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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 3 - MEMBERSHIP (§§ 24-51-301 — 24-51-321) › Section 24-51-311 - Continuation of membership

Notwithstanding the provisions of section
24-51-310
, employees of a public hospital which is sold, leased, or otherwise transferred to a nonprofit corporation organized pursuant to the laws of this state for the purpose of conducting a hospital, or employees of an association-affiliated employer that has transferred title pursuant to section
26-12-112 (5)(a)
, C.R.S., to an entity organized pursuant to the laws of the state for the purpose of conducting a long-term care facility or health-care facility, may continue membership in the association if the board determines, in its sole discretion, that continued membership will not adversely affect its qualified governmental plan status and if the transfer agreement provides for continuance of membership and the new employer agrees to submit to the association the appropriate amount of employer and member contributions and disbursements pursuant to part 4 of this article.
L. 87: Entire article R&RE, p. 1055, § 1, effective July 1. L. 95: Entire section amended, p. 1105, § 41, effective May 31. L. 2009: Entire section amended, (SB 09 -056), ch. 177, p. 783, § 2, effective April 22.
This section is similar to former § 24-51-228 as it existed prior to 1987.
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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 3 - MEMBERSHIP (§§ 24-51-301 — 24-51-321) › Section 24-51-312 - Payment of contributions

(1)
Nothing in this article shall be construed as modifying or abridging the responsibilities of any person or employer for any social security payments which may be required pursuant to federal law.
(2)
Member or employer contributions paid to the association shall not be considered an increase in the salary of such member.
(3)
Service credit shall only be earned from the date membership begins and with the payment of contributions thereto.
L. 87: Entire article R&RE, p. 1055, § 1, effective July 1.
This section is similar to former §§ 24-51-128, 24-51-141, 24-51-146, and 24-51-203 as they existed prior to 1987.
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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 3 - MEMBERSHIP (§§ 24-51-301 — 24-51-321) › Section 24-51-313 - Termination of affiliation - employer assigned to local government division - requirements

(1)
Any political subdivision within the state of Colorado or any public agency created by such a political subdivision that is an employer affiliated with the association pursuant to section
24-51-309
and that is assigned to the local government division may make application to the board to terminate the affiliation of the employer with the association. The application shall be made by submitting to the board an ordinance or resolution that has been adopted by the governing body of the employer and that has been approved by at least sixty-five percent of the employees of the employer who are members. Such employee members of the employer shall be notified in writing of the provisions of section
24-51-321
prior to a vote on an ordinance or resolution to terminate the affiliation of the employer with the association. Notwithstanding the provisions of this subsection (1), any such employer that ceases operations or ceases to participate in the association for any reason shall be deemed to have terminated its affiliation with the association and must comply with the provisions of sections
24-51-315
to
24-51-319
.
(2)
All applications for termination of affiliation shall comply with the requirements set forth in this section, and, except as otherwise provided in this part 3, all applications meeting such requirements shall be approved by the board. Applications which do not meet the requirements of this section shall not be approved by the board. Upon approval of such application, the effective date of termination of affiliation shall not occur earlier than sixty days or later than ninety days after the date upon which such application is submitted to the board.
Amended by 2018 Ch. 370, § 6, eff. 6/4/2018.
L. 88: Entire section added, p. 965, § 1, effective April 28. L. 2004: (1) amended, p. 1941, § 12, effective 1/1/2006. L. 2018: (1) amended, (SB 18-200), ch. 370, p. 2238, § 6, effective June 4.
For the legislative declaration in SB 18-200, see section 1 of chapter 370, Session Laws of Colorado 2018.
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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 3 - MEMBERSHIP (§§ 24-51-301 — 24-51-321) › Section 24-51-314 - Termination of affiliation - rights of benefit recipients and inactive members

The rights of benefit recipients and the vested rights of inactive members shall not be impaired or reduced in any manner as a result of the termination of affiliation of an employer with the association as provided in section
24-51-313
.
L. 88: Entire section added, p. 966, § 1, effective April 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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 3 - MEMBERSHIP (§§ 24-51-301 — 24-51-321) › Section 24-51-316 - Inadequate reserves - excess reserves - nonpayment

