§ 24-51-1503 — Defined contribution plan option

Colorado § 24-51-1503

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

Text

(1) An eligible employee
shall be covered by the association's defined benefit plan with contributions and
benefits as specified in parts 4 to 12 of this article, unless the member elects to
participate in the association's defined contribution plan in accordance with this
part 15 in lieu of the defined benefit plan within sixty days of commencing
employment.

(2) An employee hired by an employer who has been a member of the
association's defined benefit plan or the association's defined contribution plan
during the twelve months prior to the date that the employee commences
employment shall automatically continue to be a member of such plan upon
commencing employment. If automatically continuing in the defined contribution
plan, the employee's individual participation account shall receive the same
employer contribution pursuant to section 24-51-1505 (1), as previously entitled.
The employee shall be considered an eligible employee for purposes of section 24-51-1506.

(3) An employee of an employer who is hired on or after July 1, 2009, and who
has been an active participant of the state defined contribution plan established
pursuant to part 2 of article 52 of this title, as said part existed prior to its repeal in
2009, during the twelve months prior to the date that the employee commences
employment, shall be a member of the association's defined contribution plan upon
commencing employment, and the employee shall not be considered an eligible
employee for purposes of section 24-51-1506 (1) and (2).

(4) (a) An eligible employee who is a member, inactive member, or retiree of
the association's defined benefit plan on December 31, 2006, and elects to
participate in or is automatically enrolled in the association's defined benefit plan,
or who makes an election pursuant to section 24-51-1506 (1) to become a member
of the association's defined benefit plan, shall be subject to the benefit provisions
in effect for the existing member contribution account.

(b) An eligible employee who elects to participate in the association's
defined contribution plan and is not a member, inactive member, or retiree of the
association's defined benefit plan on December 31, 2005, and subsequently
becomes a member of the association's defined benefit plan shall be subject to the
benefit provisions in effect at the time the employee becomes a member of the
defined benefit plan. Any service credit purchased for the period of employment
covered by the defined contribution plan shall be subject to the benefit provisions
in effect for such member at the time of the commencement of the purchase.

(5) Notwithstanding any other provision of this part 15, participation in the
association's defined contribution plan by a district attorney, an assistant district
attorney, a chief deputy district attorney, a deputy district attorney, or other
employee of a district attorney shall be governed by the provisions of sections 24-51-305 and 24-51-305.5.

Legislative History

Source: L. 2004: Entire part added, p. 1948, � 23, effective January 1, 2006. L. 2005: (2) amended, p. 210, � 2, effective April 7. L. 2006: (3) added, p. 1189, � 25, effective May 25. L. 2007: (2) amended, p. 2012, � 4, effective January 1, 2008. L. 2009: Entire section amended, (SB 09-066), ch. 73, p. 250, � 8, effective March 31. L. 2018: (2) amended, (SB 18-200), ch. 370, p. 2258, � 24, effective June 4.