§ 31-31.5-307 — Increased local mandatory contribution requirements

Colorado § 31-31.5-307

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

Text

(1) An
employer or active member or both may be required to pay a mandatory
contribution rate in excess of the rate established in section 31-31.5-301, 31-31.5-302, or 31-31.5-303 upon enactment by the employer of a resolution or ordinance
setting forth the higher contribution rate and approval of the higher rate by at least
sixty-five percent of the employer's active members voting for the higher
contribution rate.

(2) An employee who has previously established a mandatory contribution
rate under a local money purchase plan in excess of the mandatory contribution
rate may continue the previous contribution rate as an increased contribution rate.

(3) Upon adoption of a resolution or ordinance, and approval of at least sixty-five percent of the employer's active members voting, a mandatory contribution
rate in excess of the minimum required contribution rate may be reduced to the
minimum required contribution rate or the excess above the minimum required
contribution rate may be redirected to another available employee benefit.

Legislative History

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