(1)
(a)
In the event that the amount of the reserves required pursuant to section
24-51-315 (1)(a)
exceeds the amount of the employer's share of the employer contribution reserve in the local government division trust fund as calculated by the actuary, then the employer shall make an additional payment as of the effective date of termination of affiliation in an amount equal to the difference between the amount of reserves required and the amount of reserves on deposit.
(b)
In the event that the reserves required pursuant to section
24-51-315 (1)(b)
for the health care trust fund created by section
24-51-1201 (1)
exceeds the market value of assets attributable to the employer in the health care trust fund, the employer shall make an additional payment as of the effective date of termination of affiliation in an amount equal to the difference between the amount of reserves required and the amount of reserves on deposit.
(c)
If the actuary determines, in accordance with accepted actuarial principles, that the termination of affiliation of the employer shall have an adverse financial impact on the funding of the health care trust fund created by section
24-51-1201 (1)
, the employer shall make any additional payment necessary to ensure that the impact on the funding of the health care trust fund remains unchanged upon the employer's termination of affiliation.
(2)
In the event that the amount of the reserves on deposit in the local government division trust fund as calculated by the actuary for the employer requesting termination of affiliation exceeds the amount of reserves required pursuant to section
24-51-315 (1)
, such excess amount and the amount required for the transfer of member contributions as provided in section
24-51-317
shall be transferred by a direct trustee-to-trustee transfer to the alternate pension plan or system required by section
24-51-319
as of the effective date of termination of affiliation.
(3)
If any payment required pursuant to subsection (1) or (2) of this section is not made, interest shall be assessed on the amount due at the rate specified for employers in section
24-51-101 (28)
. Interest shall be calculated from the effective date of termination until such amount is paid in full.
Amended by 2018 Ch. 370, § 8, eff. 6/4/2018.
L. 88: Entire section added, p. 966, § 1, effective April 28. L. 97: (1) and (2) amended, p. 64, § 5, effective July 1. L. 2004: (1) and (2) amended, p. 1942, § 14, effective 1/1/2006. L. 2018: Entire section amended, (SB 18-200), ch. 370, p. 2240, § 8, effective June 4.
For the legislative declaration in SB 18-200, see section 1 of chapter 370, Session Laws of Colorado 2018.
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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 3 - MEMBERSHIP (§§ 24-51-301 — 24-51-321) › Section 24-51-317 - Termination of affiliation - member contributions

Members who are employees of an employer that has terminated its affiliation with the association shall become inactive members as of the effective date of termination of affiliation. Such members may elect to have their member contributions credited to the alternative pension plan or system required by section
24-51-319
. In the absence of such an election, member contributions will remain with the association unless the member otherwise elects to refund such contributions in accordance with section
24-51-405
.
Amended by 2018 Ch. 370, § 9, eff. 6/4/2018.
L. 88: Entire section added, p. 967, § 1, effective April 28. L. 2018: Entire section amended, (SB 18-200), ch. 370, p. 2241, § 9, effective June 4.
For the legislative declaration in SB 18-200, see section 1 of chapter 370, Session Laws of Colorado 2018.
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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 3 - MEMBERSHIP (§§ 24-51-301 — 24-51-321) › Section 24-51-318 - Purchase of forfeited service credit

The provisions of section
24-51-503
which relate to the purchase of service credit forfeited by the refund of member contributions shall not apply to the members who are employees of an employer which has terminated its affiliation with the association. Such service credit forfeited by such termination of affiliation may be purchased pursuant to the provisions of section
24-51-505
.
L. 88: Entire section added, p. 967, § 1, effective April 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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 3 - MEMBERSHIP (§§ 24-51-301 — 24-51-321) › Section 24-51-319 - Retirement plan - creation and use

An employer that terminates its affiliation with the association shall utilize an existing, or shall establish an alternative, pension plan or system established pursuant to the provisions of article
54
of this title 24. Failure to utilize or establish an alternative pension plan or system does not excuse the employer from the adherence to the remainder of the termination of affiliation provisions of this part 3.
Amended by 2018 Ch. 370, § 10, eff. 6/4/2018.
L. 88: Entire section added, p. 967, § 1, effective April 28. L. 2018: Entire section amended, (SB 18-200), ch. 370, p. 2241, § 10, effective June 4.
For the legislative declaration in SB 18-200, see section 1 of chapter 370, Session Laws of Colorado 2018.
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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 3 - MEMBERSHIP (§§ 24-51-301 — 24-51-321) › Section 24-51-320 - Reaffiliation of a public entity

