§ 24-51-1002 — Annual percentages to be used

Colorado § 24-51-1002

• Jurisdiction: Colorado
• Title 24: Government
• Art.: Public Employees' Retirement Association

Text

(1) For benefit recipients
whose benefits are based on the account of a member who was a member, inactive
member, or retiree on December 31, 2006, or for benefit recipients whose benefits
are based on the account of a DPS member or DPS retiree, the increase applied to
benefits for the year 2010 shall be the lesser of two percent or the average of the
annual increases determined for each month, to the nearest one-tenth of a percent,
as calculated by the United States department of labor, in the national consumer
price index for urban wage earners and clerical workers for each of the months in
the 2009 calendar year.

(1.5) Notwithstanding any other provision of this section, for the years 2018
and 2019, the annual increase awarded shall be zero percent.

(2) Beginning on June 4, 2018, subject to section 24-51-1009.5, for benefit
recipients whose benefits are based on the account of a member who was a
member, inactive member, or retiree on December 31, 2006, or for benefit recipients
whose benefits are based on the account of a DPS member or DPS retiree, the
increase applied to benefits paid shall be one and one-half percent unless adjusted
pursuant to section 24-51-413. The increase applied to such benefits shall be
recalculated annually as of July 1 and shall be the compounded annual percentage
of the annual increases applied to such benefits. In the first year that the benefit
recipient is eligible to receive an annual increase pursuant to section 24-51-1001,
the annual increase shall be prorated.

(3) Benefits for vested inactive members with at least twenty-five years of
service credit and benefits for survivors of deceased vested inactive members who
had at least twenty-five years of service credit shall be increased by the annual
increase specified in this section and sections 24-51-1001 and 24-51-1003 under
prior law from the date of termination of membership or July 1, 1993, whichever is
later, to March 1, 2009, or the date benefits commence, whichever is earlier. This
subsection (3) shall only apply to members and inactive members who are eligible
to receive a retirement benefit as of January 1, 2011.

(4) Notwithstanding the provisions of subsection (1) of this section, the
increase, if any, applied to the benefits of persons whose benefits are based on the
account of a member who was not a member, inactive member, or retiree on
December 31, 2006, will be calculated and paid in accordance with section 24-51-1009.

Legislative History

Source: L. 87: Entire article R&RE, p. 1071, � 1, effective July 1. L. 88: (2)(a) amended, p. 971, � 9, effective July 1. L. 92: Entire section amended, p. 1136, � 7, effective July 1. L. 93: Entire section amended, p. 478, � 7, effective March 1, 1994. L. 2000: (1) amended, p. 782, � 7, effective March 1, 2001. L. 2004: (1)(a.5) added, p. 700, � 9, effective July 1, 2005. L. 2005: (1)(a.5)(III) added, p. 528, � 7, effective May 24. L. 2006: (1), (3)(a), and (3)(b) amended and (4) added, p. 1185, � 20, effective May 25; (1)(a.5) repealed and (3) added, p. 1502, �� 40, 41, effective June 1. L. 2007: (4) amended, p. 2039, � 59, effective June 1. L. 2009: (3)(c)(I) and (3)(c)(II) amended and (3)(c)(III) repealed, (SB 09-282), ch. 288, pp. 1398, 1347, �� 62, 41, effective January 1, 2010. L. 2010: Entire section R&RE, (SB 10-001), ch. 2, p. 20, � 20, effective February 23. L. 2018: (1.5) added and (2) amended, (SB 18-200), ch. 370, p. 2255, � 18, effective June 4.