§ 24-51-408 — Matching employer contributions

Colorado § 24-51-408

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

Text

(1) For members who receive
a benefit or who receive a refund payable after meeting the age and service
requirements for a service or reduced service retirement benefit, or for payments
made to survivors or beneficiaries of members who die before retirement, matching
employer contributions shall be an amount equal to the member contribution
account less:

(a) Any amounts paid for the purchase of service credit;

(b) Any payments in lieu of member contributions; and

(c) Any interest accrued on the amounts specified in paragraphs (a) and (b)
of this subsection (1).

(2) For members who have five or more years of earned service credit and
receive a refund prior to sixty-five years of age and prior to meeting the age and
service requirements for a service or reduced service retirement benefit, the
amount of matching employer contributions paid shall be one-half of an amount
equal to the member contribution account less:

(a) Any amounts paid for the purchase of service credit;

(b) Any payments in lieu of member contributions; and

(c) Any interest accrued on the amounts specified in paragraphs (a) and (b)
of this subsection (2).

(2.5) Notwithstanding subsection (2) of this section, for a member who has
less than five years of earned service credit as of the date of refund and who
receives a refund prior to sixty-five years of age and prior to meeting the age and
service requirements for a service or reduced service retirement benefit, the
amount of matching employer contributions paid shall be one-half of an amount
equal to the member contribution account accumulated prior to January 1, 2011,
less:

(a) Any amounts paid for the purchase of service credit;

(b) Any payments in lieu of member contributions; and

(c) Any interest accrued on the amounts specified in paragraphs (a) and (b)
of this subsection (2.5).

(3) Notwithstanding subsections (1) and (2) of this section, for members of
the local government division and for payments made to survivors or beneficiaries
of such members who die before retirement, the amount of matching employer
contributions shall be eighty percent of the amount that would be paid to members,
survivors, or beneficiaries in divisions of the association other than the local
government division if the local government division members had the same
contribution history and age as the members of the other divisions. Notwithstanding
any other provision of this subsection (3) to the contrary, the amount of matching
employer contributions for members of the local government division shall be as
provided in subsections (1) and (2) of this section effective on July 1 of any year in
which the most recent determination of the association's actuary specifies that
such contributions for the local government division will not cause the amortization
period in such division to exceed thirty years.

(4) The provisions of this section shall not apply to DPS member contribution
accounts that exist on December 31, 2009, with regard to past contributions or
future contributions. Member contribution accounts in the Denver public schools
division created on or after January 1, 2010, shall be governed by this section.

Legislative History

Source: L. 95: Entire section added, p. 553, � 4, effective July 1. L. 99: IP(1) and IP(2) amended and (3) added, p. 338, � 3, effective July 1. L. 2004: (3) amended, p. 1944, � 18, effective January 1, 2006. L. 2005: (3) amended, p. 769, � 40, effective June 1. L. 2009: (4) added, (SB 09-282), ch. 288, p. 1341, � 22, effective January 1, 2010. L. 2010: IP(2) and (4) amended and (2.5) added, (SB 10-001), ch. 2, p. 7, � 8, effective January 1, 2011.