(1)
Any employer which terminates its affiliation with the association pursuant to the provisions of section
24-51-313
shall be eligible to apply for reaffiliation with the association as provided in section
24-51-309
no earlier than one year after the effective date of termination of affiliation.
(2)
Such application for reaffiliation shall not be submitted to the association unless approved by sixty-five percent of the employees of the public entity who are eligible to become members of the association.
(3)
The board shall not approve any application for reaffiliation with the association if such reaffiliation will have an adverse financial impact on the actuarial soundness of the local government division trust fund.
L. 88: Entire section added, p. 967, § 1, effective April 28. L. 2004: (3) amended, p. 1942, § 15, effective 1/1/2006.
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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 3 - MEMBERSHIP (§§ 24-51-301 — 24-51-321) › Section 24-51-321 - No state liability - political subdivision pension plans

The state shall not be held liable for any deficit that occurs in any defined benefit or defined contribution plan or system of any political subdivision within the state of Colorado or any public agency created by such a political subdivision which is an employer which has terminated affiliation with the association.
L. 88: Entire section added, p. 967, § 1, effective April 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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 4 - CONTRIBUTIONS (§§ 24-51-401 — 24-51-416) › Section 24-51-403 - Contributions assumed and paid by the employer

For purposes of deferring federal income tax imposed on salary, the member contributions and the working retiree contributions assumed and paid for by the employer shall be in lieu of paying such amounts as salary and shall be treated as employer contributions pursuant to the provisions of
26 U.S.C. sec. 414 (h)(2)
, as amended. For all other purposes of this article, member contributions assumed and paid for by the employer shall be considered member contributions.
L. 87: Entire article R&RE, p. 1056, § 1, effective July 1. L. 2010: Entire section amended, (SB 10 -001), ch. 2, p. 7, § 7, effective 1/1/2011.
This section is similar to former §§ 24-51-104, 24-51-143, 24-51-204, and 24-51-603 as they existed prior to 1987.
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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 4 - CONTRIBUTIONS (§§ 24-51-401 — 24-51-416) › Section 24-51-404 - Combining member contributions

Any member whose previous member contribution account has not been refunded shall be credited with such member contributions in said account upon a resumption of membership. Notwithstanding the provisions of this section, members exercising portability between the Denver public schools division and the other association divisions shall be governed by the provisions of section
24-51-1747
.
L. 87: Entire article R&RE, p. 1056, § 1, effective July 1. L. 2009: Entire section amended, (SB 09 -282), ch. 288, p. 1340, § 18, effective 1/1/2010.
This section is similar to former §§ 24-51-110 and 24-51-128 as they existed prior to 1987.
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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 4 - CONTRIBUTIONS (§§ 24-51-401 — 24-51-416) › Section 24-51-405 - Refund of the member contribution account

(1)
Subject to portability, any member who terminates membership for any reason other than retirement or death may request a refund of all moneys credited to the member contribution account and payment of matching employer contributions if said member has not resumed membership. Upon request, a refund shall be made by the association within ninety days after the date of termination of employment covered by membership or the date the association received the refund request, whichever is later.
(2)
A member contribution account shall not be refunded and matching employer contributions shall not be paid to such member for any reason other than termination of membership.
(3)
Repealed.
(4)
All rights of membership and any future benefits associated with a member contribution account and matching employer contributions are forfeited when a refund is made.
(5)
Employer contributions made to the association are nonrefundable to an employer.
(6)
Partial refunds are prohibited.
(7)
The amount of matching employer contributions shall be determined pursuant to the provisions of section
24-51-408
.
(8)
An individual who refunded his or her member contribution account pursuant to this section and again commences membership on or after July 1, 2005, but before January 1, 2007, whether or not the individual purchases all or part of the period associated with the refunded member contribution account, shall have no rights associated with membership prior to July 1, 2005, except as mandated by federal law, and such individual shall not be considered to have been a member, inactive member, or retiree on June 30, 2005.
(9)
An individual who refunded his or her member contribution account pursuant to this section and again commences membership on or after January 1, 2007, whether or not the individual purchases all or part of the period associated with the refunded member contribution account, shall not have any rights associated with membership prior to January 1, 2007, except as mandated by federal law, and such individual shall not be considered to have been a member, inactive member, or retiree on December 31, 2006.
(10)
Subject to portability, the amount available to DPS members in the event of a refund shall be governed by section
24-51-1711
.
L. 87: Entire article R&RE, p. 1056, § 1, effective July 1. L. 91, 2nd Ex. Sess.: (3) repealed, p. 71, § 2, effective October 11. L. 95: Entire section amended, p. 552, § 2, effective July 1. L. 2006: (8) and (9) added, p. 1178, § 8, effective May 25. L. 2009: (1) amended and (10) added, (SB 09 -282), ch. 288, p. 1340, § 19, effective 1/1/2010.
This section is similar to former §§ 24-51-109 and 24-51-611 as they existed prior to 1987.
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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 4 - CONTRIBUTIONS (§§ 24-51-401 — 24-51-416) › Section 24-51-405.5 - Direct rollovers

