, the president of the senate, and the boards of county commissioners of each county that participates in the plan or system that is the subject of the audit. The audit shall not replace the annual audit prescribed in section
29-1-603
, C.R.S.
L. 2003: Entire section added, p. 2505, § 1, effective June 5. L. 2005: Entire section amended, p. 363, § 9, effective April 22.
This section was originally numbered as
24-54-113
in Senate Bill 03-344 but has been renumbered on revision for ease of location.
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54 - County, Municipal, and Political Subdivision Officers' and Employees' Retirement Systems (§§ 24-54-101 — 24-54-117) › Section 24-54-115 - Confidentiality

All information contained in records of members of a retirement plan or system of retirement benefits established and maintained pursuant to the provisions of this article, former members, inactive members, or benefit recipients and their dependents shall be kept confidential by a retirement plan or system established pursuant to this article.
L. 2005: Entire section added, p. 363, § 10, effective April 22.
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54 - County, Municipal, and Political Subdivision Officers' and Employees' Retirement Systems (§§ 24-54-101 — 24-54-117) › Section 24-54-116 - [Repealed]

L. 2012: Entire section added, (SB 12-149), ch. 227, p. 1003, § 2, effective May 29.
Subsection (5) provided for the repeal of this section, effective July 1, 2016. (See L. 2012, p. 1003.)
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54 - County, Municipal, and Political Subdivision Officers' and Employees' Retirement Systems (§§ 24-54-101 — 24-54-117) › Section 24-54-117 - Notice of possible change in benefits - ensuring sustainability

The board of any defined benefit plan or system adopted pursuant to the provisions of this article shall provide written notice to each member, inactive member, and beneficiary that the possibility of a reduction of benefits to ensure the sustainability of the defined benefit plan or system could occur in the future.
L. 2012: Entire section added, (SB 12-149), ch. 227, p. 1003, § 2, effective May 29.
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54.3 - Colorado Secure Savings Program Act (§§ 24-54.3-101 — 24-54.3-111) › Section 24-54.3-101 - Short title

The short title of this article 54.3 is the "Colorado Secure Savings Program Act".
Amended by 2020 Ch. 295, § 2, eff. 7/14/2020.
Added by 2019 Ch. 236, § 2, eff. 5/20/2019.
L. 2019: Entire article added, (SB 19-173), ch. 2341, p. 2341, § 2, effective May 20. L. 2020: Entire section amended, (SB 20-200), ch. 1460, p. 1460, § 2, effective July 14.
For the legislative declaration in SB 20-200, see section 1 of chapter 295, Session Laws of Colorado 2020.
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54.3 - Colorado Secure Savings Program Act (§§ 24-54.3-101 — 24-54.3-111) › Section 24-54.3-102 - Definitions

As used in this article 54.3, unless the context otherwise requires:
(1)
"Board" means the Colorado secure savings program board established in section
24-54.3-103
.
(2)
"Employee" means any individual who is eighteen years of age or older, who is employed by an employer for at least one hundred eighty days, and who earns wages subject to income tax pursuant to section
39-22-104
.
(3)
"Employer" means a person or entity engaged in a business, industry, profession, trade, or other enterprise in the state, whether for profit or not-for-profit, that employed five or more employees at any time during the previous calendar year, has been in business at least two years, and has not offered a qualified retirement plan to any employees, including, but not limited to, a plan qualified under sections 401 (a), 401 (k), 403 (a), 403 (b), 408 (k), 408 (p), or 457 (b) of the internal revenue code in the preceding two years.
(4)
"Fee" means investment management charges, administrative charges, investment advice charges, trading fees, marketing and sales fees, revenue sharing, broker fees, and other costs necessary to run the Colorado secure savings program.
(5)
"Internal revenue code" means the federal "Internal Revenue Code of 1986", as amended, or any successor law.
(6)
"IRA" means a Roth individual retirement account authorized pursuant to section 408A of the internal revenue code or a traditional individual retirement account.
(6.5)
"Program" means the Colorado secure savings program created by the board pursuant to section
24-54.3-103 (1)
.
(7)
"Wages" means any compensation within the meaning of section 219 (f)(1) of the internal revenue code that is received by an employee from an employer during the calendar year.
Amended by 2020 Ch. 295, § 3, eff. 7/14/2020.
Added by 2019 Ch. 236, § 2, eff. 5/20/2019.
L. 2019: Entire article added, (SB 19-173), ch. 2341, p. 2341, § 2, effective May 20. L. 2020: (1) and (4) amended and (6.5) added, (SB 20-200), ch. 1460, p. 1460, § 3, effective July 14.
For the legislative declaration in SB 20-200, see section 1 of chapter 295, Session Laws of Colorado 2020.
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54.3 - Colorado Secure Savings Program Act (§§ 24-54.3-101 — 24-54.3-111) › Section 24-54.3-105 - [Repealed]

