BY SENATORS Alexander, Feeley, Powers, Reeves, Tebedo, Arnold, and Phillips;
also REPRESENTATIVES G. Berry, Alexander, Dean,
George, Johnson, June, Miller, Nichol, Saliman, Tucker, Chavez,
Epps, and Mace.
CONCERNING THE ASSETS HELD IN THE FIRE AND POLICE
MEMBERS' DEFERRED COMPENSATION FUND.
Be it enacted by the General Assembly of the State
of Colorado:
SECTION 1. 3131901
(3), Colorado Revised Statutes, is amended to read:
3131901. Deferred compensation
plan. (3) There is hereby
created the fire and police members' deferred compensation fund,
which shall consist of the assets of deferred compensation plans
administered by the board pursuant to the provisions of this section.
The board shall be the trustee of the fund and shall keep a separate
account of the assets of each deferred compensation plan held
within the fund. The assets of each deferred compensation plan
shall remain solely the property of
the employer until made available to the members or other beneficiaries
of such plan BE HELD FOR THE EXCLUSIVE
PURPOSE OF PROVIDING BENEFITS TO PARTICIPANTS AND BENEFICIARIES
AND DEFRAYING REASONABLE EXPENSES OF THE PLAN AND ANY TRUST ESTABLISHED
TO HOLD THE ASSETS OF THE PLAN. The
board shall have full and unrestricted discretionary power and
authority to invest and reinvest assets held within the fund subject
to the provisions of section 151304, C.R.S., or to
provide for the investment and reinvestment of such assets.
THE BOARD SHALL ALLOW EACH PARTICIPATING MEMBER TO EXERCISE CONTROL
OVER THE INVESTMENT OF THE MEMBER'S ASSETS IN A PLAN. IN ALLOWING
A MEMBER TO EXERCISE SUCH CONTROL, THE BOARD SHALL:
(a) SELECT AT LEAST THREE INVESTMENT ALTERNATIVES,
EACH OF WHICH IS DIVERSIFIED IN ITSELF, THAT ALLOW THE MEMBER
A BROAD RANGE OF INVESTMENTS AND A MEANINGFUL CHOICE BETWEEN INVESTMENT
RISK AND RETURN IN THE INVESTMENT OF THE MEMBER'S ASSETS;
(b) ALLOW THE MEMBER TO CHANGE INVESTMENTS
AT LEAST ONCE EACH CALENDAR QUARTER; AND
(c) PROVIDE THE MEMBER WITH INFORMATION
DESCRIBING THE INVESTMENT ALTERNATIVES, THE NATURE OF SUCH ALTERNATIVES,
INVESTMENT PERFORMANCE, FEES AND EXPENSES OF INVESTMENT ALTERNATIVES,
AND OTHER INFORMATION TO ENABLE THE MEMBER TO MAKE INFORMED INVESTMENT
DECISIONS.
SECTION 2. 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.
____________________________ ____________________________
Tom Norton Charles E. Berry
PRESIDENT OF SPEAKER OF THE HOUSE
THE SENATE OF REPRESENTATIVES
____________________________ ____________________________
Patricia K. Dicks Judith M. Rodrigue
ASSISTANT SECRETARY OF CHIEF CLERK OF THE HOUSE
THE SENATE OF REPRESENTATIVES
APPROVED________________________________________
_________________________________________
Roy Romer
GOVERNOR OF THE STATE
OF COLORADO