Notwithstanding any other provision of this article, effective January 1, 1993, a terminated member, a surviving spouse, or a named beneficiary 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.
L. 2002: Entire section added, p. 139, § 4, effective March 27. L. 2009: Entire section amended, (SB 09 -282), ch. 288, p. 1340, § 20, effective May 21.
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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 4 - CONTRIBUTIONS (§§ 24-51-401 — 24-51-416) › Section 24-51-406 - Payments from the judicial division

Any member of the judicial division who was a member of that division on or before July 1, 1973, and who retires from the judicial division with more than sixteen years of service credit may elect prior to retirement to receive, within ninety days following the effective date of retirement, a payment of the member contributions and interest together with matching employer contributions, calculated pursuant to the provisions of section
24-51-408 (1)
, that are associated with the service credit earned during the seventeenth through the twentieth years. This payment shall negate the service credit earned during those years.
L. 87: Entire article R&RE, p. 1056, § 1, effective July 1. L. 88: Entire section amended, p. 969, § 1, effective April 14. L. 95: Entire section amended, p. 553, § 3, effective July 1.
This section is similar to former § 24-51-607 as it existed prior to 1987.
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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 4 - CONTRIBUTIONS (§§ 24-51-401 — 24-51-416) › Section 24-51-407 - Interest

(1)
Member contributions shall earn interest beginning with the date of the first contribution, and, on succeeding balances, from the date of the first contribution through either the date the member contribution account is refunded and matching employer contributions are paid, the date a single payment is paid to the beneficiary, the date survivor benefits become payable, or the date of retirement, whichever occurs first.
(2)
Member contributions made prior to July 1, 1995, shall earn interest at the rate of six and eight-tenths percent per year, compounded annually, in lieu of the former rate, if a member contribution account exists for the person on July 1, 1995.
(3)
From July 1, 1995, to June 30, 2004, member contributions shall earn interest at a rate equal to eighty percent of the actuarial investment assumption rate, compounded annually, that was in effect at the time interest was earned.
(4)
On and after July 1, 2004, member contributions shall earn interest at a rate specified by the board, compounded annually, that is in effect at the time interest is earned. In no event shall the board specify a rate pursuant to this subsection (4) that exceeds five percent.
(5)
Notwithstanding the provisions of this section, DPS member accounts existing as of December 31, 2009, shall be credited regular interest in accordance with section
24-51-1702 (31)
through and including December 31, 2009. Thereafter, Denver public schools division member accounts shall earn interest in accordance with subsection (4) of this section.
L. 95: Entire section added, p. 553, § 4, effective July 1. L. 2004: (3) amended and (4) added, p. 695, § 2, effective July 1. L. 2009: (5) added, (SB 09 -282), ch. 288, p. 1341, § 21, effective 1/1/2010. L. 2010: (5) amended, (HB 10 -1422), ch. 419, p. 2086, § 72, effective August 11.
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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 4 - CONTRIBUTIONS (§§ 24-51-401 — 24-51-416) › Section 24-51-409 - Refund of erroneous member contribution

(1)
It is the intent of the general assembly that the association consider the payment of interest on any erroneous contribution made to a member contribution account and later refunded to the member. It is the further intent of the general assembly that, if the member was intentionally and actively involved in an erroneous contribution with an intent to increase a retirement benefit by including contributions to the member contribution account that were not based on salary, then interest may be withheld by the association as provided in this section.
(2)
The association shall refund to an employer, for payment to a member, any erroneous contribution, as defined in section
24-51-101
(21.5), that was made by the employer to a member contribution account. The association shall refund to the employer for payment to such member, in addition to the amount of the erroneous contribution, interest in the amount specified in section
24-51-101 (28)(c)
for the period beginning on the date of the contribution and ending on the date of the refund; except that, if the member was intentionally and actively involved in the erroneous contribution made to his or her member contribution account, the refund of interest on that amount may be withheld by the association.
L. 95: Entire section added, p. 518, § 2, effective May 19.
This section was originally numbered as
24-51-407
in House Bill 95-1281 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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 4 - CONTRIBUTIONS (§§ 24-51-401 — 24-51-416) › Section 24-51-410 - Anticipation of forfeitures in determining plan cost

Any benefits forfeited upon a termination of membership in the association shall be anticipated in determining the cost of the plan.
L. 97: Entire section added, p. 64, § 6, 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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 4 - CONTRIBUTIONS (§§ 24-51-401 — 24-51-416) › Section 24-51-415 - Defined contribution supplement

