(1) Any county, municipality, or other political subdivision by itself or in conjunction with any other county, municipality, or political subdivision is hereby authorized to establish and maintain a general plan or system of retirement benefits for its elected or appointed officers and its employees, or any class thereof, subject to appropriations being available therefor.
(Deleted by amendment, L. 2005, p. 358, § 1, effective April 22, 2005.)
(2.5) Any pension plan or system of retirement benefits established by a county or counties may include participating county departments of health and human or social services, library districts organized or existing pursuant to part 1 of article 90 of this title 24 located in whole or in part within those counties, and the district attorneys' offices serving those counties.
(2.7) For purposes of this article 54, unless the context otherwise requires:
"County" means a county or a city and county, including any entity formed by suchcounty or city and county.
"Current employee" means any person currently performing service that constitutesemployment for any county, municipality, or other political subdivision of the state. "Current employee" does not include former employees of any county, municipality, or other political subdivision of the state who left employment through retirement, resignation, separation, termination, or otherwise. "Current employee" also does not include beneficiaries of either current employees or former employees.
"Defined benefit plan or system" means any retirement plan or system that is not adefined contribution plan or system.
"Defined contribution plan or system" means a retirement plan or system that provides for an individual account for each participant and the benefits of which are based solely on the amount contributed to the participant's account and that includes any income, expenses, gains, losses, or forfeitures of accounts of other participants that may be allocated to the participant's account.
"Municipality" means a city or a town and any entity formed by such city or town.
"Peace officer" means a certified peace officer as described in section 16-2.5-101 and includes any guards employed by a county sheriff pursuant to section 17-26-122.
"Political subdivision" means any district, special district, improvement district, authority, council of governments, governmental entity formed by an intergovernmental agreement, or any other kind of municipal, quasi-municipal, or public corporation organized pursuant to law.
Any municipality, special district, fire authority, or county improvement district offering fire protection services that is not required to affiliate with the police officers' and firefighters' pension plans established pursuant to the provisions of title 31, C.R.S., may affiliate with a retirement plan or system established pursuant to this article.
No member of the governing board of the plan shall act upon his own application forretirement.
Any county, municipality, political subdivision, or other participating entity not participating in the social security system pursuant to the provisions of article 53 of this title shall also have the authority to establish a retirement plan or system extending benefits to its employees in lieu of those benefits provided by the social security act, as defined in section 2453-101.
The board of any retirement plan or system established in accordance with this section may allow its employees to participate as members of such plan or system.
Notwithstanding the provisions of this section, any entity that is not a county, municipality, or political subdivision as defined in this section but that was included in a retirement plan or system established pursuant to this article before April 22, 2005, shall be allowed to remain in the plan or system.
Source: L. 87: Entire article added, p. 1086, § 2, effective July 1. L. 97: (2.5) and (6) added and (5) amended, p. 156, § 4, effective March 28; (3) amended, p. 1020, § 37, effective August 6. L. 2005: (1), (2), (3), (5), and (6) amended and (2.7) and (7) added, p. 358, § 1, effective April 22. L. 2012: (2.7) amended, (SB 12-149), ch. 227, p. 1002, § 1, effective May 29. L. 2018: (2.5) amended, (SB 18-092), ch. 38, p. 441, § 98, effective August 8. L. 2019: IP(2.7) amended and (2.7)(a.5) and (2.7)(d.5) added, (SB 19-106), ch. 143, p. 1749, § 1, effective August 2.
Cross references: For the legislative declaration in SB 18-092, see section 1 of chapter 38, Session Laws of Colorado 2018.