§ 24-51-1717 — Option A

Colorado § 24-51-1717

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

Text

Option A is a single life annuity, which is defined as a
specified sum of money payable monthly to an annuitant from the time of
retirement until the death of said annuitant, without refund of any kind to the estate
of the deceased annuitant or anyone claiming by or through the annuitant. The
monthly retirement allowance under option A shall be calculated in accordance
with the provisions of section 24-51-1715. For retirements having effective dates on
or after December 31, 2004, option A shall be revised to provide that if, upon the
death of the annuitant, the total amount of retirement allowance that has been paid
to the annuitant does not exceed the amount of the member's accumulated
contributions, then the difference between said accumulated contributions and the
total amount of retirement allowance paid to such annuitant shall be paid to the
named beneficiary of the annuitant or, if no named beneficiary exists, to the estate
of the annuitant. The monthly retirement allowance under the revised option shall
be calculated in accordance with the provisions of section 24-51-1715.

Legislative History

Source: L. 2009: Entire part added, (SB 09-282), ch. 288, p. 1369, � 56, effective January 1, 2010.