Beginning January 1, 2021, and every year thereafter, employer contribution rates will be adjusted to include a defined contribution supplement, which will be calculated separately for the state and local government divisions, as applicable. The defined contribution supplement for each division will be the employer contribution amount paid to defined contribution plan participant accounts that would have otherwise gone to the defined benefit trusts to pay down the unfunded liability, plus any defined benefit investment earnings thereon, expressed as a percentage of salary on which employer contributions have been made. The employer contribution amounts in the sum shall only include contributions made on behalf of eligible employees, as defined in section
24-51-1502
, who commence employment on or after January 1, 2019.
Added by 2018 Ch. 370, § 12, eff. 6/4/2018.
L. 2018: Entire section added, (SB 18-200), ch. 370, p. 2247, § 12, effective June 4.
For the legislative declaration in SB 18-200, see section 1 of chapter 370, Session Laws of Colorado 2018.
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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 4 - CONTRIBUTIONS (§§ 24-51-401 — 24-51-416) › Section 24-51-416 - [Repealed]

Amended by 2023 Ch. 322,§ 2, eff. 6/2/2023.
Amended by 2022 Ch. 168, § 1, eff. 5/17/2022.
Added by 2021 Ch. 94, § 1, eff. 5/4/2021.
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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 5 - SERVICE CREDIT (§§ 24-51-501 — 24-51-509) › Section 24-51-501 - Earned service credit

(1)
Service credit is earned for periods of employment with an employer during which salary is received by such employee and contributions are made to the association pursuant to the provisions of section
24-51-401
(1.7). No service credit shall be earned in connection with the payment of working retiree contributions.
(2)
One year of service credit is earned for twelve calendar months of employment, for which contributions to the association are made, in which a member in each month earns salary greater than or equal to eighty times the federal minimum wage hourly rate in effect at the time of service. A member who is employed in a position in which the employment pattern covers a period of at least eight months but less than twelve months per year shall earn one year of service credit if at least eight months of service credit are earned during the months in which the member is employed during the year.
(3)
Earned service credit for periods of employment which do not meet the requirements described in subsection (2) of this section shall be determined by the ratio of actual salary received to eighty times the federal minimum wage hourly rate in effect at the time of service and the ratio of the number of months for which contributions are remitted to the number of months required for one year of service credit.
(4)
Earned service credit shall be recorded on an annual basis.
(5)
Earned service credit shall not extend beyond the date of death of a member.
(6)
Service credit of DPS members prior to or on December 31, 2009, shall be governed by section
24-51-1710
. Beginning January 1, 2010, DPS members shall earn service credit pursuant to this section and shall purchase service credit relating to a refunded member contribution account and noncovered employment pursuant to this part 5; except that purchases by DPS members that are ongoing as of January 1, 2010, shall be governed by section
24-51-1705
.
L. 87: Entire article R&RE, p. 1057, § 1, effective July 1. L. 95: (1) amended, p. 1105, § 42, effective May 31; (2) to (4) amended, p. 263, § 3, effective July 1. L. 2009: (6) added, (SB 09-282), ch. 288, p. 1344 § 26, effective 1/1/2010. L. 2010: (1) amended, (SB 10 -001), ch. 2, p. 11, § 10, effective 1/1/2011.
This section is similar to former §§ 24-51-101, 24-51-200.5, and 24-51-215 as they existed prior to 1987.
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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 5 - SERVICE CREDIT (§§ 24-51-501 — 24-51-509) › Section 24-51-502 - Purchased service credit

(1)
A member may qualify earlier for service retirement, reduced service retirement, or increased benefits through the purchase of additional service credit.
(2)
Service credit purchases are limited to those specified in this part 5.
(3)
Service credit purchased pursuant to this part 5 by members who were members, inactive members, or retirees on December 31, 2006, shall be subject to the benefit provisions in effect for the existing member contribution account. Service credit purchased pursuant to this part 5 by members who were not members, inactive members, or retirees on December 31, 2006, shall be subject to the benefit provisions in effect for such member at the time of the initiation of payment of the purchase.
L. 87: Entire article R&RE, p. 1057, § 1, effective July 1. L. 2006: (3) added, p. 1181, § 10, effective May 25.
This section is similar to former §§ 24-51-1202 and 24-51-1203 as they existed prior to 1987.
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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 5 - SERVICE CREDIT (§§ 24-51-501 — 24-51-509) › Section 24-51-503 - Purchase of service credit relating to a refunded member contribution account

