Colorado § 31-30.5-502 Insurance - investment by banks and trust companies

Colorado Statutes

§ 31-30.5-502 — Insurance - investment by banks and trust companies

Colorado § 31-30.5-502

Title 31Government

Art.Fire - Police - Old Hire Pension Plans

This text of Colorado § 31-30.5-502 (Insurance - investment by banks and trust companies) is published on Counsel Stack Legal Research, covering Colorado primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Colo. Rev. Stat. § 31-30.5-502 (2026).

Text

(1)Notwithstanding any restrictions on investments of old hire police officers' or firefighters' pension funds contained in any laws of this state, it is lawful for the board of trustees of any such pension fund, with the consent in writing of a majority of the active old hire members of the police department or fire department for the benefit of which the pension fund is maintained, to:

(a)Insure the old hire members of any such police department or fire department by the purchase of policies of individual, group, or blanket life, endowment, disability, or annuity insurance, or variable annuity insurance in and from companies authorized to do business in Colorado and to expend any portion of such pension fund for the purpose of paying the premiums on any such insurance polic

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(1)
Notwithstanding any restrictions on investments of old hire police officers' or
firefighters' pension funds contained in any laws of this state, it is lawful for the
board of trustees of any such pension fund, with the consent in writing of a majority
of the active old hire members of the police department or fire department for the
benefit of which the pension fund is maintained, to:

(a) Insure the old hire members of any such police department or fire
department by the purchase of policies of individual, group, or blanket life,
endowment, disability, or annuity insurance, or variable annuity insurance in and
from companies authorized to do business in Colorado and to expend any portion of
such pension fund for the purpose of paying the premiums on any such insurance
policies; or

(b) Establish a noninsured trust pension 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 the trustee
shall at all times hold fixed income obligations having a book value or cost of not
less than sixty percent of the total contributions made to the trust less the amounts
paid out.

(2) If any old hire member of such police department, fire department, or
association is receiving any pension, benefit, or award made prior to April 9, 1965,
by such board of trustees, no such part of said fund shall be expended for
purchasing said insurance as will impair the ability of said fund to meet the
requirements of such pensions, benefits, and awards. The board of trustees of the
old hire pension fund shall be the beneficiary of any such insurance policies, and
the proceeds thereof shall be paid to the board of trustees as an addition to the old
hire pension fund.