§ 31-31.5-306 — Picked-up contributions

Colorado § 31-31.5-306

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

Text

Each employer shall pick up the
mandatory employee contributions required under this part 3, to the extent allowed
by the federal Internal Revenue Code of 1986, as amended, and the contributions
picked up shall be treated as employer contributions pursuant to section 414 (h)(2)
of the federal Internal Revenue Code of 1986, as amended, in determining their
income tax treatment. The employer shall pay these employee contributions
directly to the association, instead of paying such amounts to the members. Such
contributions shall be paid from the same funds that are used in paying salaries to
the members. Such contributions, although designated as employee contributions,
shall be paid by the employer in lieu of contributions by the members. Members
may not elect to choose to receive such contributions directly instead of having
them paid by the employer to the plan. Employee contributions so picked up shall
be treated for all purposes of this article 31.5, other than federal tax, in the same
manner as employee contributions made before the date picked up.

Legislative History

Source: Entire article added, (HB 22-1034), ch. 61, p. 287, � 1, effective August 10.