§ 24-51-401 — Employer and member contributions

Colorado § 24-51-401

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

Text

(1) and (1.5) Repealed.

(1.6) For the purposes of sections 24-51-401 to 24-51-404 and sections 24-51-405.5, 24-51-409, and 24-51-411, the term member shall include DPS members
and the term retiree shall include DPS retirees.

(1.7) (a) (I) Employers shall deliver a contribution report and the full amount
of employer contributions, member contributions, and working retiree contributions
to the association within five days after the date members and retirees are paid.
Except as provided in this subsection (1.7)(a), subsection (7) of this section, and
section 24-51-408.5, such contributions shall be based upon the rates for the
appropriate division as set forth in the following table multiplied by the salary, as
defined in section 24-51-101 (42), paid to members and retirees for the payroll
period:

TABLE A

CONTRIBUTION RATES

Division Membership Employer Rate Member Rate

State All Members 10.15% 8.0%

Except

State Troopers 12.85% 10.0%

School All Members 10.15% 8.0%

Local

Government All Members 10.0% 8.0%

Judicial All Members 13.66% 8.0%

DPS All Members 10.15% 8.0%

(II) Effective July 1, 2019, subject to section 24-51-413, the employer and
member contribution rates shall be based upon the rates for the appropriate
division as set forth in the following table multiplied by the salary, as defined in
section 24-51-101 (42), paid to members and retirees for the payroll period:

TABLE B

CONTRIBUTION RATES

Division Membership Employer Rate Member Rate

State All Members 10.4% 8.75%

Except

State Troopers 13.1% 10.75%

School All Members 10.4% 8.75%

Local

Government All Members 10.0% 8.0%

Judicial All Members 13.91% 8.75%

DPS All Members 10.4% 8.75%

(III) Effective July 1, 2020, except as provided in subsection (1.7)(g) of this
section and subject to section 24-51-413, the employer and member contribution
rates shall be based upon the rates for the appropriate division as set forth in the
following table multiplied by the salary, as defined in section 24-51-101 (42), paid to
members and retirees for the payroll period:

TABLE C

CONTRIBUTION RATES

Division Membership Employer Rate Member Rate

State All Members 10.4% 9.5%

Except

State Troopers 13.1% 11.5%

School All Members 10.4% 9.5%

Local

Government All Members 10.0% 8.0%

Judicial All Members 13.91% 9.5%

DPS All Members 10.4% 9.5%

(IV) Effective July 1, 2021, except as provided in subsection (1.7)(g) of this
section and subject to section 24-51-413, the employer and member contribution
rates shall be based upon the rates for the appropriate division as set forth in the
following table multiplied by the salary, as defined in section 24-51-101 (42), paid to
members and retirees for the payroll period:

TABLE D

CONTRIBUTION RATES

Division Membership Employer Rate Member Rate

State All Members 10.4% 10.0%

Except

State Troopers 13.1% 12.0%

School All Members 10.4% 10.0%

Local

Government All Members 10.0% 8.0%

Judicial All Members 13.91% 10.0%

DPS All Members 10.4% 10.0%

(V) Effective July 1, 2025, subject to section 24-51-413, the employer and
member contribution rates shall be based upon the rates for the appropriate
division as set forth in the following table multiplied by the salary, as defined in
section 24-51-101 (42), paid to members and retirees for the payroll period:

TABLE E

CONTRIBUTION RATES

Division Membership Employer Rate Member Rate

State All Members 10.4% 10.0%

Except

State Troopers 13.1% 12.0%

School All Members 10.4% 10.0%

Local

Government All Members 10.0% 8.0%

Judicial All Members 13.91% 10.0%

DPS All Members 7.4% 10.0%

(b) Contributions shall be calculated using the contribution rates that were in
effect on the last day of the payroll period.

(c) Contributions for salary payments made to a member for unintentional
nonrecurring adjustments or corrections that are paid separate from one of the
employer's regular payroll cycles may be reported and paid to the association with
the employer's next regular payroll cycle.

(d) If an employer makes payment to the association through an automated
clearing house debit transaction, payment will be considered received on time if
valid and executable automated clearing house instructions are received by the
association by the date specified in paragraph (a) of this subsection (1.7).

(e) In recognition of the effort to equalize the funded status of the Denver
public schools division and the association's school division as more fully provided
in section 24-51-412, beginning January 1, 2015, and every fifth year thereafter, the
association shall calculate a true-up to confirm the equalization status of the
Denver public schools division and the association's school division, and, if
necessary, the board shall recommend that the general assembly adjust the Denver
public schools total employer rate to assure the equalization of the Denver public
schools division's ratio of unfunded actuarial accrued liability over payroll to the
association's school division's ratio of unfunded actuarial accrued liability over
payroll at the end of the thirty-year period. The true-up shall be based on audited
results of the association's school division's and the Denver public schools division's
actual unfunded actuarial accrued liability and payroll experience at every point of
true-up. If the ratios of unfunded actuarial accrued liability over payroll based on
actual experience are not projected to equalize over the thirty-year period, the
board shall recommend that the Denver public schools division total employer rate
be adjusted by the general assembly.

(f) Repealed.

