The general assembly finds and declares that the purpose of the defined contribution plan established in this part 15 is to provide eligible employees who participate in the defined contribution plan with a path toward having a secure retirement through a focus on lifetime retirement income to maintain an eligible employee's standard of living following a full career of employment. The provisions of this part 15 are designed to avoid a negative impact on the defined benefit trusts in this article 51. Employers are responsible for ensuring that their employees understand the advantages and disadvantages of the defined benefit and defined contribution plans.
Source: L. 2018: Entire section added, (SB 18-200), ch. 370, p. 2257, § 21, effective June 4.
Cross references: For the legislative declaration in SB 18-200, see section 1 of chapter 370, Session Laws of Colorado 2018.