§ 24-51-605.5 — Benefit calculation for money purchase retirement benefit

Colorado § 24-51-605.5

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

Text

(1) Members and vested inactive members who have met the age and service credit
requirements for eligibility for a service retirement benefit or a reduced service
retirement benefit shall, upon written application and approval of the board, receive
the greater of:

(a) The retirement benefit calculated pursuant to section 24-51-603 or 24-51-605 for which the member is eligible; or

(b) The money purchase retirement benefit.

(2) The money purchase retirement benefit referred to in paragraph (b) of
subsection (1) of this section shall be actuarially determined and shall be based
upon the value on the effective date of retirement of the member contribution
account and matching employer contributions. The benefit shall be considered a
service retirement benefit for all purposes of this article.

Legislative History

Source: L. 95: Entire section added, p. 555, � 8, effective July 1.