(1) (a) On July 1, 2018, on July 1, 2019, on July 1, 2021, and on July 1 each year thereafter until there are no unfunded actuarial accrued liabilities of any division of the association that receives the distribution pursuant to this section, the state treasurer shall issue a warrant to the association in an amount equal to two hundred twenty-five million dollars. Such amount shall be paid to the association from the general fund, or any other fund, subject to section 24-51-413.
(b) The state treasurer shall not issue a warrant to the association pursuant to subsection (1)(a) of this section during the 2020-21 state fiscal year.
For the purpose of allocating appropriate indirect, cash funded, or federal costs forthe direct distribution pursuant to subsection (1) of this section, the office of state planning and budgeting may include funding sources other than the general fund in the governor's annual budget request for the 2019-20 fiscal year and each fiscal year thereafter to satisfy the funding amounts of the direct distribution.
The distribution pursuant to subsection (1) of this section shall end when there are nounfunded actuarial accrued liabilities of any division of the association that receives such distribution. By September 1, 2019, and by September 1 of each year thereafter, until the distribution pursuant to subsection (1) of this section is no longer required, the board shall determine whether the sum of the employer and member contributions pursuant to section 24-51401 (1.7)(a), the contributions pursuant to section 24-51-411, and the distribution pursuant to subsection (1) of this section, is greater than the amount necessary to eliminate the unfunded actuarial accrued liability of each division of the association that receives the distribution in the next fiscal year. If the board determines that the total amount of the distribution pursuant to subsection (1) of this section will not be required to eliminate the unfunded actuarial accrued liability of each division of the association that receives the distribution, the board shall notify the office of state planning and budgeting and the joint budget committee of the general assembly by September 1 of the applicable year.
The association shall allocate the direct distribution to the trust funds of each divisionof the association as it would an employer contribution, in a manner that is proportionate to the annual payroll of each division as reported to the association; except that the association shall not allocate any portion of the direct distribution amount to the local government division of the association.
(a) Beginning with the annual general appropriation act for the 2019-20 state fiscal year, and for each annual general appropriation act thereafter, money distributed to the association pursuant to subsection (1) of this section shall be included for informational purposes in the annual general appropriation bill or in supplemental appropriation bills for the purpose of complying with the limitation on state fiscal year spending imposed by section 20 of article X of the state constitution and section 24-77-103. The information included in the annual general appropriation bill shall include an estimate of the amount of the distribution pursuant to subsection (1) of this section that is attributable to the state and the amount that is attributable to public education from kindergarten through the twelfth grade.
(b) Subsection (5)(a) of this section does not apply for the 2020-21 state fiscal year.
Source: L. 2018: Entire section added, (SB 18-200), ch. 370, p. 2246, § 12, effective June 4. L. 2020: (1) and (5) amended, (HB 20-1379), ch. 169, p. 776, § 1, effective June 29.
Cross references: For the legislative declaration in SB 18-200, see section 1 of chapter 370, Session Laws of Colorado 2018.