Colorado § 31-31.5-303 - Hybrid component minimum contributions.
Full text of Colorado Colorado Revised Statutes § 31-31.5-303 — Hybrid component minimum contributions., with citation guidance and answers to common questions.
§ 31-31.5-303. Hybrid component minimum contributions.
(1) Every employer shall contribute to the lifetime benefits account eight percent of the base salary of the member. The employer contribution rate shall increase by one percent of base salary to be implemented through eight annual increases as follows: Beginning in 2023, and each year thereafter through 2030, the employer contribution rate shall increase by an additional one-eighth of one percent of base salary until the total employer contribution rate, including the cumulative contribution rate increases, is nine percent of base salary.
(2) Every member shall contribute to the lifetime benefits account eight percent of the base salary of the member. The member contribution rate shall increase by one percent of base salary to be implemented through eight annual increases as follows: Beginning in 2023, and each year thereafter through 2030, the member contribution rate shall increase by an additional one-eighth of one percent of base salary until the total member contribution rate, including the cumulative contribution rate increases, is nine percent of base salary. The payment shall be made by the employer by deduction from the salary paid to the member.
(3) The combined mandatory contributions shall be allocated between the hybrid component and the money purchase component as determined annually by the board based on the amount required to fund the benefit provided under the hybrid component.
Source: L. 2022: Entire article added, (HB 22-1034), ch. 61, p. 286, § 1, effective August 10.
Frequently Asked Questions About Colorado § 31-31.5-303
What does Colorado Revised Statutes § 31-31.5-303 cover?
Section 31-31.5-303 ("Hybrid 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 § 31-31.5-303?
A common citation format is "Colorado Revised Statutes § 31-31.5-303" (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 § 31-31.5-303 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.