(1) The board is hereby authorized to establish and administer a voluntary investment program and to create a separate trust fund to hold the assets of said investment program.
The voluntary investment program shall be available to all members, DPS members,retirees, and DPS retirees, and shall be in addition to any other retirement or tax-deferred compensation system established by the state or its political subdivisions.
The board is hereby authorized to offer participation in the voluntary investment program to all employees of employers that are affiliated with the association, regardless of whether those employees are members or retirees.
For purposes of this part 14, members and retirees shall include DPS members andDPS retirees.
Source: L. 87: Entire article R&RE, p. 1077, § 1, effective July 1. L. 2001: (2) amended, p. 20, § 1, effective July 1. L. 2009: (3) added, (SB 09-066), ch. 73, p. 256, § 19, effective March 31; (2) amended and (4) added, (SB 09-282), ch. 288, p. 1352, § 55, effective January 1, 2010
Editor's note: This section is similar to former § 24-51-1302 as it existed prior to 1987. 24-51-1402. Contributions to the voluntary investment program. (1) An eligible employee pursuant to section 24-51-1401 may participate in the voluntary investment program authorized in section 24-51-1401 by authorizing his or her employer, as defined in section 2451-101 (20), to contribute an amount by payroll deduction in lieu of receiving such amount as salary or pay. The amount of such contribution by a participant shall be subject to any limitations established by federal law. These voluntary contributions, in addition to investment earnings, shall be exempt from federal and state income taxes until the ultimate distribution of such contributions has been made to the participant, member, former member, or beneficiary.
The board may, at its discretion, allow participants in the voluntary investment program to elect to make after-tax voluntary contributions to the voluntary investment program by payroll deduction. Investment earnings on such contributions are exempt from federal and state income taxes until the ultimate distribution of such contributions has been made to the participant, member, former member, or beneficiary.
All voluntary contributions by a participating member shall be included in the salaryof such member for the purpose of calculating member and employer contributions pursuant to the provisions of section 24-51-401. The member contribution provisions of section 24-51-401 and the matching employer contribution provisions of section 24-51-408.5 shall not apply to any voluntary contribution made by a retiree.
The employer shall deliver all voluntary contributions to the service provider designated by the association within five days after the date that the participants are paid and consistent with the provisions of section 24-51-401 (1.7)(c) and (1.7)(d).
(a) Effective July 1, 2009, all assets of the state defined contribution match plan established pursuant to section 24-52-104, as said section existed prior to its repeal in 2009, shall be transferred via trustee-to-trustee transfer to the association's voluntary investment program trust fund created in section 24-51-208 (1)(g), and such defined contribution match plan shall be merged into the association's voluntary investment program. An individual's account in the state defined contribution match plan shall become part of the individual's existing 401(k) plan account if one exists. If the individual does not have an existing 401(k) plan account, a separate account shall be created for the individual within the trust fund and administered in accordance with the terms of the voluntary investment program. The administration of such asset transfer shall be determined by the board.
(b) For purposes of this subsection (5), "existing 401(k) plan account" means a voluntary investment account authorized under 26 U.S.C. sec. 401(k), as amended.
Source: L. 87: Entire article R&RE, p. 1077, § 1, effective July 1. L. 97: (4) amended, p. 778, § 16, effective July 1. L. 2001: (1), (2), and (3) amended, p. 20, § 2, effective July 1. L. 2004: (4) amended, p. 699, § 6, effective July 1; (4) amended, p. 1947, § 22, effective July 1, 2005. L. 2009: Entire section amended, (SB 09-066), ch. 73, p. 256, § 20, effective March 31.
Editor's note: (1) This section is similar to former §§ 24-51-1301 and 24-51-1302 as they existed prior to 1987. For a detailed comparison, see the comparative tables located in the back of the index.
(2) Amendments to subsection (4) by Senate Bill 04-132 and Senate Bill 04-257, effective July 1, 2005, were harmonized.