§ 24-51-405 — Refund of the member contribution account

Colorado § 24-51-405

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

Text

(1) Subject to
portability, any member who terminates membership for any reason other than
retirement or death may request a refund of all moneys credited to the member
contribution account and payment of matching employer contributions if said
member has not resumed membership. Upon request, a refund shall be made by the
association within ninety days after the date of termination of employment covered
by membership or the date the association received the refund request, whichever
is later.

(2) A member contribution account shall not be refunded and matching
employer contributions shall not be paid to such member for any reason other than
termination of membership.

(3) Repealed.

(4) All rights of membership and any future benefits associated with a
member contribution account and matching employer contributions are forfeited
when a refund is made.

(5) Employer contributions made to the association are nonrefundable to an
employer.

(6) Partial refunds are prohibited.

(7) The amount of matching employer contributions shall be determined
pursuant to the provisions of section 24-51-408.

(8) An individual who refunded his or her member contribution account
pursuant to this section and again commences membership on or after July 1, 2005,
but before January 1, 2007, whether or not the individual purchases all or part of the
period associated with the refunded member contribution account, shall have no
rights associated with membership prior to July 1, 2005, except as mandated by
federal law, and such individual shall not be considered to have been a member,
inactive member, or retiree on June 30, 2005.

(9) An individual who refunded his or her member contribution account
pursuant to this section and again commences membership on or after January 1,
2007, whether or not the individual purchases all or part of the period associated
with the refunded member contribution account, shall not have any rights
associated with membership prior to January 1, 2007, except as mandated by
federal law, and such individual shall not be considered to have been a member,
inactive member, or retiree on December 31, 2006.

(10) Subject to portability, the amount available to DPS members in the event
of a refund shall be governed by section 24-51-1711.

Legislative History

Source: L. 87: Entire article R&RE, p. 1056, � 1, effective July 1. L. 91, 2nd Ex. Sess.: (3) repealed, p. 71, � 2, effective October 11. L. 95: Entire section amended, p. 552, � 2, effective July 1. L. 2006: (8) and (9) added, p. 1178, � 8, effective May 25. L. 2009: (1) amended and (10) added, (SB 09-282), ch. 288, p. 1340, � 19, effective January 1, 2010.