§ 31-31.5-304 — Money purchase component contributions

Colorado § 31-31.5-304

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

Text

(1) For members
who elected the money purchase only option upon reentry into a predecessor plan,
the contribution rate for employers and members is equal to the contribution rates
established in the predecessor plan.

(2) Contributions, including separate retirement account balances from the
predecessor statewide defined benefit plan established under part 4 of article 31 of
this title 31, transfers from the predecessor statewide hybrid plan money purchase
accounts, surplus contributions allocated from the defined benefit component
contributions pursuant to section 31-31.5-301 (3), the portion of the minimum
contributions of hybrid component allocated to the money purchase component
pursuant to section 31-31.5-303 (3), increased local mandatory contributions
pursuant to section 31-31.5-307, and increased local voluntary contributions
pursuant to section 31-31.5-308 must be deposited in the money purchase
component.

(3) The board may provide through rules for rollovers or transfer of funds
from other plans to be deposited in the money purchase component subject to
requirements and limits established by the federal Internal Revenue Code of
1986, as amended.

Legislative History

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