(1)
Except as otherwise provided in section
24-51-318
, the service credit forfeited with a refund pursuant to the provisions of section
24-51-405
may be purchased upon the former member's resumption of membership and after completion of one year of earned service credit by such member.
(2)
For members who were members, inactive members, or retirees on December 31, 2006, and for DPS members, the cost to purchase the forfeited service credit shall be the amount refunded plus interest accrued from the date of refund to completion of purchase.
(3)
Repealed.
(4)
For members who were not members, inactive members, or retirees on December 31, 2006, the cost to purchase the forfeited service credit shall be the amount refunded, plus interest accrued from the date of refund to completion of purchase, plus an amount equal to one percent of the member's highest average salary for each month or partial month of service credit to be purchased. The highest average salary shall be calculated either based on the salary currently reflected in the member account or by assuming the member's account has been credited with the service credit and salary associated with the forfeited service credit which is the subject of the purchase, whichever is higher. The one percent of highest average salary for each month or partial month of service credit purchased shall be allocated to the annual increase reserve pursuant to part 10 of this article. This subsection (4) shall not apply to DPS members.
L. 87: Entire article R&RE, p. 1057, § 1, effective July 1. L. 88: (1) amended, p. 968, § 3, effective April 28. L. 95: (1) amended, p. 554, § 5, effective July 1; (3) repealed, p. 263, § 4, effective July 1. L. 2006: (2) amended and (4) added, p. 1181, § 11, effective May 25. L. 2009: (2) and (4) amended, (SB 09 -282), ch. 288, p. 1344, § 27, effective 1/1/2010.
This section is similar to former § 24-51-110 as it existed prior to 1987.
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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 5 - SERVICE CREDIT (§§ 24-51-501 — 24-51-509) › Section 24-51-504 - Purchase of service credit relating to a paid sabbatical leave

(1)
The portion of service credit not earned during a paid sabbatical leave granted after July 1, 1966, may be purchased if the member makes member contributions on the difference between the partial salary paid and the salary which would have been paid if the paid sabbatical leave had not been taken.
(2)
Such member contributions made pursuant to the provisions of subsection (1) of this section may be made concurrently with member contributions on the partial salary paid for such sabbatical leave or after the sabbatical leave has ended at the applicable rate of member contributions pursuant to section
24-51-401
(1.7), plus interest from the date the sabbatical leave began until such purchase is complete.
Amended by 2018 Ch. 370, § 13, eff. 6/4/2018.
L. 87: Entire article R&RE, p. 1057, § 1, effective July 1. L. 2018: (2) amended, (SB 18-200), ch. 370, p. 2247, § 13, effective June 4.
For the legislative declaration in SB 18-200, see section 1 of chapter 370, Session Laws of Colorado 2018.
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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 5 - SERVICE CREDIT (§§ 24-51-501 — 24-51-509) › Section 24-51-506 - Payments for purchased service credit

(1)
Service credit purchases may be made by a lump-sum payment, by installment payments, by a trustee-to-trustee transfer or a direct rollover of an eligible rollover distribution from a plan described in section 402 (c)(8)(B)(iii) to (vi) of the federal "Internal Revenue Code of 1986", as amended, including but not limited to the voluntary investment program established pursuant to part 14 of this article and the deferred compensation plan established pursuant to part 16 of this article, or by a rollover of a distribution from an individual retirement account or annuity described in section 408 (a) or 408 (b) of such code that is eligible to be rolled over and would otherwise be included in gross income. Service credit purchases shall be initiated and payment received in full during membership.
(2)
Installment payments for service credit purchases are subject to the following provisions:
(a)
Repealed.
(b)
The first installment payment shall be paid to the association on the date required by the service credit purchase agreement, and all subsequent payments are due on the tenth calendar day of each month thereafter. Failure to make timely installment payments shall cause the service credit purchase agreement to be canceled, and all payments received will be returned to the member.
(c)
Purchased service credit shall be credited to the member upon completion of all installment payments due.
(3)
Installment payments and interest shall be credited to the member contribution account. After installment payments are completed, they may not be withdrawn except with a refund pursuant to the provisions of section
24-51-405
.
(4)
Upon the death of a member prior to completion of the service credit purchase, any installment payments made up to the date of death shall be refunded to the person eligible to receive survivor benefits, or a single payment shall be made to such person.
(5)
Any moneys a member pays for the purchase of service credit shall qualify for income tax deferral to the extent allowed by federal law.
L. 87: Entire article R&RE, p. 1058, § 1, effective July 1. L. 89: (5) amended, p. 1073, § 3, effective April 19. L. 92: (1) amended, p. 1108, § 2, effective May 14. L. 95: (2)(a) repealed, p. 264, § 6, effective July 1; (3) amended, p. 554, § 6, effective July 1. L. 97: (1) amended, p. 65, § 8, effective July 1. L. 2002: (1) amended, p. 138, § 2, effective March 27. L. 2009: (1) amended, (SB 09 -066), ch. 73, p. 256, § 18, effective March 31.
This section is similar to former §§ 24-51-1202 and 24-51-1203 as they existed prior to 1987.
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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 5 - SERVICE CREDIT (§§ 24-51-501 — 24-51-509) › Section 24-51-507 - Uniformed service credit

