§ 24-51-205 — General authority of the board

Colorado § 24-51-205

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

Text

(1) The board shall have the
authority to determine membership status within the state, school, local
government, judicial, and Denver public schools divisions; exemptions from
membership; eligibility for benefits, life insurance, health care, the voluntary
investment program, the association's defined contribution plan, and the deferred
compensation plan; and service credit and salary to be used in calculations
pursuant to the provisions of this article. Such decisions by the board may be
appealed through the administrative review procedures set forth in the board rules.
Such final decision by the board shall be subject only to review by proper court
action.

(2) The board is authorized to accept on behalf of the association any
moneys or properties received in the form of donations, gifts, appropriations,
bequests, forfeitures, or otherwise, or income derived therefrom. This subsection (2)
does not allow the board to accept or retain money held by the association that is
presumed to be abandoned pursuant to section 38-13-216.

(3) The board is authorized to recover, through legal process or offset, any
amount paid as benefits, refunds, single payments, premium subsidies, or other
payments, to which the recipient is not entitled, with interest, plus attorney fees
and costs associated with such recovery. If it is determined that the recipient was
entitled to the amount paid, the recipient shall be entitled to the attorney fees and
costs that he or she incurred in defending the legal action or offset initiated by the
board.

(3.5) The board is authorized to settle or compromise any dispute on behalf
of the association. The board may consider relevant factors regarding any dispute,
including but not limited to the cost of litigation, the likelihood of success on the
merits, the cost of delay in resolving the dispute, and the actuarial impact on the
fund, in determining whether to settle or compromise the dispute.

(4) The board is authorized to use and hold property in a nominee partnership
composed of trustees or employees of the association, designated by the board
through appropriate resolution, to facilitate investment sale and exchange
transactions. The partners of the nominee partnership shall be insured pursuant to
the provisions of section 24-51-204 (9).

(5) The board may hold discussions in executive sessions which shall be
closed to the public, in accordance with the provisions of section 24-51-204 (2).

(6) (a) The board may delegate any of its responsibilities, duties, and
authorities as set forth in this article 51 to the executive director of the association
or to designated agents of the association. The board shall retain final authority and
responsibility for the management of the association and all duties and powers
authorized by this article 51 through the administrative review procedures
authorized by subsection (1) of this section. Subject to subsection (6)(b) of this
section, the executive director may correct an administrative error made by the
board, the executive director, or the employees of the association and may make
any appropriate correcting adjustments upon receiving written documentation of
the following:

(I) That the error was an administrative error of the plan;

(II) That the error was not caused or contributed to in whole or in part by an
employer, member, retiree, or other person eligible to receive payments from the
association; and

(III) That the error was discovered on or after July 1, 1997.

(b) The executive director shall file a report monthly with the board setting
forth the administrative errors corrected pursuant to subsection (6)(a) of this
section. Such corrections shall be subject to board review after which the board
may take any action it deems appropriate with regard to such errors.

(7) The board is authorized to purchase and maintain appropriate annuity
contracts for the purpose of providing a voluntary contribution program to qualified
employees of affiliated employers pursuant to section 403 (b) of the federal
Internal Revenue Code of 1986, as amended, and to create a separate trust fund
to hold the assets of the program.

Legislative History

Source: L. 87: Entire article R&RE, p. 1048, � 1, effective July 1. L. 91: (3) amended, p. 826, � 1, effective April 9. L. 92: (2) amended, p. 2108, � 1, effective March 4. L. 95: (3.5) amended, p. 557, � 16, effective May 22. L. 97: (3) and (6) amended, p. 65, � 10, effective July 1. L. 2004: (1) amended, p. 1939, � 5, effective January 1, 2006. L. 2009: (1) amended and (7) added, (SB 09-066), ch. 73, p. 255, � 15, effective March 31; (1) amended (SB 09-282), ch. 288, p. 1335, � 5, effective January 1, 2010. L. 2019: (2) amended, (SB 19-088), ch. 110, p. 467, � 9, effective July 1, 2020. L. 2025: IP(6)(a) and (6)(b) amended, (SB 25-147), ch. 369, p. 1995, � 4, effective June 3.