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 15 - DEFINED CONTRIBUTION RETIREMENT PLANS (§§ 24-51-1500.2 — 24-51-1511) › Section 24-51-1501 - Defined contribution plan - establishment - creation of fund - definitions

(1)
The board is hereby authorized to establish and administer a defined contribution plan for eligible employees as provided in this part 15. The board shall establish the terms and conditions of the association's defined contribution plan offered to eligible employees. The assets of the plan shall be held in a separate trust fund of the association created for such purpose.
(2)
(a)
Effective July 1, 2009:
(I)
The state defined contribution plan established pursuant to part 2 of article
52
of this title, as said part 2 existed prior to its repeal in 2009, shall be merged into the association's defined contribution plan for eligible state employees established under this part 15, and all the assets of the state defined contribution plan and the trust fund shall be transferred via trustee-to-trustee transfer to the defined contribution plan trust fund established pursuant to section
24-51-208 (1)(i)
;
(II)
Participants of the state defined contribution plan shall, subject to sections
24-51-1505 (4)
,
24-51-1506 (1)
, and
24-51-1506.5
, become members of the association's defined contribution plan; and
(III)
The individual participant accounts in the state defined contribution plan shall become individual participant accounts within the association's defined contribution plan.
(b)
The administration of the asset transfer pursuant to paragraph (a) of this subsection (2) shall be determined by the board.
(3)
The department of personnel created in section
24-1-128
shall provide for the orderly transfer of all records pertaining to the state defined contribution plan and shall take any other action as necessary for the board to assume its duties under this part 15.
(4)
For purposes of this part 15, "employer" means the state, the general assembly, the office of a district attorney in a judicial district, any state department that employs an eligible employee, any community college governed by the state board for community colleges and occupational education. Effective January 1, 2019, "employer" also includes any employer in the local government division and, to the extent that they employ classified employees in the state personnel system, any state college or university as defined in section
24-54.5-102 (7)
, any institution under the control of the board of regents of the university of Colorado, or an institution governed pursuant to part 5 of article
21
of title
23
. Prior to January 1, 2019, "employer" shall not include any state college or university as defined in section
24-54.5-102 (7)
, any institution under the control of the board of regents of the university of Colorado, or an institution governed pursuant to part 5 of article
21
of title
23
.
Amended by 2018 Ch. 370, § 22, eff. 6/4/2018.
L. 2004: Entire part added, p. 1947, § 23, effective 1/1/2006. L. 2009: Entire section amended, (SB 09 -066), ch. 73, p. 249, § 5, effective March 31. L. 2018: (1) and (4) amended, (SB 18-200), ch. 370, p. 2257, § 22, effective June 4.
For the legislative declaration in SB 18-200, see section 1 of chapter 370, Session Laws of Colorado 2018.