(1) For members who receive a benefit or who receive a refund payable after meeting the age and service requirements for a service or reduced service retirement benefit, or for payments made to survivors or beneficiaries of members who die before retirement, matching employer contributions shall be an amount equal to the member contribution account less:
Any amounts paid for the purchase of service credit;
Any payments in lieu of member contributions; and
Any interest accrued on the amounts specified in paragraphs (a) and (b) of this subsection (1).
(2) For members who have five or more years of earned service credit and receive a refund prior to sixty-five years of age and prior to meeting the age and service requirements for a service or reduced service retirement benefit, the amount of matching employer contributions paid shall be one-half of an amount equal to the member contribution account less:
Any amounts paid for the purchase of service credit;
Any payments in lieu of member contributions; and
Any interest accrued on the amounts specified in paragraphs (a) and (b) of this subsection (2).
(2.5) Notwithstanding subsection (2) of this section, for a member who has less than five years of earned service credit as of the date of refund and who receives a refund prior to sixtyfive years of age and prior to meeting the age and service requirements for a service or reduced service retirement benefit, the amount of matching employer contributions paid shall be one-half of an amount equal to the member contribution account accumulated prior to January 1, 2011, less:
Any amounts paid for the purchase of service credit;
Any payments in lieu of member contributions; and
Any interest accrued on the amounts specified in paragraphs (a) and (b) of this subsection (2.5).
Notwithstanding subsections (1) and (2) of this section, for members of the localgovernment division and for payments made to survivors or beneficiaries of such members who die before retirement, the amount of matching employer contributions shall be eighty percent of the amount that would be paid to members, survivors, or beneficiaries in divisions of the association other than the local government division if the local government division members had the same contribution history and age as the members of the other divisions. Notwithstanding any other provision of this subsection (3) to the contrary, the amount of matching employer contributions for members of the local government division shall be as provided in subsections (1) and (2) of this section effective on July 1 of any year in which the most recent determination of the association's actuary specifies that such contributions for the local government division will not cause the amortization period in such division to exceed thirty years.
The provisions of this section shall not apply to DPS member contribution accountsthat exist on December 31, 2009, with regard to past contributions or future contributions. Member contribution accounts in the Denver public schools division created on or after January 1, 2010, shall be governed by this section.
Source: L. 95: Entire section added, p. 553, § 4, effective July 1. L. 99: IP(1) and IP(2) amended and (3) added, p. 338, § 3, effective July 1. L. 2004: (3) amended, p. 1944, § 18, effective January 1, 2006. L. 2005: (3) amended, p. 769, § 40, effective June 1. L. 2009: (4) added, (SB 09-282), ch. 288, p. 1341, § 22, effective January 1, 2010. L. 2010: IP(2) and (4) amended and (2.5) added, (SB 10-001), ch. 2, p. 7, § 8, effective January 1, 2011.