Colorado § 24-51-407 Interest

Colorado Statutes

§ 24-51-407 — Interest

Colorado·Title 24 Government·Art. Public Employees' Retirement Association

(1)Member contributions shall earn interest beginning with the date of the first contribution, and, on succeeding balances, from the date of the first contribution through either the date the member contribution account is refunded and matching employer contributions are paid, the date a single payment is paid to the beneficiary, the date survivor benefits become payable, or the date of retirement, whichever occurs first.

(2)Member contributions made prior to July 1, 1995, shall earn interest at the rate of six and eight-tenths percent per year, compounded annually, in lieu of the former rate, if a member contribution account exists for the person on July 1, 1995.

(3)From July 1, 1995, to June 30, 2004, member contributions shall earn interest at a rate equal to eighty percent

Free access — add to your briefcase to read the full text and ask questions with AI

(1) Member contributions shall earn interest beginning
with the date of the first contribution, and, on succeeding balances, from the date
of the first contribution through either the date the member contribution account is
refunded and matching employer contributions are paid, the date a single payment
is paid to the beneficiary, the date survivor benefits become payable, or the date of
retirement, whichever occurs first.

(2) Member contributions made prior to July 1, 1995, shall earn interest at the
rate of six and eight-tenths percent per year, compounded annually, in lieu of the
former rate, if a member contribution account exists for the person on July 1, 1995.

(3) From July 1, 1995, to June 30, 2004, member contributions shall earn
interest at a rate equal to eighty percent of the actuarial investment assumption
rate, compounded annually, that was in effect at the time interest was earned.

(4) On and after July 1, 2004, member contributions shall earn interest at a
rate specified by the board, compounded annually, that is in effect at the time
interest is earned. In no event shall the board specify a rate pursuant to this
subsection (4) that exceeds five percent.

(5) Notwithstanding the provisions of this section, DPS member accounts
existing as of December 31, 2009, shall be credited regular interest in accordance
with section 24-51-1702 (31) through and including December 31, 2009. Thereafter,
Denver public schools division member accounts shall earn interest in accordance
with subsection (4) of this section.

Colorado § 24-51-407 (Interest) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 95: Entire section added, p. 553, � 4, effective July 1. L. 2004: (3) amended and (4) added, p. 695, � 2, effective July 1. L. 2009: (5) added, (SB 09-282), ch. 288, p. 1341, � 21, effective January 1, 2010. L. 2010: (5) amended, (HB 10-1422), ch. 419, p. 2086, � 72, effective August 11.