(1) Any retiree who had life insurance coverage pursuant to the provisions of part 2 of article 8 of title 10, C.R.S., on June 30, 1986, shall continue to have such coverage unless the retiree refuses it. Any retiree who refuses such coverage may not resume coverage later.
(2) The board may offer group life insurance coverage through any life insurance company qualified to do business in Colorado or may self-fund such coverage for eligible retirees under this section. The monthly premium shall be deducted from the benefits of each participating retiree and the association shall not pay any premium subsidy.
Source: L. 87: Entire article R&RE, p. 1077, § 1, effective July 1. L. 95: (2) amended, p. 266, § 14, effective July 1.
Editor's note: (1) This section is similar to former § 24-51-1409 as it existed prior to 1987.
(2) The internal reference in subsection (1) to part 2 of article 8 of title 10 refers to that part as it existed prior to its repeal on May 19, 1994.