(1) Any contributing member or affiliate member choosing or having chosen option C through December 31, 2009, will be governed by the DPS plan document. As of January 1, 2010, option C will no longer be a permissible payment choice.
(2) Notwithstanding any provision to the contrary, an annuitant may change the coannuitant that was named by such annuitant and designate a supplemental needs trust as a coannuitant in place of the previously named co-annuitant if:
The beneficiary of the supplemental needs trust is the same person as the previouslynamed co-annuitant; and
The retiree files an application and any required documents in a form as designatedby the association.
(3) If a supplemental needs trust is not established before or within ninety days after the death of the annuitant, is determined to be invalid, or is terminated on or after the death of the annuitant, the beneficiary that was named in the trust is the co-annuitant.
Source: L. 2009: Entire part added, (SB 09-282), ch. 288, p. 1370, § 56, effective January 1, 2010. L. 2015: Entire section amended, (SB 15-097), ch. 111, p. 328, § 10, effective April 16.
Cross references: For the legislative declaration in SB 15-097, see section 1 of chapter 111, Session Laws of Colorado 2015.