Colorado § 24-54-108 Control and management of plan or system

Colorado Statutes

§ 24-54-108 — Control and management of plan or system

Colorado·Title 24 Government·Art. County, Municipal, and Political Subdivision

(1)The retirement board of any association formed pursuant to the provisions of section 24-54-106 shall have full and complete control and management of any retirement plan provided for and authorized by this article, other than matters relating to participation in the public employees' retirement association. Such retirement board shall make all necessary rules and regulations for managing and discharging its duties, for its own government and procedure in so doing, and for the preservation and protection of any fund or annuity contract.

(2)Such retirement board shall determine what type of retirement plan in which to participate and shall select, on the basis of the most sound proposal:

(a)An insurance company qualified under section 24-54-105 (1); or

(b)A noninsured trust

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(1) The retirement
board of any association formed pursuant to the provisions of section 24-54-106
shall have full and complete control and management of any retirement plan
provided for and authorized by this article, other than matters relating to
participation in the public employees' retirement association. Such retirement
board shall make all necessary rules and regulations for managing and discharging
its duties, for its own government and procedure in so doing, and for the
preservation and protection of any fund or annuity contract.

(2) Such retirement board shall determine what type of retirement plan in
which to participate and shall select, on the basis of the most sound proposal:

(a) An insurance company qualified under section 24-54-105 (1); or

(b) A noninsured trust retirement plan, with a bank or trust company
authorized to exercise trust powers in this state as trustee, invested by the trustee
pursuant to the provisions of part 3 of article 1 of title 15, C.R.S., but of the initial
and subsequent sums of money available for investment, the trustee shall invest
only in such investments as are specified in section 24-54-112; or

(c) A noninsured trust retirement plan, invested by the treasurer of the plan
in such securities as are specified in section 24-54-112; or

(d) Participation in the public employees' retirement association, pursuant to
article 51 of this title.

(3) The retirement board shall hear and decide all applications for relief,
pensions, annuities, retirement, or other benefits pursuant to the plan or system
adopted. A record of such action and all other matters properly coming before said
retirement board shall be kept and preserved.

(4) The treasurer of the most populous county, municipality, or political
subdivision shall be ex officio the treasurer of any association formed pursuant to
the provisions of section 24-54-106 and establishing a noninsured trustee
retirement plan or system. If any municipality or political subdivision alone adopts
such a plan or system, the treasurer thereof shall serve as the treasurer of such
plan or system. No fee therefor shall be charged by the treasurer pursuant to the
provisions of section 30-1-102, C.R.S., or any other provision of law.

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Legislative History

Source: L. 87: Entire article added, p. 1089, � 2, effective July 1. L. 97: (2)(b), (2)(c), and (4) amended, p. 153, � 1, effective March 28. L. 2005: (4) amended, p. 363, � 7, effective April 22.