§ 24-54-108.5 — Control and management of individual county plan

Colorado § 24-54-108.5

• Jurisdiction: Colorado
• Title 24: Government
• Art.: County, Municipal, and Political Subdivision

Text

(1) The
retirement board of any individual county retirement plan 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 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) The retirement board of any individual county retirement plan 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 of any individual county retirement plan 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 county treasurer shall serve as the treasurer of the individual county
retirement plan. 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.

Legislative History

Source: L. 97: Entire section added, p. 154, � 2, effective March 28.