Colorado § 31-31-706 - Affiliation by exempt defined benefit pension plans.
Full text of Colorado Colorado Revised Statutes § 31-31-706 — Affiliation by exempt defined benefit pension plans., with citation guidance and answers to common questions.
§ 31-31-706. Affiliation by exempt defined benefit pension plans.
(1) At the request of any local employer having an exempt defined benefit pension plan, the board is authorized to make an agreement with the employer's governing body to manage such employer's exempt defined benefit pension plan fund for investment.
(2) (a) As an alternative to affiliation for investment management pursuant to subsection (1) of this section, at the request of any local employer having an exempt defined benefit pension plan, the board is authorized to make an agreement with the employer's governing body to incorporate the exempt defined benefit pension plan into the defined benefit system. The incorporation shall be under terms and conditions that are mutually agreeable to the employer's governing body and the board and as may be required to maintain the qualified status of the plan under the federal "Internal Revenue Code of 1986", as amended.
(b) Prior to the implementation of an agreement of incorporation pursuant to paragraph (a) of this subsection (2), the board shall find that the incorporation is not projected to have an adverse actuarial impact on existing members of the defined benefit system. The board and the employer's governing body are authorized to take all actions necessary to accomplish the agreement and to maintain the qualified status of the formerly exempt defined benefit pension plan after incorporation into the defined benefit system. Notwithstanding any other requirement, an exempt defined benefit pension plan may be incorporated into the defined benefit system without the approval of the members of the exempt plan or the statewide plan.
(c) The board may require that employees hired by the local employer with the formerly exempt defined benefit pension plan after the date of incorporation pursuant to this subsection (2) be members of the statewide retirement plan pursuant to article 31.5 of this title 31.
Source: L. 96: Entire article added with relocations, p. 926, § 1, effective May 23. L. 2005: Entire section amended, p. 309, § 1, effective April 14. L. 2006: (2)(a) and (2)(b) amended, p. 196, § 22, effective March 31. L. 2022: (2)(c) amended, (HB 22-1034), ch. 61, p. 309, § 12, effective January 1, 2023.
Cross references: For the "Internal Revenue Code of 1986", see title 26 of the United States Code.
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 31-31-706
What does Colorado Revised Statutes § 31-31-706 cover?
Section 31-31-706 ("Affiliation by exempt defined benefit pension plans.") 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.
How do I cite Colorado § 31-31-706?
A common citation format is "Colorado Revised Statutes § 31-31-706" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 31-31-706 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.