(1) Member contributions shall earn interest beginning with the date of the first contribution, and, on succeeding balances, from the date of the first contribution through either the date the member contribution account is refunded and matching employer contributions are paid, the date a single payment is paid to the beneficiary, the date survivor benefits become payable, or the date of retirement, whichever occurs first.
Member contributions made prior to July 1, 1995, shall earn interest at the rate of sixand eight-tenths percent per year, compounded annually, in lieu of the former rate, if a member contribution account exists for the person on July 1, 1995.
From July 1, 1995, to June 30, 2004, member contributions shall earn interest at arate equal to eighty percent of the actuarial investment assumption rate, compounded annually, that was in effect at the time interest was earned.
On and after July 1, 2004, member contributions shall earn interest at a rate specifiedby the board, compounded annually, that is in effect at the time interest is earned. In no event shall the board specify a rate pursuant to this subsection (4) that exceeds five percent.
Notwithstanding the provisions of this section, DPS member accounts existing as ofDecember 31, 2009, shall be credited regular interest in accordance with section 24-51-1702 (31) through and including December 31, 2009. Thereafter, Denver public schools division member accounts shall earn interest in accordance with subsection (4) of this section.
Source: L. 95: Entire section added, p. 553, § 4, effective July 1. L. 2004: (3) amended and (4) added, p. 695, § 2, effective July 1. L. 2009: (5) added, (SB 09-282), ch. 288, p. 1341, § 21, effective January 1, 2010. L. 2010: (5) amended, (HB 10-1422), ch. 419, p. 2086, § 72, effective August 11.