Second Regular Session
              Sixty-ninth General Assembly
                    STATE OF COLORADO
                                                 INTRODUCED
                                                           
                                                           
 LLS NO. 14-1068.01 Richard Sweetman x4333SENATE BILL 14-207
                   SENATE SPONSORSHIP
 Todd and Herpin, 
 
                    HOUSE SPONSORSHIP
 Young, 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Senate Committees
 House Committees
 
 
 Finance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                         A BILL FOR AN ACT
       Concerning contributions to pooled trusts by individuals
            who are sixty-five years of age or older.
       
       
                           Bill Summary
       
            (Note:  This summary applies to this bill as introduced and does
       not reflect any amendments that may be subsequently adopted. If this bill
       passes third reading in the house of introduction, a bill summary that
       applies to the reengrossed version of this bill will be available at
       http://www.leg.state.co.us/billsummaries.)
       
            The transfer of assets by an individual who is 65 years of age or
       older to a pooled trust does not constitute a transfer without fair
       consideration. The department of health care policy and financing
       (department) shall not delay an individual's eligibility for medical
       assistance or otherwise penalize an individual for entering into a joinder
       agreement, transfer agreement, or other agreement to transfer assets to a
       pooled trust so long as an actuarially sound spending plan is submitted
       with the agreement to the department or to a county department of social
       services that is responsible for acceptance of medicaid applications.
       
       
       
       Be it enacted by the General Assembly of the State of Colorado:
            SECTION 1.  In Colorado Revised Statutes, 15-14-412.9, add (5)
       as follows:
            15-14-412.9.  Pooled trusts - limitations - definitions.
       (5) (a)  The transfer of assets by an individual who is sixty-five
       years of age or older to a pooled trust does not constitute a
       transfer without fair consideration. The department of health
       care policy and financing shall not delay an individual's
       eligibility for medical assistance or otherwise penalize an
       individual for entering into a joinder agreement, transfer
       agreement, or other agreement to transfer assets to a pooled
       trust so long as an actuarially sound spending plan is submitted
       with the agreement to the department or to a county
       department of social services that is responsible for acceptance
       of medicaid applications.
            (b)  A trustee of a pooled trust may update the spending
       plan from time to time based on changed circumstances so long
       as it continues to be actuarially sound.
            (c)  As used in this subsection (5), unless the context
       otherwise requires:
            (I)  "Actuarially sound spending plan" means a plan for
       which there is a reasonable expectation that the assets placed
       in trust will be consumed during an individual's expected
       lifetime.
            (II)  "Individual's expected lifetime" means the life
       expectancy of an individual, as determined by the actuarial life
       table of the federal social security administration.
            (d)  On or before October 1, 2014, the medical services
       board shall promulgate rules as necessary to implement this
       subsection (5).
            SECTION 2.  Effective date. This act takes effect July 1, 2014.
            SECTION 3.  Safety clause. The general assembly hereby finds,
       determines, and declares that this act is necessary for the immediate
       preservation of the public peace, health, and safety.