§ 31-31.5-303 — Hybrid component minimum contributions

Colorado § 31-31.5-303

• Jurisdiction: Colorado
• Title 31: Government
• Art.: Fire and Police Pension Association of Colorado Statewide Retirement Plan

Text

(1) Every employer
shall contribute to the lifetime benefits account eight percent of the base salary of
the member. The employer contribution rate shall increase by one percent of base
salary to be implemented through eight annual increases as follows: Beginning in
2023, and each year thereafter through 2030, the employer contribution rate shall
increase by an additional one-eighth of one percent of base salary until the total
employer contribution rate, including the cumulative contribution rate increases, is
nine percent of base salary.

(2) Every member shall contribute to the lifetime benefits account eight
percent of the base salary of the member. The member contribution rate shall
increase by one percent of base salary to be implemented through eight annual
increases as follows: Beginning in 2023, and each year thereafter through 2030,
the member contribution rate shall increase by an additional one-eighth of one
percent of base salary until the total member contribution rate, including the
cumulative contribution rate increases, is nine percent of base salary. The payment
shall be made by the employer by deduction from the salary paid to the member.

(3) The combined mandatory contributions shall be allocated between the
hybrid component and the money purchase component as determined annually by
the board based on the amount required to fund the benefit provided under the
hybrid component.

Legislative History

Source: Entire article added, (HB 22-1034), ch. 61, p. 286, � 1, effective August 10.