§ 31-31.5-401 — Vesting and benefit eligibility

Colorado § 31-31.5-401

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

Text

(1) A member with five years of
service credit in one or a combination of more than one of the lifetime benefit
components is considered vested for purposes of a pension payable from the
lifetime benefit components of the statewide retirement plan.

(2) A member is eligible for a normal retirement when:

(a) The member has accumulated at least twenty-five years of service credit
and has attained age fifty-five; or

(b) The member has attained age fifty, the member's combined age and
years of accrued service is equal to at least eighty, and the member is not receiving
benefits pursuant to section 31-31-803.

(3) A vested member who attains age fifty-five is eligible to terminate
service and begin receiving an unreduced benefit. A member who terminates
employment before attaining age fifty-five and who has at least five years of
service credit may leave contributions in the plan and begin receiving an unreduced
benefit upon attaining age fifty-five.

(4) An active or inactive vested member who is not eligible for normal
retirement, who has attained age fifty, who is not receiving or has terminated
benefits pursuant to section 31-31-803, and who has terminated employment is
eligible for an early retirement pension. The early retirement pension for a member
is the benefit that the member would have received at age fifty-five reduced on an
actuarial equivalent basis to reflect the early receipt of the benefit as determined
by the board.

(5) Subject to rules adopted by the board, years of service credit of a
member who is employed by successive employers may be aggregated for
determining eligibility and benefits provided by the lifetime benefit components of
the statewide retirement plan if the service for each employer was rendered while
the employer covered its members under the statewide retirement plan, the
predecessor statewide defined benefit plan, or the defined benefit component of
the predecessor statewide hybrid plan.

Legislative History

Source: Entire article added, (HB 22-1034), ch. 61, p. 288, � 1, effective August 10.