(1) The money of the association shall be
divided into several trust funds, including, but not limited to:
(a) The state division trust fund, which consists of contributions, payments,
and interest paid by members and employers of the state division, in addition to a
proportional share of investment income earned thereon;
(a.5) The school division trust fund, which consists of contributions,
payments, and interest paid by members and employers of the school division, in
addition to a proportional share of investment income earned thereon;
(b) (Deleted by amendment, L. 97, p. 772, � 7, effective July 1, 1997.)
(c) The local government division trust fund, which consists of contributions,
payments, and interest paid by members and employers of the local government
division, in addition to a proportional share of investment income earned thereon;
(d) The judicial division trust fund, which consists of contributions, payments,
and interest paid by members and employers of the judicial division, in addition to a
proportional share of investment income earned thereon;
(d.5) The Denver public schools division trust fund, which consists of
contributions, payments, and interest paid by members, DPS members, and
employers of the Denver public schools division, in addition to the proportional
share of investment income earned thereon and the assets of the DPS plan trust
funds as of January 1, 2010;
(e) Repealed.
(f) The health care trust fund, created pursuant to the provisions of section
24-51-1201 (1), which consists of a portion of the employer contributions equal to
one and two one-hundredths percent of member salaries; a portion of the amount
paid by members to purchase service credit relating to noncovered employment as
determined pursuant to section 24-51-505 (7); thirty percent of the amount of any
reduction in the employer contribution rates as determined in section 24-51-408.5
(5) to amortize any overfunding in each division's trust fund; deductions of premium
amounts from monthly benefits of participating benefit recipients; premiums paid
directly to the trust fund by participating benefit recipients, members, and
dependents; monthly payments made by employers on behalf of participating
benefit recipients, members, and dependents; and interest; in addition to a
proportional share of investment income earned thereon;
(f.5) The Denver public schools division health care trust fund, created
pursuant to the provisions of section 24-51-1201 (2), which consists of a portion of
the employer contributions equal to two-tenths of one percent of member salaries;
a portion of the amount paid by members to purchase service credit relating to
noncovered employment as determined pursuant to section 24-51-505 (7);
deductions of premium amounts from monthly benefits of participating benefit
recipients; premiums paid directly to the trust fund by participating benefit
recipients, members, and dependents; monthly payments made by employers on
behalf of participating benefit recipients, members, and dependents; and interest;
in addition to a proportional share of investment income earned thereon;
(g) The voluntary investment program trust fund, which consists of voluntary
contributions made pursuant to 26 U.S.C. sec. 401 (k), as amended, and part 14 of
this article and any investment income earned thereon;
(h) The common operating fund, which consists of proportional allocations of
money from the division trust funds and allocations from the other trust funds to
meet the budget set by the board and any investment income earned thereon;
(i) The association's defined contribution plan trust fund pursuant to part 15
of this article and any investment income earned thereon;
(j) The deferred compensation plan trust fund, which shall hold assets of the
plan established under 26 U.S.C. sec. 457 (b), as amended, and part 16 of this article
and any investment income earned thereon.
(2) Within each of the state division, school division, local government
division, judicial division, and Denver public schools division trust funds, the
following reserves shall exist:
(a) Member contribution reserve;
(b) Employer contribution reserve;
(c) Retirement benefits reserve; and
(d) (Deleted by amendment, L. 2006, p. 1176, � 3, effective May 25, 2006.)
(e) Survivor benefits reserve.
(f) (Deleted by amendment, L. 2006, p. 1176, � 3, effective May 25, 2006.)
(2.5) Within each of the state division, school division, local government
division, and judicial division trust funds, an annual increase reserve shall exist on
and after January 1, 2007, and within the Denver public schools division trust fund,
an annual increase reserve shall exist on and after January 1, 2010.
(3) Within the member contribution reserve, there shall exist individual
member contribution accounts.
(4) At the time a benefit is paid, the association shall transfer to the
retirement benefits reserve or survivor benefits reserve of the division from which
the benefit is paid, whichever is applicable, one hundred percent of the present
value of the actuarially determined liability of such benefit. Each division in which
the account has contributions shall fund its proportionate share of the benefit
liability based on the percentage of the member contribution account balance from
that division as it relates to the total member contribution account balance.