(1) As used in this section, "internal revenue code" means the federal "Internal Revenue Code of 1986", as amended.
Old hire pension plans shall satisfy the qualification requirements specified in section401 of the internal revenue code, as applicable to governmental plans.
A board, as defined in section 31-30.5-102 (1.5), may adopt any provision for an oldhire pension plan that is necessary to comply with the internal revenue code.
(a) The board of directors of the fire and police pension association established by section 31-31-201 may create a master plan document for old hire pension plans and may submit the master plan document to the internal revenue service for a determination of its status as a qualified plan under the internal revenue code. The master plan document shall include provisions necessary to comply with the internal revenue code.
(b) The board of directors of the fire and police pension association established by section 31-31-201 may:
Amend the master plan document as may be necessary to comply with the internalrevenue code; and
Require an affiliated board to adopt the master plan document or to obtain internalrevenue service approval for its old hire pension plan.
(c) Nothing in this subsection (4) shall preclude an affiliated board from submitting its plan document to the internal revenue service for a determination of its plan document's status as a qualified plan under the internal revenue code.
(5) The old hire pension funds established by this article shall be held in trust for the benefit of old hire members and other persons entitled to benefits. No part of the corpus or income of a pension fund shall be used for or diverted to purposes other than for the exclusive benefit of old hire members or other persons entitled to benefits from the pension fund and for expenses incident to operation of the pension fund. No person shall have any interest in or right to any part of the corpus or earnings of the pension trust except as expressly provided, including assignments for child support purposes as provided for in section 14-14-104, C.R.S., child support arrearages as requested as part of an enforcement action under article 5 of title 14, C.R.S., or child support arrearages that are the subject of enforcement services provided under section 26-13-106, C.R.S., income assignments for child support purposes pursuant to section 14-14-111.5, C.R.S., writs of garnishment that are the result of a judgment taken for arrearages for child support or for child support debt, and payments made in compliance with a properly executed court order approving a written agreement entered into pursuant to section 14-10-113 (6), C.R.S.
Source: L. 96: Entire article added with relocations, p. 866, § 1, effective May 23. L. 98: (8) amended and (9) and (10) added, p. 24, § 2, effective March 16. L. 2006: (2) amended, p. 180, § 4, effective March 31. L. 2009: Entire section R&RE, (HB 09-1030), ch. 16, p. 89, § 3, effective August 5.
Editor's note: This section was formerly numbered as § 31-30-324.5.