Colorado § 31-30-1116 - Treasurer - custodian - segregation of moneys.

§ 31-30-1116. Treasurer - custodian - segregation of moneys.

(1) The board's treasurer and the custodian appointed by the board under section 31-30-1113 are the custodians of the fund and shall secure and safely keep books and accounts concerning the fund in the manner as the board may prescribe. The books and accounts are subject to inspection by the board, any board member, or any other interested person. Upon expiration of the treasurer's or custodian's term of office or appointment, the treasurer or custodian shall surrender and deliver to the successor all bonds, securities, and unexpended moneys or other property of the fund that the treasurer or custodian has possessed.

(2) A municipality or district that includes both paid and volunteer firefighters in their pension plans may consolidate the funds but must segregate the moneys for paid and volunteer firefighters on an equitable basis for accounting and actuarial purposes. The segregation shall be considered in actuarial reports on the funds. In computing the portion of the fund attributed to volunteer firefighters, volunteer firefighters' benefits shall not be changed.

Source: L. 95: Entire part added, p. 1372, § 2, effective June 5.

ANNOTATION

Annotator's note. The following annotations include cases decided under former provision similar to this section.

Legislative intent under former provision. Although this part does not specifically state that a city will be solely liable for making pension funds actuarially sound, it is apparent that this was the legislative intent. City of Colo. Springs v. State, 626 P.2d 1122 (Colo. 1980).

Fact that the general assembly increased the mandatory municipal contribution in this part does not mean that the general assembly intended in § 31-30-503 that cities should be totally financially responsible for pension funds. City of Colo. Springs v. State, 626 P.2d 1122 (Colo. 1980).

Section prevails over section 31-30-503 under former law. This section has a later effective date than § 31-30-503 and therefore prevails. City of Colo. Springs v. State, 626 P.2d 1122 (Colo. 1980).

Governing body controls amount of employee contribution. The governing body of the municipality has control over the amount of the employee contribution up to the prescribed maximum. City of Colo. Springs v. State, 626 P.2d 1122 (Colo. 1980).