8 Colo. Code Regs. § 1502-1-8
Current through Register Vol. 48, No. 1, January 10, 2025
Rule 8 CCR 1502-1-8 - BENEFIT OPTIONSRule 8 describes the requirements for election of an option and designation of a named beneficiary or cobeneficiary. For the purposes of Rule 8, the term "member" shall include DPS members and the term "retiree" shall include DPS retirees.
8.10Election of OptionsThe election of a benefit option shall be made in writing and shall contain the signature of the member or the signature of the individual(s) appointed to represent the member.
8.20Designation of Named Beneficiary, Cobeneficiary or CoannuitantDesignation of a named beneficiary or cobeneficiary shall be made in writing and shall contain the signature of the member or the signature of the individual(s) appointed to represent the member. Such designation shall take effect upon receipt by the Association.
A. Named Beneficiary The member or retiree may designate more than one named beneficiary. If more than one named beneficiary survives the member, the single payment of the balance of the member contribution account and the amount of the matching employer contributions shall be shared equally. If more than one named beneficiary survives the retiree, the single payment of the balance remaining in the member contribution account and the amount of matching employer contributions shall be shared equally. Designation of the named beneficiary may be changed by the member or retiree at any time prior to death.
B. Cobeneficiary Only one cobeneficiary can be designated to receive benefits under the provisions of Options 2 or 3.
C. Coannuitant Under the DPS benefit structure, only one coannuitant can be designated to receive benefits under the provisions of Options P2, orP3.
8.30Designation of Cobeneficiary Upon Marriage or Civil UnionA. For purposes of Section 24-51-802(3), C.R.S., only a retiree receiving an option 1 benefit may elect to change to an option 2 or 3 benefit option upon marriage or civil union. A retiree may only elect once to change his or her option 1 to option 2 or 3 and designate his or her new spouse, whether by marriage or civil union, as cobeneficiary. Once such election is made, the retiree may not make such designation again even if such election is revoked within 60 days as permitted by Section 24-51-802(1), C.R.S.B. For purposes of Section 24-51-802(3), C.R.S., a retiree who marries on or after January 1, 2011, must elect option 2 or 3 and designate his or her new spouse as cobeneficiary within 60 days of the date of marriage.C. For purposes of Section 24-51-802(3), C.R.S., a retiree who enters into a civil union on or after January 1, 2014, must elect option 2 or 3 and designate his or her new spouse as a cobeneficiary within 60 days of the date of the civil union.D. For purposes of Rules 8.30B. and C, PERA must receive all supporting documentation within 90 days of the date of the marriage or civil union. If the election is not made within 60 days and the supporting documentation is not received by PERA within 90 days of the date of the marriage or civil union, the retiree may not elect option 2 or 3 and designate his or her new spouse as cobeneficiary.38 CR 23, December 10, 2015, effective 1/1/201639 CR 23, December 10, 2016, effective 1/1/201740 CR 04, February 25, 2017, effective 4/1/201740 CR 24, December 25, 2017, effective 2/1/201841 CR 14, July 25, 2018, effective 9/1/201841 CR 20, October 25, 2018, effective 1/1/201942 CR 20, October 25, 2019, effective 1/1/202043 CR 21, November 10, 2020, effective 1/1/202144 CR 20, October 25, 2021, effective 1/1/2022