Colorado § 24-51-1501 - Defined contribution plan - establishment - creation of fund.
Full text of Colorado Colorado Revised Statutes § 24-51-1501 — Defined contribution plan - establishment - creation of fund., with citation guidance and answers to common questions.
§ 24-51-1501. Defined contribution plan - establishment - creation of fund.
(1) The board is hereby authorized to establish and administer a defined contribution plan for eligible employees as provided in this part 15. The board shall establish the terms and conditions of the association's defined contribution plan offered to eligible employees. The assets of the plan shall be held in a separate trust fund of the association created for such purpose.
(2) (a) Effective July 1, 2009:
(I) The state defined contribution plan established pursuant to part 2 of article 52 of this title, as said part 2 existed prior to its repeal in 2009, shall be merged into the association's defined contribution plan for eligible state employees established under this part 15, and all the assets of the state defined contribution plan and the trust fund shall be transferred via trustee-to-trustee transfer to the defined contribution plan trust fund established pursuant to section 24-51-208 (1)(i);
(II) Participants of the state defined contribution plan shall, subject to sections 24-51-1505 (4), 24-51-1506 (1), and 24-51-1506.5, become members of the association's defined contribution plan; and
(III) The individual participant accounts in the state defined contribution plan shall become individual participant accounts within the association's defined contribution plan.
(b) The administration of the asset transfer pursuant to paragraph (a) of this subsection (2) shall be determined by the board.
(3) The department of personnel created in section 24-1-128 shall provide for the orderly transfer of all records pertaining to the state defined contribution plan and shall take any other action as necessary for the board to assume its duties under this part 15.
(4) Repealed.
Source: L. 2004: Entire part added, p. 1947, § 23, effective January 1, 2006. L. 2009: Entire section amended, (SB 09-066), ch. 73, p. 249, § 5, effective March 31. L. 2018: (1) and (4) amended, (SB 18-200), ch. 370, p. 2257, § 22, effective June 4. L. 2025: (4) repealed, (SB 25-275), ch. 377, p. 2109, § 336, effective August 6.
Editor's note: Subsection (4) was relocated to § 24-51-1500.3 in 2025.
Cross references: For the legislative declaration in SB 18-200, see section 1 of chapter 370, Session Laws of Colorado 2018.
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 24-51-1501
What does Colorado Revised Statutes § 24-51-1501 cover?
Section 24-51-1501 ("Defined contribution plan - establishment - creation of fund.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
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