§ 24-51-1728 — Accredited service - deferred members

Colorado § 24-51-1728

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

Text

In computing the
amount of any deferred retirement allowance becoming due to such member upon
final termination of employment, such member must, at the time of the effective
date of termination of service, have a credit of accumulated contributions in such
amount as would have been to such member's credit if such member had complied
in full with the requirements of sections 24-51-1705 and 24-51-1707 as such
requirements may apply. In the event said member fails to comply with such
requirements, as applicable, then the accredited service of such member,
subsequent to December 1, 1945, shall be credited in the same ratio that
accumulated contributions, at the time of termination of service, bear to such
member's credit if such member had complied in full with the requirements of
sections 24-51-1705 and 24-51-1707 as such requirements may apply. If the
provisions of section 24-51-1706 apply to such member applying for a deferred
retirement allowance, then no portion of service subject to said provisions shall be
counted as accredited service unless, at the time of termination of service, said
member completed payment of the total amounts required by said section 24-51-1706. If such total amount as required by section 24-51-1706 is not so paid within
such time, any incomplete amount paid in pursuant to section 24-51-1706 shall be
refunded, without increase of any kind to such member, under such rules and
regulations as the association may provide.

Legislative History

Source: L. 2009: Entire part added, (SB 09-282), ch. 288, p. 1374, � 56, effective January 1, 2010.