Colo. Rev. Stat. § 24-51-1719

Current through Chapter 519 of the 2024 Legislative Session and Chapter 2 of the 2024 First Extraordinary Session
Section 24-51-1719 - Option C
(1) Any contributing member or affiliate member choosing or having chosen option C through December 31, 2009, will be governed by the DPS plan document. As of January 1, 2010, option C will no longer be a permissible payment choice.
(2) Notwithstanding any provision to the contrary, an annuitant may change the co-annuitant that was named by such annuitant and designate a supplemental needs trust as a co-annuitant in place of the previously named co-annuitant if:
(a) The beneficiary of the supplemental needs trust is the same person as the previously named co-annuitant; and
(b) The retiree files an application and any required documents in a form as designated by the association.
(3) If a supplemental needs trust is not established before or within ninety days after the death of the annuitant, is determined to be invalid, or is terminated on or after the death of the annuitant, the beneficiary that was named in the trust is the co-annuitant.

C.R.S. § 24-51-1719

L. 2009: Entire part added, (SB 09 -282), ch. 288, p. 1370, § 56, effective 1/1/2010. L. 2015: Entire section amended, (SB 15-097), ch. 111, p. 328, § 10, effective April 16.

For the legislative declaration in SB 15-097, see section 1 of chapter 111, Session Laws of Colorado 2015.