Colorado § 31-31-808 Reduction of survivor benefits

Colorado Statutes

§ 31-31-808 — Reduction of survivor benefits

Colorado·Title 31 Government·Art. Fire - Police - New Hire Pension Plans

(1)The benefits payable under sections 31-31-807 and 31-31-807.5 to the surviving spouse and dependent children of any member, who at the time of the member's death was a member of a money purchase plan established under this article or article 30.5 of this title 31, including any department chief, who at the time of the chief's death had been exempted from the statewide retirement plan as permitted by section 31-31.5-203, shall be reduced by an amount that is the actuarial equivalent of the benefits such surviving spouse and dependent children receive from the money purchase plan, whether the benefits received from the money purchase plan are paid on a periodic basis or in a lump sum. No such reduction shall exceed the actuarial equivalent of money purchase plan benefits if suc

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(1) The benefits payable under
sections 31-31-807 and 31-31-807.5 to the surviving spouse and dependent children
of any member, who at the time of the member's death was a member of a money
purchase plan established under this article or article 30.5 of this title 31, including
any department chief, who at the time of the chief's death had been exempted from
the statewide retirement plan as permitted by section 31-31.5-203, shall be reduced
by an amount that is the actuarial equivalent of the benefits such surviving spouse
and dependent children receive from the money purchase plan, whether the
benefits received from the money purchase plan are paid on a periodic basis or in a
lump sum. No such reduction shall exceed the actuarial equivalent of money
purchase plan benefits if such benefits had been funded at the same rate of
contributions specified in section 31-31.5-301.

(2) The benefits payable under sections 31-31-807 and 31-31-807.5 to the
surviving spouse and dependent children of any member who are also receiving
payments from the member's separate retirement account pursuant to sections 31-31-412 (1)(c) and 31-31.5-304 (2) shall be reduced by an amount that is the actuarial
equivalent of the benefits such surviving spouse and dependent children receive
from the separate retirement account, whether the benefits received from the
account are paid on a periodic basis or in a lump sum.

(3) The benefits payable under sections 31-31-807 and 31-31-807.5 to the
surviving spouse and dependent children of any member who are also receiving
payments from a statewide or local Colorado fire or police defined benefit pension
plan shall be reduced by the amount of the defined benefit payments to be
received.

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Legislative History

Source: L. 96: Entire article added with relocations, p. 933, � 1, effective May 23; entire section amended, p. 1339, � 3, effective June 1. L. 98: Entire section amended, p. 62, � 4, effective February 8, 1999. L. 2002: (2) amended, p. 185, � 13, effective October 1. L. 2007: (3) added, p. 272, � 5, effective March 29. L. 2009: (3) amended, (SB 09-017), ch. 53, p. 192, � 7, effective March 25. L. 2012: (2) amended, (HB 12-1018), ch. 24, p. 66, � 7, effective August 8. L. 2022: (1) amended, (HB 22-1034), ch. 61, p. 310, � 17, effective January 1 , 2023. L. 2024: (2) amended, (HB 24-1042), ch. 15, p. 39, � 10, effective March 6.