Colorado § 23-20-139 - Retirement plan - eligibility - election.

§ 23-20-139. Retirement plan - eligibility - election.

(1) (a) The university of Colorado president, chancellors, deans, other professionals exempt from the state personnel system, and faculty as determined by the board of regents to be eligible to participate in a university of Colorado retirement plan shall be members of a university retirement plan and covered under social security if required by federal law; except that, upon initial appointment to or employment in a position described in this subsection (1), an employee who is a member or inactive member of the association shall elect, within thirty days after such appointment, either to join the association in accordance with the provisions of article 51 of title 24, C.R.S., or to participate in a university retirement plan.

(b) For purposes of this section, "association" means the public employees' retirement association created pursuant to section 24-51-201, C.R.S.

(2) An election made by an employee pursuant to subsection (1) of this section shall be irrevocable and shall remain the election of the employee at any time the employee is employed by the university in a position described in subsection (1) of this section.

(3) An election to participate in a university retirement plan pursuant to subsection (1) of this section shall be in writing and shall be filed with the association and with the university in a manner prescribed by the university.

(4) An election to join the association pursuant to the provisions of this section shall be in writing in the manner provided by the association and shall be filed with the association no more than thirty days after the election.

(5) If an employee fails to make an election pursuant to the provisions of this section, the employee shall be a member of the association.

(6) The university shall be solely responsible for educating employees and providing information to employees about the process provided in this section and for the administration of the process.

(7) Administrative actions or civil actions brought by employees to dispute the election for participation or failure to elect participation in the association or a university retirement plan shall commence within one hundred eighty days after the election or within one hundred eighty days after the date on which the employee may make an election to participate in such plan pursuant to this section, whichever is earlier, and not thereafter.

Source: L. 2009: Entire section added, (SB 09-157), ch. 146, p. 612, § 1, effective August 5.