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§ 24-51-201. Public Employees’ Retirement Association – Creation

There is hereby created the public employees’ retirement association, for the purpose of providing the benefits and programs specified in this article, which shall be a body corporate with the right to sue and be sued and the right to hold property for its use and purposes. Notwithstanding the applicability of article 54.8 of this […]

§ 24-51-202. Board of Trustees – Creation

There is hereby created the board of trustees of the association, which shall have the responsibilities, duties, and authorities as set forth in this article. Source: L. 87: Entire article R&RE, p. 1047, § 1, effective July 1. Editor’s note: This section is similar to former §§ 24-51-103, 24-51-209, and 24-51-606 as they existed prior […]

§ 24-51-203. Board – Composition and Election

The board shall consist of the following fifteen trustees: The state treasurer; Four members of the state division elected by the members of that division, at least one of whom shall be an employee of a state institution of higher education and at least one of whom shall not be an employee of a state […]

§ 24-51-204. Duties of the Board

The trustees shall elect from among themselves a chairman and any other officers as may be necessary for the board to carry out its duties and responsibilities. The board shall set the time and place for meetings and conduct those meetings in accordance with the provisions of part 4 of article 6 of this title […]

§ 24-51-205. General Authority of the Board

The board shall have the authority to determine membership status within the state, school, local government, judicial, and Denver public schools divisions; exemptions from membership; eligibility for benefits, life insurance, health care, the voluntary investment program, the association’s defined contribution plan, and the deferred compensation plan; and service credit and salary to be used in […]

§ 24-51-206. Investments

The board shall have complete control and authority to invest the funds of the association. Preference shall be given to Colorado investments consistent with sound investment policy. Investments may be made without limitation in the following: Obligations of the United States government; Obligations fully guaranteed as to principal and interest by the United States government; […]

§ 24-51-207. Standard of Conduct

The trustees of the board shall be held to the standard of conduct of a fiduciary specified in subsection (2) of this section in the discharge of their functions. Their functions shall include any duty, obligation, power, authority, responsibility, right, privilege, activity, or program specified in this article in connection with the association. As fiduciaries, […]

§ 24-51-208. Allocation of Moneys

The moneys of the association shall be divided into several trust funds, including, but not limited to: The state division trust fund, which consists of contributions, payments, and interest paid by members and employers of the state division, in addition to a proportional share of investment income earned thereon; The school division trust fund, which […]

§ 24-51-209. Disbursements

Disbursements from the trust funds authorized in section 24-51-208 shall be subject to the approval of the board and shall be made only for the benefits, health-care subsidies, investments, refunds, single payments, payments of remaining member contributions pursuant to the provisions of section 24-51-801, payments pursuant to the provisions of part 17 of this article, […]

§ 24-51-210. Allocation of Assets and Liabilities

The assets and liabilities of the association shall be divided equitably on an historical accumulative basis among the several trust funds specified in section 24-51-208 (1). Repealed. Source: L. 87: R&RE, p. 1051, § 1. L. 93: Entire section amended, p. 479, § 11, effective March 1, 1994. Editor’s note: Subsection (2)(b) provided for the […]

§ 24-51-211. Amortization of Liabilities

An amortization period for each of the state division, school division, local government division, judicial division, and Denver public schools division trust funds shall be calculated separately. A maximum amortization period of thirty years shall be deemed actuarially sound. Upon recommendation of the board, and with the advice of the actuary, the employer or member […]

§ 24-51-211.5. Notice of Possible Change in Benefits – Actuarial Necessity

The association shall provide written notice to each member, DPS member, and inactive member of the association that the possibility of an actuarial necessity could occur in the future, and the general assembly may modify by bill the benefits allowed to members of the defined benefit plan. Source: L. 2010: Entire section added, (SB 10-001), […]

§ 24-51-212. Funds Not Subject to Legal Process

Except for federal tax liens on distributions payable by the association, for Colorado tax distraints and liens pursuant to section 39-21-114, C.R.S., on distributions payable by the association, 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 […]

§ 24-51-213. Confidentiality

All information contained in records of members, former members, inactive members, DPS members, DPS retirees, benefit recipients and their dependents, including those from the Denver public schools division, participants in the voluntary investment program established pursuant to part 14 of this article, participants in the defined contribution plan established pursuant to part 15 of this […]

§ 24-51-214. Benefits Not Offset by Workers’ Compensation Benefits

Benefits paid under this article shall be in addition to any benefits paid to the benefit recipients pursuant to the provisions of the “Workers’ Compensation Act of Colorado”, articles 40 to 47 of title 8, C.R.S. Source: L. 87: Entire article R&RE, p. 1052, § 1, effective July 1. L. 90: Entire section amended, p. […]

§ 24-51-215. Insurance and Banking Laws Not Applicable

None of the laws of this state regulating insurance, insurance companies, or banking institutions shall apply to the association or any of its trust funds. Source: L. 87: Entire article R&RE, p. 1052, § 1, effective July 1. Editor’s note: This section is similar to former §§ 24-51-121 and 24-51-220 as they existed prior to […]

§ 24-51-216. Legal Adviser

The attorney general shall be the legal adviser to the board upon request of the board, and the board shall have the authority to select and retain legal counsel in the board’s discretion. Source: L. 87: Entire article R&RE, p. 1052, § 1, effective July 1. L. 2010: Entire section amended, (HB 10-1181), ch. 351, […]

§ 24-51-217. Termination

If the association is terminated or partially terminated for any reason, the rights of all members and former members affected thereby to benefits accrued and funded to the date of termination shall become nonforfeitable. Any distribution of assets shall be conducted in accordance with requirements of the federal “Internal Revenue Code of 1986”, as amended. […]

§ 24-51-218. Unclaimed Money

Notwithstanding any other provision of this article 51 to the contrary, any money that is presumed to be abandoned pursuant to section 38-13-216 is subject to the “Revised Uniform Unclaimed Property Act”, article 13 of title 38. Source: L. 92: Entire section added, p. 2108, § 2, effective March 4. L. 2019: Entire section amended, […]

§ 24-51-220. Report to General Assembly

The association shall provide a report to the general assembly on January 1, 2016, and every five years thereafter, regarding the economic impact of the 2010 legislative changes to the annual increase provisions on the retirees and benefit recipients as compared to the actual rate of inflation and the progress made toward eliminating the unfunded […]