§ 24-51-1010 — Increase in benefits - actuarial assessment required

Colorado § 24-51-1010

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

Text

(1) Before
increasing benefits provided by the association, the general assembly shall cause
to be conducted pursuant to subsection (2) of this section an actuarial assessment
to ensure that the increases in benefits would not cause the actuarial value of
assets of the association to decline below ninety percent of the actuarial accrued
liabilities of the association.

(2) Upon direction from the president of the senate and the speaker of the
house of representatives, the director of research of the legislative council shall
contract with a private person to conduct an actuarial assessment of the
association. The assessment shall be conducted to determine whether and to what
extent an increase in the benefits provided by the association would cause the
actuarial value of the assets of the association to decline below ninety percent of
the actuarial accrued liabilities of the association. The assessment shall be
completed and a final report of its findings and conclusions shall be submitted to
the general assembly as soon as practicable. The person conducting the actuarial
assessment of the association and such person's employees shall, during the term
of the contract, have access to any necessary documents and information in the
custody of the association.

Legislative History

Source: L. 2006: Entire section added, p. 1186, � 21, effective May 25.