(g) (I) (A) Except as otherwise provided in subsection (1.7)(g)(II) of this section
and subject to section 24-51-413, for the 2020-21 state fiscal year, the amount of
employer and member contributions for employers and members in the judicial
division of the association shall be based upon the rates as set forth in the following
table multiplied by the salary, as defined in section 24-51-101 (42), paid to members
and retirees for the payroll period:

TABLE C.5

CONTRIBUTION RATES

Division Membership Employer Rate Member Rate

Judicial All Members 8.91% 14.5%

(B) Except as otherwise provided in subsection (1.7)(g)(II) of this section and
subject to section 24-51-413, for the 2021-22 state fiscal year, the amount of
employer and member contributions for employers and members in the judicial
division of the association shall be based upon the rates as set forth in the following
table multiplied by the salary, as defined in section 24-51-101 (42), paid to members
and retirees for the payroll period:

TABLE D.5

CONTRIBUTION RATES

Division Membership Employer Rate Member Rate

Judicial All Members 8.91% 15%

(II) Subsection (1.7)(g)(I) of this section does not apply to the employer or
member contribution for judges employed by the Denver county court. For the
2020-21 and 2021-22 state fiscal years, the employer and member contribution
rates for judges employed by the Denver county court shall be calculated pursuant
to subsections (1.7)(a)(III) and (1.7)(a)(IV) of this section, as applicable, and subject to
section 24-51-413.

(1.8) (Deleted by amendment, L. 2006, p. 1177, � 6, effective May 25, 2006.)

(2) Along with such contributions, the employer shall deliver to the
association by the date established in subsection (1.7) of this section a contribution
report containing any member information required by the board to properly credit
money to the employer contribution reserve and the member contribution accounts
in the member contribution reserve.

(3) The employer shall be assessed by the association, pursuant to rules
adopted by the board, interest on the contributions, including working retiree
contributions, if either contributions or member information is not submitted by the
date established in subsection (1.7) of this section.

(4) and (5) (Deleted by amendment, L. 91, p. 876, � 9, effective, July 1, 1991.)

(6) For all members, contributions will be subject to any maximum limits
imposed under federal income tax law including the limitations set forth in section
401 (a)(17) of the federal Internal Revenue Code of 1986, as amended, and any
other limit on the members' total gross salary that may be taken into account for
purposes of determining member contributions.

(7) If a final judicial determination provides that an employer is obligated to
pay damages to the association for unpaid contributions and the damages awarded
are greater than the amounts provided pursuant to section 24-51-402, then the
association shall reduce the employer contribution rate for the employer to a level
that will offset the additional damages paid. If possible, the association shall set a
rate of employer contributions that is sufficient to offset the additional damages
over a twelve-month period. If the employer does not owe sufficient employer
contributions to offset the additional damages over a twelve-month period, then the
association shall eliminate the employer contributions for the employer until the
excess damages are fully offset.

Legislative History

Source: L. 87: Entire article R&RE, p. 1055, � 1, effective July 1; (1) amended and (4) added, p. 1097, � 4, effective July 1; (1) amended and (5) added, p. 1094, � 1, effective July 14. L. 89: (1) amended, p. 1069, � 1, effective July 1. L. 90: (6) added, p. 1248, � 6, effective April 5. L. 91: Entire section amended, p. 876, � 9, effective July 1. L. 92: (1) amended and (1.5) and (1.7) added, p. 1132, � 1, effective May 1; (1) repealed, p. 1132, � 1, effective July 1. L. 95: (1.7) amended and (7) added, p. 557, � 18, effective May 22; (6) amended, p. 262, � 2, effective December 31. L. 97: (1.7), (2), and (3) amended, p. 773, � 10, effective July 1. L. 98: (1.7) amended, p. 660, � 1, effective July 1. L. 99: (1.7) amended, p. 337, � 2, effective July 1. L. 2000: (1.7) amended, p. 780, � 4, effective July 1. L. 2003: IP(1.7) amended, p. 2657, � 4, effective June 5. L. 2004: (1.7) and (2) amended and (1.8) added, p. 696, � 3, effective July 1; (1.7) and (2) amended and (1.8) added, p. 1942, � 16, July 1, 2005; (1.7)(a) amended, p. 1943, � 17, January 1, 2006. L. 2006: (1.7)(a) and (1.8) amended, p. 1177, � 6, effective May 25. L. 2009: (1.6) and (1.7)(e) added and (1.7)(a) amended, (SB 09-282), ch. 288, p. 1339, �� 16, 17, effective January 1, 2010. L. 2010: (1.7)(a) amended and (1.7)(f) added, (SB 10-146), ch. 65, p. 228, � 1, effective March 31; (1.7)(a) and (3) amended, (SB 10-001), ch. 2, p. 6, � 6, effective January 1, 2011. L. 2011: (1.7)(f) amended, (SB 11-076), ch. 204, p. 870, � 1, effective May 23. L. 2015: (1.7)(a) amended, (HB 15-1391), ch. 265, p. 1033, � 1, effective January 1. L. 2018: (1.7)(a) amended and (1.7)(f) repealed, (SB 18-200), ch. 370, p. 2241, � 11, effective June 4. L. 2019: (1.7)(a)(II), (1.7)(a)(III), and (1.7)(a)(IV) amended, (HB 19-1217), ch. 240, p. 2366, � 1, effective May 20. L. 2020: (1.7)(a)(III) and (1.7)(a)(IV) amended and (1.7)(g) added, (HB 20-1394), ch. 175, p. 803, � 1, effective June 29. L. 2025: (1.7)(a)(V) added, (HB 25-1105), ch. 238, p. 1202 � 1, effective July 1.