Colorado § 31-30.5-803 - Investment authority.

§ 31-30.5-803. Investment authority.

(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:

(I) 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;

(II) The trustees shall allow the participant to change investments at least once each calendar quarter; and

(III) 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).

ANNOTATION

Annotator's note. Since § 31-30.5-803 is similar to § 31-30-1012 as it existed prior to the 1996 amendment that relocated parts 3 through 10 of article 30, a relevant case construing the provisions of that section has been included in the annotations to this section.

As trustee of the fire and police members' benefit fund, fund's administrative board must, as a matter of law, insure that beneficiaries of the fund receive the appropriate level of benefits provided by the local plan and, if necessary, investigate what benefits are "appropriate". Pueblo v. Fire and Police Pension Ass'n, 827 P.2d 597 (Colo. App. 1992).

ARTICLE 31

Fire - Police - New Hire Pension Plans

PART 1

GENERAL PROVISIONS

31-31-101. Legislative declaration.

31-31-102. Definitions.

PART 2

ADMINISTRATION

31-31-201. Association - creation - board - organization - tax exemption.

31-31-202. Powers and duties of the board.

31-31-203. Fund not subject to levy.

31-31-204. Defined benefit system.

31-31-205. Confidentiality of members' protected personal information.

PART 3

FIRE AND POLICE MEMBERS' BENEFIT FUND

31-31-301. Investment funds - creation.

31-31-302. Fund - management - investment - definitions.

31-31-303. Fire and police members' self-directed investment fund - management - investment.

PART 4

STATEWIDE DEFINED BENEFIT PLAN

31-31-401. Applicability of plan.

31-31-402. Employer and member contributions - repeal. (Repealed)

31-31-403. Normal retirement - statewide defined benefit plan - repeal. (Repealed)

31-31-404. Return or transfer of contributions - vested retirement - repeal. (Repealed)

31-31-405. Stabilization reserve account and separate retirement account - creation - allocation - repeal. (Repealed)

31-31-406. Separate retirement accounts - administration - repeal. (Repealed)

31-31-407. Adjustment of benefits - repeal. (Repealed)

31-31-408. Modification of state plan by the board - repeal. (Repealed)

31-31-409. Qualification requirements - internal revenue code. (Repealed)

31-31-410. Purchased or rolled-over service credit - repeal. (Repealed)

31-31-411. Return to work by participating member after retirement - rules - repeal. (Repealed)

31-31-412. Merger into the statewide retirement plan.

PART 5

STATEWIDE MONEY PURCHASE PLAN

31-31-501. Withdrawal into statewide money purchase plan.

31-31-502. Statewide money purchase plan - creation - management.

PART 6

WITHDRAWN LOCAL ALTERNATIVE PENSION PLAN

31-31-601. Withdrawn local alternative pension plan - creation - administration - repeal. (Repealed)

31-31-602. Withdrawn local alternative pension plans - investment authority.

PART 7

AFFILIATION OF PLANS WITH THE ASSOCIATION

31-31-701. Affiliation by old hire pension plans.

31-31-702. Affiliation by local money purchase plans. (Repealed)

31-31-703. Money purchase plan benefit trust fund - creation - management. (Repealed)

31-31-704. Optional affiliation by social security employers.

31-31-704.5. Entry for social security employers.

31-31-704.6. Social security supplemental plan - creation - management - repeal. (Repealed)

31-31-704.7. Participation in statewide death and disability plan - repeal. (Repealed)

31-31-705. Affiliation by volunteer pension plans.

31-31-706. Affiliation by exempt defined benefit pension plans.

31-31-707. Multiple plan employers.

31-31-708. Optional affiliation by county sheriff.

PART 8

DISABILITY AND SURVIVOR BENEFITS

31-31-801. Disability and survivor benefits program design - rules.

31-31-802. Definitions.

31-31-803. Coverage and eligibility to apply.

31-31-804. Total disability.

31-31-805. Permanent occupational disability.

31-31-806. Retirement options for members receiving a total or permanent occupational disability retirement benefit.

31-31-807. Temporary occupational disability.

31-31-808. Disability prior to October 1, 2002.

31-31-809. Disability retirement benefits - on-duty.

31-31-810. Disability decisions and appeals.

31-31-811. Cost of living adjustments.

31-31-812. Reduction of disability retirement benefits.

31-31-813. Change in disability status - reexamination.

31-31-814. Disqualification upon reemployment.

31-31-815. Death of member - survivor benefits.

31-31-816. Death of member - line-of-duty - survivor benefits.

31-31-817. Reduction of survivor benefits.

31-31-818. Termination of benefits.

31-31-819. Funding of death and disability benefits.

31-31-820. Military leave of absence.

31-31-821. Statewide death and disability trust fund - created.

31-31-822. Suspension and termination of benefits for noncompliance.

31-31-823. Amendment of plan provisions.

PART 9

SUPPLEMENTAL PROGRAMS

31-31-901. Deferred compensation plan - definitions.

31-31-902. Group health insurance plans.

31-31-903. Group life insurance plans.

31-31-904. Statewide health-care defined benefit plan - definitions.

PART 10

POLICE OFFICERS' AND FIREFIGHTERS' PENSION REFORM COMMISSION

31-31-1001 to

31-31-1002. (Repealed)

PART 11

ALTERNATIVES FOR MONEY PURCHASE PLAN MEMBERS

31-31-1101. Entry into the fire and police pension association defined benefit system.

31-31-1102. Statewide hybrid plan - creation - management - repeal. (Repealed)

31-31-1103. Entry into the statewide defined benefit plan. (Repealed)

31-31-1104. Merger into the statewide retirement plan.

PART 12

ENSURING PROPER PAYMENTS

31-31-1201. Review of award of benefits and benefit payments.

31-31-1202. Collection of overpaid benefits.

31-31-1203. False statement - felony.

PART 1

GENERAL PROVISIONS