§ 31-30.5-304 — Limitation on existing funds - procedures

Colorado § 31-30.5-304

• Jurisdiction: Colorado
• Title 31: Government
• Art.: Fire - Police - Old Hire Pension Plans

Text

(1) On and after
January 1, 1982, every state-assisted old hire police officers' or firefighters' pension
plan created pursuant to this article shall be financed in accordance with minimum
funding standards prescribed in this part 3. Contributions made pursuant to this
section include municipal, special district, and county improvement district
contributions, the established employee contribution, and any state contribution.

(2) (a) Annual contributions to state-assisted old hire police officers' and
firefighters' pension funds shall be made in at least the amount determined by the
policy set by the board of the fire and police pension association that balances the
following considerations: Stabilization of the amount of the annual required
contributions over time; keeping the funded ratio of the pension fund from
declining; and reducing or eliminating contributions as may be prudent based on
actuarial experience. The unfunded accrued liabilities of the plan may be amortized
over a period not to exceed the lesser of twenty years or the number of years equal
to the average remaining life expectancy of the pension fund's members.

(b) In addition to the contributions required by paragraph (a) of this
subsection (2), the employer shall annually pay any required dollar amount of
contributions necessary to fund additional plan benefits adopted under section 31-30.5-210 (2), as established by supplemental actuarial studies on such funds.

(3) and (3.5) (Deleted by amendment, L. 2014.)

(4) Repealed.

(5) (Deleted by amendment, L. 2014.)

(6) All municipalities, fire protection districts, and county improvement
districts, including both paid firefighters and volunteer firefighters in their pension
plans, shall segregate the pension funds for paid firefighters and volunteer
firefighters on an equitable basis for accounting and actuarial purposes, and said
segregation shall be considered in all actuarial reports applicable to such funds. In
computing the portion of the fund attributable to volunteer firefighters, the
benefits of such volunteer firefighters shall not be reduced or otherwise changed.

(7) (Deleted by amendment, L. 2014.)

(8) Every employee employed as a firefighter or police officer for the first
time after April 7, 1978, is covered by the benefit provisions set forth in or
authorized by article 31 of this title.

(9) Volunteer firefighters and volunteer firefighter pension funds are exempt
from all provisions of this section except subsection (6) of this section.

(10) (Deleted by amendment, L. 2014.)

(11) Repealed.

(12) (Deleted by amendment, L. 2014.)

(13) The board of any state-assisted old hire pension plan may take, by gift,
grant, devise or bequest, any money, personal property, or real estate, or interest
therein, as trustees for the uses and purposes for which the fund is created.

Legislative History

Source: L. 96: Entire article added with relocations, p. 868, � 1, effective May 23. L. 2003: (5)(a)(II) and (5)(b) amended, p. 1472, � 1, effective May 1. L. 2006: (3.5) amended, p. 181, � 5, effective March 31. L. 2009: (5)(a)(II) and (5)(b) amended, (SB 09-227), ch. 125, p. 540, � 1, effective April 16. L. 2011: (5)(a)(II) and (5)(b) amended, (SB 11-221), ch.152, p. 528, � 1, effective May 5. L. 2014: Entire section amended, (SB 14-031), ch. 52, p. 237, � 4, effective March 20. L. 2020: (2)(a) amended and (4) and (11) repealed, (HB 20-1044), ch. 105, p. 404, � 1, effective September 14.