§ 31-30-1128 — Optional survivor benefits

Colorado § 31-30-1128

• Jurisdiction: Colorado
• Title 31: Government
• Art.: Fire - Police

Text

(1) Notwithstanding the provisions
of sections 31-30-1126 and 31-30-1127 relating to payment of annuities in the event
of the death of a volunteer firefighter in active service, the board in any
municipality, with the prior consent of the governing body of such municipality, fire
protection district, or county improvement district having a volunteer fire
department may provide to the active members of the volunteer fire department
the option of having the survivor benefits offered by this section in lieu of the
purchase of individual, group, or blanket life, endowment, or annuity or variable
annuity insurance pursuant to section 31-30-1114 (1)(a)(I) and (1)(a)(II) and in lieu of
the survivor benefits provided to active volunteer firefighters pursuant to sections
31-30-1126 and 31-30-1127 if the following conditions are met:

(a) Sixty-five percent of the active and retired volunteer firefighters of the
affected volunteer fire department consent in writing to the option provided by this
section;

(b) An actuarial review by an independent actuary indicates the option
provided by this section is actuarially sound and will not impair the ability of
pension funds to pay the annuities to a beneficiary or to pay pensions; and

(c) If a municipality intends to provide the option provided by this section, the
governing body of the municipality consents to the option.

(2) The governing body of a municipality or the board of a fire protection
district or county improvement district having a volunteer fire department that
intends to provide the option provided by this section shall determine whether the
survivor benefits are allowed only if the volunteer firefighter dies while on duty and
shall determine the benefit amount equal to up to one hundred percent of the
amount of the pension the volunteer firefighter would have been entitled to under
this part 11 if the volunteer firefighter had retired immediately before the volunteer
firefighter's death. If survivor benefits are provided pursuant to subsection (1) of
this section to the members of a volunteer fire department and if a volunteer
firefighter who is a member of such fire department dies on duty or, if authorized by
the governing body or board, off duty, a spouse, dependent child, or dependent
parent of the volunteer firefighter or, lacking such dependents, any other
beneficiary who is a natural person and who has been designated by the volunteer
firefighter shall receive a monthly annuity in the amount determined pursuant to
this subsection (2).

(3) If survivor benefits are provided pursuant to subsection (1) of this section,
the board shall pay the annuity authorized by this section to the designated
beneficiary or to the legal guardian of the designated beneficiary who is a child
under the age of eighteen as follows:

(a) Until the death of the beneficiary;

(b) If the beneficiary is a child under the age of eighteen, until the death of
the child or until the child is eighteen years of age;

(c) If the beneficiary is a full-time student in an educational or vocational
institution, until the beneficiary is twenty-three years of age;

(d) If the beneficiary is the surviving spouse, until the surviving spouse
remarries; or

(e) Until the proceeds of the insurance policies provided in subsection (4) of
this section and the accrued interest on such insurance proceeds are exhausted.

(4) To pay the costs of the option provided pursuant to this section, the
board shall insure members of the volunteer fire department by insurance policies
of individual, group, or blanket life, endowment, or annuity insurance or variable
annuity insurance. The pension fund must be the beneficiary of these insurance
policies, and the proceeds of these insurance policies shall be paid to the board as
an addition to the fund. Payment of the premiums on these policies shall be paid
from the existing pension fund assets, from additional local contributions made to
the existing pension fund for payment of the premiums, or both; except that,
notwithstanding the provisions of section 31-30-1112 concerning the amount of
state contributions to the pension fund, additional state contributions shall not be
made to the existing pension fund assets for payment of the premiums on these
policies or as a result of additional local contributions made to the existing pension
fund for payment of the premiums.

(5) If survivor benefits are provided pursuant to subsection (1) of this section
and if a volunteer firefighter terminates active duty before retirement, the board
may allow the firefighter to purchase any insurance policy that was purchased
pursuant to subsection (4) of this section at a price equal to the cash value of the
policy. If the firefighter does not purchase the policy, the board shall surrender the
policy for its cash value. Moneys obtained by the board pursuant to this subsection
(5) shall be deposited in the pension fund and used to pay the costs of the survivor
benefits provided pursuant to this section.

(6) The survivor benefits provided pursuant to subsection (1) of this section
may be terminated at any time by either:

(a) A vote to terminate by the governing body of the municipality or the
board of the fire protection district or county improvement district having a
volunteer fire department;

(b) A vote to terminate approved by sixty-five percent of the members of the
volunteer fire department.

Legislative History

Source: L. 95: Entire part added, p. 1377, � 2, effective June 5.