§ 24-51-911 — Commencement of survivor benefits or single payment

Colorado § 24-51-911

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

Text

(1)
When a single payment is payable pursuant to the provisions of this part 9, said
payment shall be made when the full amount of moneys credited to the member
contribution account of the member, the full amount of matching employer
contributions, and the person to receive the benefit have been determined.

(2) Survivor benefits shall become payable to qualified children either at the
time of the death of the member or within six months after the death of the member
if the children attain eligibility by enrolling in school full time.

(3) Survivor benefits pursuant to option 3 paid to a spouse specified in
section 24-51-906 (1)(b) shall become payable immediately upon the death of the
member. Survivor benefits pursuant to option 3 paid to a spouse specified in section
24-51-905 (2)(a) shall become payable when the deceased inactive member would
have become eligible for reduced service retirement.

(4) Survivor benefits pursuant to option 3 paid to a spouse specified in
section 24-51-905 (1)(b) shall become payable immediately if the death of the
member occurred on or after July 1, 1979. If the death of the member occurred prior
to July 1, 1979, the option 3 benefits shall become payable on and after July 1, 1985,
upon satisfaction of the following conditions:

(a) If surviving spouse's benefits are not being received pursuant to the
provisions of section 24-51-909 and the spouse has not elected to receive a single
payment, such spouse may elect to receive an option 3 benefit, defined in section
24-51-910, immediately upon such election or when benefits for the children cease,
whichever is later. Such election shall be irrevocable.

(b) If surviving spouse's benefits are not being paid pursuant to the
provisions of section 24-51-909 and the spouse elected to receive a single
payment, such spouse may elect to receive an option 3 benefit, defined in section
24-51-910, which shall become payable upon payment to the association of an
amount equal to the single payment plus interest. Such payment may be made in a
lump sum or through temporary waiver of survivor benefits. Benefits so waived
pursuant to this paragraph (b) shall be used for monthly installment payments until
the total payment is completed, and the temporary benefit waiver shall terminate
upon completion of said payment.

(5) Except as otherwise provided in subsection (6) of this section, surviving
spouse's benefits paid pursuant to the provisions of section 24-51-909 shall
become payable upon reaching sixty years of age, or on December 31 of the
calendar year in which the deceased member would have reached seventy and one-half years of age, whichever occurs earlier.

(6) Surviving spouse's benefits defined in section 24-51-909 which are
payable to a spouse found by the board to be mentally or physically incapacitated
from gainful employment shall become payable on the day of the death of the
deceased member without regard to the age of such spouse.

(7) Survivor benefits shall become payable to dependent parents
immediately upon the death of the member.

(8) If at the time of the death of the member there is a supplemental needs
trust established before or within ninety days after the death of the member for the
benefit of the qualified child eligible for survivor benefits, survivor benefits payable
pursuant to this part 9 to the beneficiary of the supplemental needs trust are
payable to the trust.

Legislative History

Source: L. 87: Entire article R&RE, p. 1069, � 1, effective July 1. L. 88: (3) and (5) amended, pp. 962, 963, �� 17, 18, effective July 1. L. 90: (5) amended, p. 1252, � 4, effective July 1. L. 95: (1) amended, p. 556, � 12, effective July 1. L. 2015: (8) added, (SB 15-097), ch. 111, p. 327, � 5, effective April 16.