Repealed by 2020 Ch. 295, § 8, eff. 7/14/2020.
L. 2019: Entire article added, (SB 19-173), ch. 2346, p. 2346, § 2, effective May 20. L. 2020: Entire section repealed, (SB 20-200), ch. 1467, p. 1467, § 8, effective July 14.
For the legislative declaration in SB 20-200, see section 1 of chapter 295, Session Laws of Colorado 2020.
Added by 2019 Ch. 236, § 2, eff. 5/20/2019.
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54.3 - Colorado Secure Savings Program Act (§§ 24-54.3-101 — 24-54.3-111) › Section 24-54.3-106 - [Repealed]

Repealed by 2020 Ch. 295, § 8, eff. 7/14/2020.
L. 2019: Entire article added, (SB 19-173), ch. 2347, p. 2347, § 2, effective May 20. L. 2020: Entire section repealed, (SB 20-200), ch. 1467, p. 1467, § 8, effective July 14.
For the legislative declaration in SB 20-200, see section 1 of chapter 295, Session Laws of Colorado 2020.
Added by 2019 Ch. 236, § 2, eff. 5/20/2019.
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54.3 - Colorado Secure Savings Program Act (§§ 24-54.3-101 — 24-54.3-111) › Section 24-54.3-108 - Colorado secure savings program fund - creation

(1)
The Colorado secure savings fund, referred to in this section as the "fund", is hereby created in the state treasury. The fund consists of the following:
(a)
Money appropriated to the fund by the general assembly;
(b)
Money transferred to the fund from the federal government, other state agencies, or local governments;
(c)
Money from the payment of fees, penalties, and the payment of other money due to the board; and
(d)
Any gifts, grants, or donations made to the board, and any gifts, grants, donations, or investments received by the state treasurer.
(2)
The state treasurer shall credit all interest and income derived from the deposit and investment of money in the fund to the fund.
(3)
Any unexpended and unencumbered moneys remaining in the fund at the end of a fiscal year shall remain in the fund.
(4)
Money in the fund is continuously appropriated to the board for the purposes of implementing and administering this article 54.3.
Added by 2020 Ch. 295, § 7, eff. 7/14/2020.
L. 2020: Entire section added, (SB 20-200), ch. 1466, p. 1466, § 7, effective July 14.
For the legislative declaration in SB 20-200, see section 1 of chapter 295, Session Laws of Colorado 2020.
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54.3 - Colorado Secure Savings Program Act (§§ 24-54.3-101 — 24-54.3-111) › Section 24-54.3-109 - Implementation and administration - costs

The state treasurer may seek, accept, and expend gifts, grants, donations, or investments not required to be repaid, from private or public sources for the costs associated with the administration of this article 54.3.
Added by 2020 Ch. 295, § 7, eff. 7/14/2020.
L. 2020: Entire section added, (SB 20-200), ch. 1466, p. 1466, § 7, effective July 14.
For the legislative declaration in SB 20-200, see section 1 of chapter 295, Session Laws of Colorado 2020.
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54.3 - Colorado Secure Savings Program Act (§§ 24-54.3-101 — 24-54.3-111) › Section 24-54.3-110 - Confidentiality

Individual account information for accounts under the program developed pursuant to section
24-54.3-104
, including but not limited to names, addresses, telephone numbers, personal identification information, amounts contributed, and earnings on amounts contributed, is confidential and shall be maintained as confidential; except that individual account information may be disclosed to the extent necessary to administer the program developed pursuant to section
24-54.3-104
in a manner consistent with this article 54.3, state tax laws, and the internal revenue code. The provisions of this section do not apply if the person who provides the information or is the subject of the information expressly agrees in writing that the information may be disclosed.
Added by 2020 Ch. 295, § 7, eff. 7/14/2020.
L. 2020: Entire section added, (SB 20-200), ch. 1466, p. 1466, § 7, effective July 14.
For the legislative declaration in SB 20-200, see section 1 of chapter 295, Session Laws of Colorado 2020.
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54.3 - Colorado Secure Savings Program Act (§§ 24-54.3-101 — 24-54.3-111) › Section 24-54.3-111 - Annual report

