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113
24-54-107 Government - State 112 ice
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formation and maintenance of such an association and the consideration (2) Such rei:rcme:
paid by any county, any municipality. or any district as an employer pursuant in which to par,::spat
. to any such plan are proper charges against the county, the municipality, posal:
or the district comprising the association. (a) An insurance C
(b) A noninsured !
Source: L. 87, p. 1088, § 2.• authorized to e\ercist
trustee pursuant to th
24-54-107. Boards of retirement. (1) The management of the county but of the initial and
7 retirement system shall be vested in a county board of retirement consisting the trustee shall inve
of five members. one of whom shall be the county treasurer of the county preferred stocks: or
• in the system or from the county with the largest population if two or more (c) A noninsured i
counties are involved, two of whom shall be nonelected county employees plan in such securities
elected by said employees within thirty days after the retirement system (d) Participation i
becomes operative, and two of whom shall be registered electors of the county suant to article 51 of u
chosen by the board of county commissioners. The county board of retire- (3) The retirement
ment shall by its own rules establish staggered four-year terms for its board pensions. annuities. i
members, and their successors shall be selected as provided in this subsection system adopted. A reo
(I I. ing before said reurem
(2) The management of the municipal retirement system shall be vested (4) The treasurer
in a municipal board of retirement consisting of five members, one of whom shall be cv officio th(
shall be the treasurer of the municipality in the system or from the municipal- provisions of section
ity with the largest population if two or more municipalities are involved, meat plan. If am con
two of whom shall be nonelected municipal employees elected by said the treasurer thereof s
employees within thing days after the retirement system becomes operative, shall he charged by
and two of whom shall be registered electors of the municipality not con- 30-1-I02_. ( .R.S.. or al
netted with municipal government and chosen by the governing body of
the municipality. The municipal hoard of retirement shall by its own rules Source: L. 87, p Illy
establish staggered lour-year terms for its board members, and their succes-
• sors •
.
.
sshall be selected as provided in this subsection (2). 24-54-109. County
(3) The management of the district retirement system shall be vested in county adoptive a reti
a district board of retirement consisting of five members, one of whom shall a county officials' an
be the district treasurer of the district in the system or from the district authorized. The boars
with the largest population if two or more districts are involved, two of whom tax. in addition to at
shall be nonelected district employees elected by said employees within thirty property within said
days after the retirement system becomes operative, and two of whom shall the credit of said fun
be registered electors of the district not connected with district government and the employer cont
and chosen by the board of directors. The board of retirement shall by its (2) Any municipai
own rules establish staggered four-year terms for its board members, and article shall establish :
their successors shall be selected as set forth in this subsection (3). The city council or be
Source: L. 87. pp. 1088, 1588, § § 2. 64. i by law. may ley\ a r
said municipality. the
•
said fund for appropri:
24-54-108. Control and management of plan. (1) The retirement board contributions pursuan
of any association formed pursuant to the provisions of section 24-54-106 (3) Any district ac
shall have full and complete control animanaaament of any retirement plan shall establish a distr
provided for and authorized b this article, other than matters relating to authorized. The boarc
!option in t e public employees' retirement association. Such retire- tion to any other tax a
., ment board shall make all necessary rules and regulations for managing and said district, the pros
discharging its duties, for its own government and procedure in so doing, fund for appropriatio
and for the preservation and protection of any fund or annuity contract.
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113 County Municipal. and Special District '4-54-109
Officers' and Employees' Retirement Systems
(2) Such retirement board shall determine what type of retirement plan 1�
in which to participate and shall select. on the basis of the most sound pro-
posal:
(a) An insurance company qualified under section 24-54-105 (I): or
(b) A noninsured trust retirement plan, with a bank or trust company
authorized to exercise trust powers in this state as trustee, invested by the
trustee pursuant to the provisions of part 3 of article I of title IS, C'.R.S.,
but of the initial and subsequent sums of money available for investment,
the trustee shall invest not more than fifty percent thereof in common and
preferred stocks: or
(c) A noninsured trust retirement plan. invested by the treasurer of the
plan in such securities as are specified in section 24-51-206: or
(d) Participation in the public employees' retirement association, pur-
suant to article 31 of this title.
(3) The retirement board shall hear and decide all applications for relief,
pensions, annuities, retirement, or other benefits pursuant to the plan or
system adopted. A record of such action and all other matters properly com-
ing before said retirement board shall be kept and preserved.
(4) The treasurer of the most populous county, municipality, or district
shall he ex officio the treasurer of any association formed pursuant to the
1 provisions of section 24-54-106 and establishing a noninsured trustee retire-
ment plan. If'any county, municipality. or district alone adopts such a plan,
the treasurer thereof shall serve as the treasurer of such plan. No fee therefor
shall be charged by the treasurer pursuant to the provisions of section
3(1-1-102, C'.R.S.. or any other provision of law.
Source: L. 87. p. 1089, § 2.
i F
24-54-109. County, municipal. or district retirement fund - tax. ( I ) Any
county adopting a retirement plan as authorized by this article shall establish•
a count officials' and employees' retirement fund, which fund is hereby
authorized. The board of county commissioners may levy a retirement fund
tax, in addition to any other tax authorized by law. on all of the taxable
property within said county, the proceeds of which shall he deposited to 1
the credit of said fund for appropriation to pay the costs and expenses of
and the employer contributions pursuant to said retirement plan.
(2) Any municipality adopting a retirement plan as authorized by this
article shall establish a municipal officials' and employees' retirement fund.
The city council or board of trustees, in addition to any other tax authorized
by law. may levy a retirement fund tax on all the taxable property within
said municipality. the proceeds of which shall be deposited to the credit of
said fund for appropriation to pay the costs and expenses of and the employer •
contributions pursuant to said retirement plan.
(3) Any district adopting a retirement plan as authorized by this article
shall establish a district employees' retirement fund, which fund is hereby
authorized. The board of directors may levy a retirement fund tax, in addi •
-
tion to any other tax authorized by law. on all of the taxable property within
said district, the proceeds of which shall be deposited to the credit of said •
fund for appropriation to pay the costs and expenses of and the employer
p
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