Colorado § 24-51-204 - Duties of the board - report.

§ 24-51-204. Duties of the board - report.

(1) The trustees shall elect from among themselves a chairman and any other officers as may be necessary for the board to carry out its duties and responsibilities.

(2) (a) The board shall set the time and place for meetings, and conduct those meetings in accordance with part 4 of article 6 of this title 24.

(b) For purposes of part 4 of article 6 of this title 24, the board is a local public body, as defined in section 24-6-402 (1)(a)(I).

(3) No vote of the board shall take place without a quorum present.

(4) The board shall appoint and set the compensation for an executive director to administer the association.

(5) The board shall adopt and promulgate such rules for the administration of the association and to specify the factors to be used in actuarial determinations or calculations required by this article. All rules shall be promulgated in accordance with the provisions of section 24-4-103, and such rules shall be consistent with the provisions of this article or other provisions of law.

(6) The board shall submit to and the state auditor shall conduct or cause to be conducted financial and performance audits of all financial transactions and accounts kept by or for the association in a manner consistent with the requirements set forth in section 2-3-103, C.R.S.

(7) (a) The board or its designated agent shall submit an annual actuarial valuation report to the legislative audit committee and the joint budget committee of the general assembly, together with any recommendations concerning such liabilities that have accrued.

(b) In the annual actuarial valuation, the board shall first determine the total aggregate actuarial funded ratio of the association, apply the adjustments pursuant to section 24-51-1009.5, and then determine the actuarial funded ratio of each division separately.

(7.5) (a) The board or its designated agent shall perform an annual sensitivity analysis to determine when, from an actuarial perspective, model assumptions are meeting targets and achieving sustainability. In furtherance of making this determination, the board or its designated agent shall examine the data that the association currently collects. The board or its designated agent shall deliver an annual report detailing the findings of the analysis to the office of the governor, the joint budget committee, the legislative audit committee, and the finance committees of the senate and the house of representatives, or any successor committees.

(b) For purposes of the analysis required by subsection (7.5)(a) of this section, the association shall provide access to official member information and data under a confidentiality agreement with its designated agent, if applicable.

(8) The board or its designated agent shall prepare and transmit annually a report to the governor regarding the policies, financial condition, and administration of the association.

(9) The board shall obtain, and the association shall pay for, insurance or shall self-insure against liability which arises out of, or in connection with, the performance of duties by any trustee or employee of the association.

(10) The board shall perform all duties imposed on it by law, including but not limited to administering the provisions of the DPS plan for qualifying DPS members. The board shall not be liable for actions of members that do not comply with court orders.

(11) The board shall be immune from claims arising from the enforcement and implementation of laws regarding the consolidation or merger of retirement plans under its administration that are made a part of the association.

(12) Beginning with the actuarial experience study of the association that the board conducted in the 2024 calendar year, and every four years thereafter, the board shall conduct or cause to be conducted an actuarial experience study of the association. In addition, beginning in the 2026 calendar year, and every four years thereafter, the board shall conduct or cause to be conducted a periodic actuarial audit of the association. The board shall ensure that the periodic actuarial audit of the association conducted in the 2026 calendar year and every four years thereafter pursuant to this subsection (12) takes into consideration the results and findings of the most recent actuarial experience study of the association that was conducted pursuant to this subsection (12).

(13) (a) On and after January 1, 2025, the board shall post on and regularly maintain and update the association's website to include, in a downloadable format for free public access, the most current information concerning the following:

(I) The notice, with specific agenda information, if available, including any available presentations and other documents that might be considered at the next public meeting of the board as required by subsection (2) of this section;

(II) The policy for and process by which a member of the public may participate in each public meeting of the board;

(III) A link or other means of public access to the records of prior board meetings; and

(IV) The official email address that the board uses to send communications to each board member.

(b) On or before January 1, 2026, and on or before January 1 of each calendar year thereafter, the board shall post on the association's website the association's most current financial information as follows:

(I) The annual compensation amount paid to each employee of the association;

(II) The amount and method of calculation of each annual bonus awarded to each employee of the association;

(III) The total annual amount of money paid by the association to third-party service providers;

(IV) The total annual amount of money expended by the association for travel costs incurred by members of the board, including both elected trustees reimbursed by the association pursuant to section 24-51-203 (6) and appointed trustees compensated by the association pursuant to section 24-51-203 (7);

(V) The total annual amount of money expended by the association for travel costs incurred by the executive director of the association and any other individual holding an executive position with the association;

(VI) The association's annual budget;

(VII) The association's annual audited financial statements;

(VIII) The association's salary schedules or policies; and

(IX) The association's actual expenditures, including actual salary expenditures and actual benefit expenditures reported by job category.

(c) Notwithstanding any other provision of this section, this subsection (13) does not require the board to report or otherwise disclose personal information relating to payroll, including payroll deductions or contributions, or any other information that is confidential or otherwise protected from disclosure pursuant to state or federal law.

Source: L. 87: Entire article R&RE, p. 1047, § 1, effective July 1. L. 97: (5) amended, p. 63, § 1, effective July 1. L. 2000: (8) amended, p. 1552, § 28, effective August 2. L. 2009: (10) amended and (11) added, (SB 09-282), ch. 288, p. 1334, § 4, effective May 21. L. 2010: (7) amended, (SB 10-001), ch. 2, p. 5, § 3, effective January 1, 2011. L. 2018: (7.5) added, (SB 18-200), ch. 370, p. 2238, § 3, effective June 4. L. 2025: (12) added, (SB 25-028), ch. 27, p. 155, § 1, effective March 26; (2) amended and (13) added, (SB 25-147), ch. 369, p. 1994, § 3, effective June 3.

Cross references: For the legislative declaration in SB 18-200, see section 1 of chapter 370, Session Laws of Colorado 2018.

ANNOTATION

Rule-making power is limited to making rules for the administration of the fund and for the transaction of the business of the association and is subject to the limitations of this part and of the law. A rule that determines when a right that has arisen under an act passed by the general assembly shall cease to exist, though the legislative body itself has not seen fit to place any time limit upon the right granted, goes further than section permits. If such a limitation is to be imposed, it must be by legislative act and not by administrative rule. Annear v. McKelvey, 100 Colo. 213, 66 P.2d 536 (1937) (decided under former § 24-51-103 as it existed prior to the 1987 repeal and reenactment of this article).