Notwithstanding the provisions of section
24-1-136 (11)
, on or before April 1, 2022, and on or before April 1 each year thereafter, the board shall submit a report to the governor and to the members of the finance committees of the senate and the house of representatives, or any successor committees, detailing the board's activities and the status of the program. At a minimum, the report shall include statistics regarding enrollment in the program, the number of program accounts opened, the average amount employees are saving through the program, average contribution levels, a summary of common complaints or concerns about the program, and information regarding the administrative costs and fees associated with the program.
Added by 2020 Ch. 295, § 7, eff. 7/14/2020.
L. 2020: Entire section added, (SB 20-200), ch. 1467, p. 1467, § 7, effective July 14.
For the legislative declaration in SB 20-200, see section 1 of chapter 295, Session Laws of Colorado 2020.
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54.5 - EDUCATIONAL EMPLOYEES' OPTIONAL RETIREMENT PLAN (§§ 24-54.5-101 — 24-54.5-107) › Section 24-54.5-101 - Legislative declaration

The general assembly of Colorado hereby finds and declares that it is essential for the state colleges and universities of Colorado to be able to attract and retain the most qualified faculty and administrators in order to preserve and enhance the ability of such colleges and universities to fulfill their educational, service, and research responsibilities. Accordingly, in order to attract and retain such employees, the general assembly hereby finds and declares that it is imperative that the governing boards of the state colleges and universities, except the university of Colorado, which currently has authority to provide an optional retirement plan, should have the maximum flexibility to provide alternative optional retirement plans.
L. 92: Entire article added, p. 571, § 2, effective July 1.
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54.5 - EDUCATIONAL EMPLOYEES' OPTIONAL RETIREMENT PLAN (§§ 24-54.5-101 — 24-54.5-107) › Section 24-54.5-102 - Definitions

As used in this article, unless the context otherwise requires:
(1)
"Association" means the public employees' retirement association established pursuant to section
24-51-201
.
(2)
"Eligible employee" means any employee of a state college or university who is:
(a)
Exempt from the state personnel system under section 13 (2) of article XII of the state constitution as a faculty member of an educational institution or department not reformatory or charitable in character; or
(b)
Exempt from the state personnel system pursuant to the provisions of section
24-50-135
.
(3)
"Eligible position" means a position at a state college or university for which an optional retirement plan is available.
(4)
"Employing institution" means any state college or university which employs eligible employees.
(5)
"Governing board" means any governing board of state colleges and universities.
(6)
"Optional retirement plan" means any defined contribution plan established pursuant to the provisions of this article for the benefit of eligible employees.
(7)
"State college or university" means any postsecondary educational institution, including community and local district colleges, established and existing pursuant to title 23, C.R.S., as an agency of the state of Colorado and supported wholly or in part by tax revenues; except that such term shall not include the university of Colorado.
L. 92: Entire article added, p. 572, § 2, effective July 1.
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54.5 - EDUCATIONAL EMPLOYEES' OPTIONAL RETIREMENT PLAN (§§ 24-54.5-101 — 24-54.5-107) › Section 24-54.5-103 - Authority of governing boards - establishment of optional retirement plans

Any governing board is authorized to establish one or more optional retirement plans pursuant to the provisions of this article at any state college or university under the jurisdiction of such governing board as an alternative to membership in the association.
L. 92: Entire article added, p. 572, § 2, effective July 1.
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54.5 - EDUCATIONAL EMPLOYEES' OPTIONAL RETIREMENT PLAN (§§ 24-54.5-101 — 24-54.5-107) › Section 24-54.5-104 - Requirements for optional retirement plans - contributions and purchases of contracts

