Colorado § 31-31.5-301 Defined benefit component minimum contributions

Colorado Statutes

§ 31-31.5-301 — Defined benefit component minimum contributions

Colorado § 31-31.5-301

Title 31Government

Art.Fire and Police Pension Association of Colorado Statewide Retirement Plan

This text of Colorado § 31-31.5-301 (Defined benefit component minimum contributions) 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. § 31-31.5-301 (2026).

Text

(1)Every member covered under the defined benefit component of the statewide retirement plan shall pay into the lifetime benefits account twelve percent of base salary paid or any higher member contribution rate established pursuant to part 6 of this article 31.5. The payment shall be made by the employer by deduction from the salary paid to the member.

(2)(a) Every employer employing members who are covered by the defined benefit component of the statewide retirement plan shall pay into the lifetime benefits account nine percent of the base salary paid to the member or any higher employer contribution rate established pursuant to part 6 of this article 31.5. The employer contribution rate shall increase by three percent to be implemented through six annual increases as follow

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(1) Every
member covered under the defined benefit component of the statewide retirement
plan shall pay into the lifetime benefits account twelve percent of base salary paid
or any higher member contribution rate established pursuant to part 6 of this article
31.5. The payment shall be made by the employer by deduction from the salary paid
to the member.

(2) (a) Every employer employing members who are covered by the defined
benefit component of the statewide retirement plan shall pay into the lifetime
benefits account nine percent of the base salary paid to the member or any higher
employer contribution rate established pursuant to part 6 of this article 31.5. The
employer contribution rate shall increase by three percent to be implemented
through six annual increases as follows: Beginning in 2023, and each year
thereafter through 2028, the employer contribution rate shall increase by an
additional one-half of one percent of base salary until the total employer
contribution rate, including the cumulative contribution rate increases, is twelve
percent of base salary.

(b) In addition to the rate established in subsection (2)(a) of this section, the
employer contribution rate shall be increased by one percent of base salary to be
implemented as follows: Beginning in 2029, and continuing through 2030, the
employer contribution rate shall increase by an additional one-half of one percent
of base salary in each year for a total of a one percent increase in order to pay for
the cost of providing the option to retire contained in section 31-31.5-401 (2)(b).

(3) After considering the results of the actuarial valuation conducted
pursuant to section 31-31.5-402, if the assets of the lifetime benefit components of
the plan combined with projected contributions are sufficient to fully fund the
benefits provided for in part 4 of this article 31.5 on an actuarially sound basis plus
the projected cost of living adjustments as determined by the board, the board may,
in its sole discretion, allocate surplus contributions to the money purchase
component pursuant to section 31-31.5-304. The board shall designate whether any
such allocation is an employer contribution or a member contribution.