31-31-301. Investment funds - creation.

Statute text

(1) (a) There is hereby created the fire and police members' benefit investment fund, which shall consist of the portion of the assets that are designated for investment by the board of the following plans:

(I) The defined benefit system established in part 2 of this article;

(II) Old hire police and fire pension plans established in article 30.5 of this title, which are affiliated with the association pursuant to part 7 of this article;

(III) Exempt plans established pursuant to part 8 of article 30.5 of this title, which are affiliated with the association pursuant to part 7 of this article;

(IV) Volunteer firefighter pension plans, which are affiliated with the association pursuant to part 7 of this article; and

(V) The statewide death and disability plan established in part 8 of this article.

(b) The board shall keep an accurate account of the assets of each plan deposited in the investment fund and shall disburse moneys in accordance with the provisions of this article and the applicable plan document.

(2) and (3) (Deleted by amendment, L. 2006, p. 186, 11, effective March 31, 2006.)

(4) (a) There is hereby created the fire and police members' self-directed investment fund, which shall consist of the portion of the assets that are designated for self-direction by the member of the following plans:

(I) The defined benefit system established in part 2 of this article;

(II) Old hire police and fire pension plans established in article 30.5 of this title, which are affiliated with the association pursuant to part 7 of this article;

(III) The fire and police members' statewide money purchase plan established in part 5 of this article;

(IV) Repealed.

(V) The fire and police members' deferred compensation plans established in part 9 of this article; and

(VI) The affiliated exempt plans which are affiliated with the association pursuant to part 7 of this article.

(b) The board shall keep an accurate account of the assets of each plan deposited in the investment fund and shall disburse moneys in accordance with the provisions of this article and the applicable plan document.

History

Source: L. 96: Entire article added with relocations, p. 899, 1, effective May 23. L. 2000: (3)(d) repealed, p. 76, 2, effective August 2. L. 2003: (1)(a)(V) added, p. 744, 1, effective August 6. L. 2006: Entire section amended, p. 186, 11, effective March 31. L. 2010: (4)(a)(IV) repealed, (SB 10-024), ch. 20, p. 90, 5, effective August 11.

Annotations

Editor's note: Provisions of this section were formerly numbered as 31-30-1012 (1)(a) and 31-30-1012.5.

Annotations

 

ANNOTATION

Annotations

Annotator's note. Since 31-31-301 is similar to 31-30-1012 as it existed prior to the 1996 amendment that relocated parts 3 through 10 of article 30, a relevant case construing the provisions of that section has been included in the annotations to this section.

As trustee of the fire and police members' benefit fund, fund's administrative board must, as a matter of law, insure that beneficiaries of the fund receive the appropriate level of benefits provided by the local plan and, if necessary, investigate what benefits are "appropriate". Pueblo v. Fire and Police Pension Ass'n, 827 P.2d 597 (Colo. App. 1992).