(1)
Each governing board that makes a determination to establish one or more optional retirement plans at a state college or university which is under such governing board's jurisdiction shall set the terms and conditions of such optional retirement plan or plans. Benefits under any such optional retirement plans may be provided through annuity contracts, certificates, a combination of annuity contracts or certificates, or similar instruments or contracts and may be fixed or variable in nature. Any such optional retirement plans may provide retirement and death benefits.
(2)
Each governing board that establishes one or more optional retirement plans at any state college or university shall:
(a)
Provide for the administration of such optional retirement plans; and
(b)
Designate from time to time the company or companies from which contracts for such optional retirement plans shall be purchased. In designating such company or companies, the governing boards shall take into consideration:
(I)
The nature and extent of the rights and benefits to be provided by such contracts for the eligible employees electing to participate in such optional retirement plans and for the beneficiaries of such eligible employees;
(II)
The relation of such rights and benefits to the amount of contributions to be made;
(III)
The suitability of such rights and benefits to the needs and interests of eligible employees electing to participate in such optional retirement plans and to the interests of such state college or university in the employment and retention of eligible employees;
(IV)
The ability of the designated company or companies to provide the required rights and benefits under the contract or contracts for such optional retirement plans; and
(V)
The efficacy of such contracts in the recruitment and retention of faculty and administrators at such state college or university.
L. 92: Entire article added, p. 572, § 2, effective July 1.
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54.5 - EDUCATIONAL EMPLOYEES' OPTIONAL RETIREMENT PLAN (§§ 24-54.5-101 — 24-54.5-107) › Section 24-54.5-104.5 - Selection of fund sponsors - responsibilities and fiduciary duties of a governing board

(1)
Each governing board that establishes an optional retirement plan pursuant to this article shall establish a formal process for selecting companies to act as fund sponsors from which participants in the plan may select investment alternatives. The selection process shall include the following requirements:
(a)
Participants in the plan shall have access to investment alternatives having a range of risk, benefits, and cost.
(b)
The governing body shall have the ability to monitor the fund sponsor's performance of obligations under any contract related to the plan, including but not limited to the returns earned on each investment alternative or pool and the total fees and expenses charged.
(c)
The governing board shall conduct a periodic review of the financial viability and attractiveness of combining any optional retirement plan established by the governing board with the plans of other governing boards established pursuant to this article.
(d)
The governing board shall periodically review each fund sponsor from which participants may select investment alternatives and compare the sponsor's performance to other sponsors of optional retirement plans available to public employees in the state. Periodic reviews of a fund sponsor may be conducted by a standing committee of a governing board, institutional committee or personnel, or external auditors or benefits consultants as determined by each governing board. A full report by any such committee shall be provided to each member of the governing board. Nothing in this subsection (1) shall prohibit a periodic review from being conducted independently or in cooperation with others.
(2)
As long as a governing board complies with the requirements set forth in subsection (1) of this section, it shall be deemed to have met its responsibilities and fiduciary duties with respect to any optional retirement plan it has established, and the governing board, its members, agents, employees, and plan administrators shall have no liability whatsoever to participants in the plan.
(3)
The requirements set forth in this section shall constitute the appropriate standard for each governing board that establishes an optional retirement plan for purposes of section
15-1.1-115
, C.R.S., and shall supersede the provisions of article
1.1
of title
15
, C.R.S.
L. 2004: Entire section added, p. 3, § 1, effective August 4.
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54.5 - EDUCATIONAL EMPLOYEES' OPTIONAL RETIREMENT PLAN (§§ 24-54.5-101 — 24-54.5-107) › Section 24-54.5-106 - Public employees' retirement association - ineligibility

(1)
Eligible employees of state colleges and universities for which no optional retirement plan has been established and eligible employees who do not participate in their employing institution's optional retirement plans shall participate in the association.
(2)
Any eligible employee who participates in an optional retirement plan established for such eligible employee's employing institution shall be ineligible for membership in the association so long as such eligible employee is employed in any eligible position by a state college or university. In the event an optional retirement plan participant accepts a government position for which an optional retirement plan is not available, such participant shall cease participation in the optional retirement plan at the time of termination of employment in an eligible position and shall begin participation in the association to the extent that participation in the association is otherwise required by law.
(3)
(Deleted by amendment, L. 2007, p. 2014, § 9, effective January 1, 2008.)
L. 92: Entire article added, p. 576, § 2, effective July 1. L. 2006: (2) amended and (3) added, p. 1192, § 31, effective 1/1/2008. L. 2007: (2) and (3) amended, p. 2014, § 9, effective 1/1/2008.
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54.5 - EDUCATIONAL EMPLOYEES' OPTIONAL RETIREMENT PLAN (§§ 24-54.5-101 — 24-54.5-107) › Section 24-54.5-107 - Moneys not subject to legal process

