(1) The retirement board of any association formed pursuant to the provisions of section 24-54-106 shall have full and complete control and management of any retirement plan provided for and authorized by this article, other than matters relating to participation in the public employees' retirement association. Such retirement board shall make all necessary rules and regulations for managing and discharging its duties, for its own government and procedure in so doing, and for the preservation and protection of any fund or annuity contract.
(2) Such retirement board shall determine what type of retirement plan in which to participate and shall select, on the basis of the most sound proposal:
An insurance company qualified under section 24-54-105 (1); or
A noninsured trust retirement plan, with a bank or trust company authorized to exercise trust powers in this state as trustee, invested by the trustee pursuant to the provisions of part 3 of article 1 of title 15, C.R.S., but of the initial and subsequent sums of money available for investment, the trustee shall invest only in such investments as are specified in section 24-54112; or
A noninsured trust retirement plan, invested by the treasurer of the plan in such securities as are specified in section 24-54-112; or
Participation in the public employees' retirement association, pursuant to article 51 ofthis title.
The retirement board shall hear and decide all applications for relief, pensions, annuities, retirement, or other benefits pursuant to the plan or system adopted. A record of such action and all other matters properly coming before said retirement board shall be kept and preserved.
The treasurer of the most populous county, municipality, or political subdivision shall be ex officio the treasurer of any association formed pursuant to the provisions of section 24-54-106 and establishing a noninsured trustee retirement plan or system. If any municipality or political subdivision alone adopts such a plan or system, the treasurer thereof shall serve as the treasurer of such plan or system. No fee therefor shall be charged by the treasurer pursuant to the provisions of section 30-1-102, C.R.S., or any other provision of law.
Source: L. 87: Entire article added, p. 1089, § 2, effective July 1. L. 97: (2)(b), (2)(c), and (4) amended, p. 153, § 1, effective March 28. L. 2005: (4) amended, p. 363, § 7, effective April 22.