(1)
A member shall be granted additional service credit for uniformed service, as defined for reemployment right purposes under federal law, if:
(a)
Such member had membership in the association at the time the uniformed service began;
(b)
Such member was discharged from uniformed service and returned from the leave of absence for uniformed service to membership;
(c)
The period of uniformed service is verified and is not already covered by association service credit upon return from uniformed service to membership; and
(d)
All service credit forfeited by a refund pursuant to the provisions of section
24-51-405
is purchased.
(2)
Uniformed service credit shall be limited to a maximum of five years.
(3)
Death or any disability arising from uniformed service shall be excluded as a basis for disability retirement benefits or survivor benefits pursuant to the plan.
(4)
The provisions of this section shall not apply to DPS members.
L. 87: Entire article R&RE, p. 1059, § 1, effective July 1. L. 95: Entire section amended, p. 264, § 7, effective July 1. L. 2009: (4) added, (SB 09 -282), ch. 288, p. 1344, § 28, effective 1/1/2010.
This section is similar to former §§ 24-51-113, 24-51-124, and 24-51-216 as they existed prior to 1987.
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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 5 - SERVICE CREDIT (§§ 24-51-501 — 24-51-509) › Section 24-51-508 - Leave of absence for uniformed service

An employee who is on a leave of absence for uniformed service at the time his or her employer becomes affiliated with the association shall be entitled to service credit as provided for in section
24-51-507
upon becoming a member after returning to such employment.
L. 87: Entire article R&RE, p. 1059, § 1, effective July 1. L. 95: Entire section amended, p. 265, § 8, effective July 1.
This section is similar to former § 24-51-216 as it existed prior to 1987.
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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 5 - SERVICE CREDIT (§§ 24-51-501 — 24-51-509) › Section 24-51-509 - Combining service credit

Service credit earned by a member during the most recent period of membership shall be combined with the service credit associated with the existing member contribution account of such member. Notwithstanding the provisions of this section, members exercising portability between the Denver public schools division and other association divisions are governed by the provisions of section
24-51-1747
, retirees suspending retirement or reduced service retirement benefits are governed by section
24-51-1103 (1)
, and DPS retirees suspending retirement benefits are governed by section
24-51-1726.5
.
L. 87: Entire article R&RE, p. 1059, § 1, effective July 1. L. 2009: Entire section amended, (SB 09 -282), ch. 288, p. 1344, § 29, effective 1/1/2010. L. 2010: Entire section amended, (SB 10 -001), ch. 2, p. 11, § 11, effective 1/1/2011.
This section is similar to former §§ 24-51-1110, 24-51-128, and 24-51-215 as they existed prior to 1987.
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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 6 - SERVICE RETIREMENT (§§ 24-51-601 — 24-51-615) › Section 24-51-601 - Retirement benefit reserve

A retirement benefit reserve is hereby created to provide retirement benefits to retirees and cobeneficiaries.
L. 87: Entire article R&RE, p. 1060, § 1, effective July 1.
This section is similar to former § 24-51-106 as it existed prior to 1987.
For retirement of supreme court justices, other than under this article, see § 13-2-115 ; for retirement age of justices or judges, see § 23 of art. VI, Colo. Const.
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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 6 - SERVICE RETIREMENT (§§ 24-51-601 — 24-51-615) › Section 24-51-601.5 - [Repealed]

L. 87: Entire section added, p. 1096, § 1, effective July 1. L. 88: (2) added by revision, p. 963, §§ 20(1), 21.
Subsection (2) provided for the repeal of this section, effective January 1, 1990. (See L. 88, p. 963.)
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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 6 - SERVICE RETIREMENT (§§ 24-51-601 — 24-51-615) › Section 24-51-604 - Reduced service retirement eligibility