Except for assignments for child support purposes as provided for in sections
14-10-118 (1)
and
14-14-107
, C.R.S., as they existed prior to July 1, 1996, for income assignments for child support purposes pursuant to section
14-14-111.5
, C.R.S., for writs of garnishment that are the result of a judgment taken for arrearages for child support or for child support debt, for payments made in compliance with a properly executed court order approving a written agreement entered into pursuant to section
14-10-113 (6)
, C.R.S., and for restitution that is required to be paid for the theft, embezzlement, misappropriation, or wrongful conversion of public property or in the event of a judgment for a willful and intentional violation of fiduciary duties pursuant to this article where the offender or a related party received direct financial gain, no annuity contract or certificate purchased under an optional retirement plan established pursuant to the provisions of this article shall be assignable either in law or in equity or be subject to execution, levy, attachment, garnishment, or other legal process.
L. 92: Entire article added, p. 576, § 2, effective July 1. L. 96: Entire section amended, p. 623, § 36, effective July 1; entire section amended, p. 1461, § 5, effective 1/1/1997. L. 2005: Entire section amended, p. 75, § 10, effective August 8.
Amendments to this section by Senate Bill 96-002 and Senate Bill 96-204 were harmonized.
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54.6 - STUDENT EMPLOYEES' RETIREMENT PLAN (§§ 24-54.6-101 — 24-54.6-106) › Section 24-54.6-101 - Legislative declaration

The general assembly hereby finds and declares that it is essential for the governing boards of the state colleges and universities and the affiliated agencies thereof, the Auraria higher education center, and the local district colleges to comply with federal legislation regarding retirement plan coverage of student employees in the most cost efficient manner. The general assembly therefore declares that it is imperative that the department of higher education have the maximum flexibility to provide retirement plans for student employees.
L. 93: Entire article added, p. 1869, § 2, effective June 6.
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54.6 - STUDENT EMPLOYEES' RETIREMENT PLAN (§§ 24-54.6-101 — 24-54.6-106) › Section 24-54.6-102 - Definitions

As used in this article, unless the context otherwise requires:
(1)
"Association" means the public employees' retirement association established pursuant to section
24-51-201
.
(2)
"Department" means the department of higher education.
(3)
"Eligible student employee" means:
(a)
Any student employee of a governing board, state college or university, or affiliated agency of a state college or university, or the Auraria higher education center who is exempt from the state personnel system under section 13 (2) of article XII of the Colorado constitution as a student and who is required by federal law to be covered by a retirement plan; and
(b)
Any student employee of a local district college who is required by federal law to be covered by a retirement plan.
(4)
"Governing board" means any governing board of a state college or university.
(5)
"State college or university" means any postsecondary educational institution, including local district colleges, established and existing pursuant to title 23, C.R.S., as an agency of the state of Colorado and supported wholly or in part by tax revenues and includes the Auraria higher education center. For purposes of this subsection (5), "local district college" shall include Aims community college, Colorado mountain college, northeastern junior college, and Colorado Northwestern community college.
(6)
"Student employee retirement plan" or "plan" means any benefit plan established pursuant to the provisions of this article for the benefit of eligible student employees.
L. 93: Entire article added, p. 1869, § 2, effective June 6.
2023 Colorado Revised Statutes › Title 24 - GOVERNMENT - STATE (§§ 24-1-101 — 24-116-102) › PUBLIC EMPLOYEES RETIREMENT SYSTEMS (§§ 24-51-101 — 24-54.8-204) › Article 54.6 - STUDENT EMPLOYEES' RETIREMENT PLAN (§§ 24-54.6-101 — 24-54.6-106) › Section 24-54.6-103 - Authority of department and governing boards - establishment of student employee retirement plan

The department or any governing board is authorized to establish a student employee retirement plan pursuant to the provisions of this article.
L. 93: Entire article added, p. 1870, § 2, effective June 6.