Colorado § 24-51-1506 Additional choices within first five years

Colorado Statutes

§ 24-51-1506 — Additional choices within first five years

Colorado·Title 24 Government·Art. Public Employees' Retirement Association

(1)An eligible employee who is a member of the association's defined contribution plan, except for individuals who became members of the association's defined contribution plan pursuant to section 24-51-1501 (2) or 24-51-1503 (3), may elect, at any time during the second to fifth year of membership in the plan, to terminate membership in the plan and to become a member of the association's defined benefit plan with benefits and contribution rates specified in parts 4 to 12 of this article. Such election shall be irrevocable.

(2)A member who elects to join the defined benefit plan pursuant to subsection (1) of this section may, upon meeting the requirements of section 24-51-505, purchase service credit for the period of employment covered by the defined contribution plan. The co

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(1) An eligible
employee who is a member of the association's defined contribution plan, except
for individuals who became members of the association's defined contribution plan
pursuant to section 24-51-1501 (2) or 24-51-1503 (3), may elect, at any time during
the second to fifth year of membership in the plan, to terminate membership in the
plan and to become a member of the association's defined benefit plan with
benefits and contribution rates specified in parts 4 to 12 of this article. Such
election shall be irrevocable.

(2) A member who elects to join the defined benefit plan pursuant to
subsection (1) of this section may, upon meeting the requirements of section 24-51-505, purchase service credit for the period of employment covered by the defined
contribution plan. The cost to purchase such service shall be the same as the cost
determined by the board for the purchase of noncovered employment. The member
may elect to have any portion of the member's account paid from the defined
contribution plan to the defined benefit plan to facilitate the purchase of service
credit through a direct rollover in accordance with section 401 (a)(31) of the federal
Internal Revenue Code of 1986, as amended. The member may not be vested in
the defined contribution plan upon purchasing service credit for employment that
was covered by the defined contribution plan.

(3) The board, in its sole discretion, may provide optional coverage for
disability, survivor, and retiree health-care benefits to members of the association's
defined contribution plan.

(4) An eligible employee who is a member of the association's defined
benefit plan may elect, at any time during the second to fifth year of membership in
the plan, to terminate membership in the plan and to become a member of the
association's defined contribution plan created pursuant to this part 15. Such
election shall be irrevocable.

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Legislative History

Source: L. 2004: Entire part added, p. 1949, � 23, effective January 1, 2006. L. 2009: (1) and (3) amended, (SB 09-066), ch. 73, p. 252, � 10, effective March 31.