Colorado § 31-31.5-301 - Defined benefit component minimum contributions.
Full text of Colorado Colorado Revised Statutes § 31-31.5-301 — Defined benefit component minimum contributions., with citation guidance and answers to common questions.
§ 31-31.5-301. Defined benefit component minimum contributions.
(1) Every member covered under the defined benefit component of the statewide retirement plan shall pay into the lifetime benefits account twelve percent of base salary paid or any higher member contribution rate established pursuant to part 6 of this article 31.5. The payment shall be made by the employer by deduction from the salary paid to the member.
(2) (a) Every employer employing members who are covered by the defined benefit component of the statewide retirement plan shall pay into the lifetime benefits account nine percent of the base salary paid to the member or any higher employer contribution rate established pursuant to part 6 of this article 31.5. The employer contribution rate shall increase by three percent to be implemented through six annual increases as follows: Beginning in 2023, and each year thereafter through 2028, the employer contribution rate shall increase by an additional one-half of one percent of base salary until the total employer contribution rate, including the cumulative contribution rate increases, is twelve percent of base salary.
(b) In addition to the rate established in subsection (2)(a) of this section, the employer contribution rate shall be increased by one percent of base salary to be implemented as follows: Beginning in 2029, and continuing through 2030, the employer contribution rate shall increase by an additional one-half of one percent of base salary in each year for a total of a one percent increase in order to pay for the cost of providing the option to retire contained in section 31-31.5-401 (2)(b).
(3) After considering the results of the actuarial valuation conducted pursuant to section 31-31.5-402, if the assets of the lifetime benefit components of the plan combined with projected contributions are sufficient to fully fund the benefits provided for in part 4 of this article 31.5 on an actuarially sound basis plus the projected cost of living adjustments as determined by the board, the board may, in its sole discretion, allocate surplus contributions to the money purchase component pursuant to section 31-31.5-304. The board shall designate whether any such allocation is an employer contribution or a member contribution.
Source: L. 2022: Entire article added, (HB 22-1034), ch. 61, p. 285, § 1, effective August 10.
Frequently Asked Questions About Colorado § 31-31.5-301
What does Colorado Revised Statutes § 31-31.5-301 cover?
Section 31-31.5-301 ("Defined benefit component minimum contributions.") 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 § 31-31.5-301?
A common citation format is "Colorado Revised Statutes § 31-31.5-301" (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 § 31-31.5-301 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.