(1)
DPS members with less than five years of service credit as of January 1, 2011, and members who were members, inactive members, or retirees on December 31, 2019, and who have met the age and service credit requirements stated in the following table and who do not meet the requirements of section
24-51-602
shall, upon written application and approval of the board, receive reduced service retirement benefits pursuant to the benefit formula set forth in section
24-51-605
:
TABLE C
REDUCED SERVICE RETIREMENT ELIGIBILITY
Age Requirement (years)
Service Credit Requirement (years)
50
25
50
State Troopers only
20
55
20
60
5
(2)
Members who were not members, inactive members, or retirees on December 31, 2019, who have met the age and service credit requirements stated in the following table and who do not meet the requirements of section
24-51-602
shall, upon written application and approval of the board, receive reduced service retirement benefits pursuant to the benefit formula set forth in section
24-51-605
:
TABLE C.1
REDUCED SERVICE RETIREMENT ELIGIBILITY
Age Requirement (years)
Service Credit Requirement (years)
55
25
55
State Troopers only
20
60
5
Amended by 2018 Ch. 370, § 15, eff. 6/4/2018.
L. 87: Entire article R&RE, p. 1060, § 1, effective July 1. L. 93: Entire section amended, p. 476, § 1, effective July 1. L. 2010: IP amended, (SB 10 -001), ch. 2, p. 15, § 14, effective 1/1/2011. L. 2018: Entire section amended, (SB 18-200), ch. 370, p. 2249, § 15, effective June 4.
The provisions of this section are similar to provisions of several former sections as they existed prior to 1987.
For the legislative declaration in SB 18-200, see section 1 of chapter 370, Session Laws of Colorado 2018.
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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 6 - SERVICE RETIREMENT (§§ 24-51-601 — 24-51-615) › Section 24-51-605.5 - Benefit calculation for money purchase retirement benefit

(1)
Members and vested inactive members who have met the age and service credit requirements for eligibility for a service retirement benefit or a reduced service retirement benefit shall, upon written application and approval of the board, receive the greater of:
(a)
The retirement benefit calculated pursuant to section
24-51-603
or
24-51-605
for which the member is eligible; or
(b)
The money purchase retirement benefit.
(2)
The money purchase retirement benefit referred to in paragraph (b) of subsection (1) of this section shall be actuarially determined and shall be based upon the value on the effective date of retirement of the member contribution account and matching employer contributions. The benefit shall be considered a service retirement benefit for all purposes of this article.
L. 95: Entire section added, p. 555, § 8, 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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 6 - SERVICE RETIREMENT (§§ 24-51-601 — 24-51-615) › Section 24-51-606.5 - Indexation of benefits for vested inactive members

A vested inactive member who was a member or inactive member on December 31, 2006, who has reached the age and service requirements for a service or reduced service retirement benefit on or before January 1, 2011, and who has at least twenty-five years of service credit prior to terminating membership shall be eligible, upon retirement, for a benefit, as calculated pursuant to the provisions of section
24-51-603
or
24-51-605
, which has been increased by the annual increase specified in sections
24-51-1001
to
24-51-1003
, from the date of termination of membership or July 1, 1993, whichever is later, to the effective date of retirement.
L. 93: Entire section added, p. 477, § 3, effective July 1. L. 95: Entire section amended, p. 555, § 10, effective July 1. L. 2006: Entire section amended, p. 1184, § 16, effective May 25. L. 2010: Entire section amended, (SB 10 -001), ch. 2, p. 17, § 16, effective 1/1/2011.
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 51 - Public Employees' Retirement Association (§§ 24-51-101 — 24-51-1748) › Part 6 - SERVICE RETIREMENT (§§ 24-51-601 — 24-51-615) › Section 24-51-607 - Benefit formula for service retirement or reduced service retirement involving direct payments

A benefit for service retirement or reduced service retirement involving direct payments made by a vested inactive member shall be the option 1 benefit for service retirement, as calculated according to the formula set forth in section
24-51-603
or
24-51-605
; except that the amount of the benefit shall then be multiplied by the ratio of service credit to the service credit required for eligibility as set forth in table B in section
24-51-602
or table C in section
24-51-604
, whichever is applicable.
L. 87: Entire article R&RE, p. 1062, § 1, effective July 1. L. 88: Entire section amended, p. 970, § 5, effective July 1.
This section is similar to former §§ 24-51-109 and 24-51-611 as they existed prior to 1987.
For retirement of supreme court justices, other than under this article, see § 13-2-115 ; for retirement age for justices or judges, see § 23 of art. VI, Colo. Const.