(1) Except as provided in subsection (2) of this section, moneys of exempt alternative plans that are not affiliated with the fire and police pension association under section 31-31-706 may be managed and invested by the trustees of such plans pursuant to the standard and other provisions for trustees set forth in the "Colorado Uniform Prudent Investor Act", article 1.1 of title 15, C.R.S. Such investments shall be audited at least biennially.
(2) (a) (Deleted by amendment, L. 97, p. 10, § 2, effective March 13, 1997.)
(b) The trustees of an exempt alternative plan may allow a participant to exercise control of the investment of the participant's accrued benefit under the plan, subject to the following requirements:
The trustees shall select at least three investment alternatives, each of which is diversified in itself, that allow the participant a broad range of investments and a meaningful choice between risk and return in the investment of the participant's accrued benefit;
The trustees shall allow the participant to change investments at least once eachcalendar quarter; and
The trustees shall provide the participant with information describing the investment alternatives and the nature, investment performance, fees, and expenses of the investment alternatives and other information to enable a participant to make informed investment decisions.
(c) Neither the state nor local governments shall be held responsible to pay for any or all financial losses experienced by participants of the exempt alternative plan; except that nothing in this section relieves a local government's responsibility as a trustee to the plan.
Source: L. 96: Entire article added with relocations, p. 892, § 1, effective May 23. L. 97: Entire section amended, p. 10, § 2, effective March 13. L. 2004: (1) amended, p. 1204, § 74, effective August 4. L. 2010: (1) amended, (SB 10-024), ch. 20, p. 90, § 3, effective August 11.
Editor's note: This section was formerly numbered as § 31-30-1012 (8).