(1) The board is hereby authorized to establish and administer a defined contribution plan for eligible employees as provided in this part 15. The board shall establish the terms and conditions of the association's defined contribution plan offered to eligible employees. The assets of the plan shall be held in a separate trust fund of the association created for such purpose.
(2) (a) Effective July 1, 2009:
The state defined contribution plan established pursuant to part 2 of article 52 of thistitle, as said part 2 existed prior to its repeal in 2009, shall be merged into the association's defined contribution plan for eligible state employees established under this part 15, and all the assets of the state defined contribution plan and the trust fund shall be transferred via trustee-totrustee transfer to the defined contribution plan trust fund established pursuant to section 24-51208 (1)(i);
Participants of the state defined contribution plan shall, subject to sections 24-511505 (4), 24-51-1506 (1), and 24-51-1506.5, become members of the association's defined contribution plan; and
The individual participant accounts in the state defined contribution plan shall become individual participant accounts within the association's defined contribution plan.
(b) The administration of the asset transfer pursuant to paragraph (a) of this subsection
shall be determined by the board.
The department of personnel created in section 24-1-128 shall provide for the orderlytransfer of all records pertaining to the state defined contribution plan and shall take any other action as necessary for the board to assume its duties under this part 15.
For purposes of this part 15, "employer" means the state, the general assembly, theoffice of a district attorney in a judicial district, any state department that employs an eligible employee, any community college governed by the state board for community colleges and occupational education. Effective January 1, 2019, "employer" also includes any employer in the local government division and, to the extent that they employ classified employees in the state personnel system, any state college or university as defined in section 24-54.5-102 (7), any institution under the control of the board of regents of the university of Colorado, or an institution governed pursuant to part 5 of article 21 of title 23. Prior to January 1, 2019, "employer" shall not include any state college or university as defined in section 24-54.5-102 (7), any institution under the control of the board of regents of the university of Colorado, or an institution governed pursuant to part 5 of article 21 of title 23.
Source: L. 2004: Entire part added, p. 1947, § 23, effective January 1, 2006. L. 2009: Entire section amended, (SB 09-066), ch. 73, p. 249, § 5, effective March 31. L. 2018: (1) and (4) amended, (SB 18-200), ch. 370, p. 2257, § 22, effective June 4.
Cross references: For the legislative declaration in SB 18-200, see section 1 of chapter 370, Session Laws of Colorado 2018.