SENATE BILL 98114
BY SENATOR Wells;
also REPRESENTATIVES Kaufman and Reeser.
CONCERNING THE FORMULAE BY WHICH PUBLIC EMPLOYEE
RETIREMENT BENEFITS MAY BE DIVIDED PURSUANT TO A COURTAPPROVED
AGREEMENT ENTERED INTO BETWEEN PARTIES TO A DOMESTIC RELATIONS
ACTION.
Be it enacted by the General Assembly of the State
of Colorado:
SECTION 1. 1410113
(6) (c) (I) and (6) (c) (II) (C), Colorado Revised Statutes, are
amended, and the said 1410113 (6) (c) is further amended
BY THE ADDITION OF A NEW SUBPARAGRAPH, to read:
1410113. Disposition of
property. (6) (c) (I) The
parties may enter into a marital agreement pursuant to part 3
of article 2 of this title or a separation agreement pursuant
to section 1410112 concerning the division of a public
employee retirement benefit between the parties pursuant to a
written agreement. THE PARTIES SHALL SUBMIT SUCH WRITTEN AGREEMENT
TO THE PLAN ADMINISTRATOR AT THE TIME OF THE DISSOLUTION OF MARRIAGE,
LEGAL SEPARATION, OR DECLARATION OF INVALIDITY OF MARRIAGE.
(II) A written agreement dividing a public
employee retirement benefit shall:
(C) For an agreement concerning a defined
benefit plan, specify the alternate
payee distribution as
a fixed monetary amount, METHOD,
AS DESCRIBED IN SUBPARAGRAPH (III) OF THIS PARAGRAPH (c), subject,
if the plan permits, to benefit adjustments payable at the same
time and in the same manner as any benefit adjustments applied
to the participant's distribution. or
as a percentage of the payment to the member or retiree.
(III) THE WRITTEN AGREEMENT BETWEEN THE
PARTIES DESCRIBED IN SUBPARAGRAPH (II) OF THIS PARAGRAPH (c) SHALL
CONTAIN ONLY ONE METHOD OR FORMULA TO BE APPLIED TO DIVIDE THE
DEFINED BENEFIT PLAN. FOR PURPOSES OF SUBSUBPARAGRAPH (C)
OF SUBPARAGRAPH (II) OF THIS PARAGRAPH (c), THE PARTIES MAY SELECT
ANY ONE OF THE FOLLOWING METHODS BY WHICH TO DIVIDE THE DEFINED
BENEFIT PLAN:
(A) A FIXED MONETARY AMOUNT;
(B) A FIXED PERCENTAGE OF THE PAYMENT
TO THE PARTICIPANT;
(C) THE TIMERULE FORMULA DETERMINED
BY DIVIDING THE NUMBER OF MONTHS OF SERVICE CREDIT ACQUIRED UNDER
THE PLAN DURING THE MARRIAGE AS SET FORTH IN THE COURT'S ORDER
BY THE NUMBER OF MONTHS OF SERVICE CREDIT IN SUCH PLAN AT THE
TIME OF THE PARTICIPANT'S RETIREMENT AS DETERMINED BY THE PLAN,
WHICH QUOTIENT SHALL BE MULTIPLIED BY A PERCENTAGE SPECIFIED IN
THE COURT'S ORDER, AND THE PRODUCT THEREOF SHALL BE FURTHER MULTIPLIED
BY THE AMOUNT OF THE PAYMENT TO THE PARTICIPANT AT THE DATE OF
RETIREMENT;
(D) A FORMULA DETERMINED BY DIVIDING THE
NUMBER OF MONTHS OF SERVICE CREDIT ACQUIRED UNDER THE PLAN DURING
THE MARRIAGE AS SET FORTH IN THE COURT'S ORDER BY THE NUMBER OF
MONTHS OF SERVICE CREDIT IN SUCH PLAN AS OF THE DATE OF THE DECREE
AS DETERMINED BY THE PLAN, REGARDLESS OF WHEN THE PARTICIPANT
IS EXPECTED TO RETIRE, WHICH QUOTIENT SHALL BE MULTIPLIED BY A
PERCENTAGE SPECIFIED IN THE COURT'S ORDER, AND THE PRODUCT THEREOF
SHALL BE FURTHER MULTIPLIED BY THE AMOUNT OF THE PAYMENT THE PARTICIPANT
WOULD BE ENTITLED TO RECEIVE AS IF THE PARTICIPANT WERE TO RETIRE
AND RECEIVE AN UNREDUCED BENEFIT ON THE DATE OF THE DECREE; OR
(E) ANY OTHER METHOD OR FORMULA MUTUALLY
AGREED UPON BY THE PARTIES THAT SPECIFIES A DOLLAR AMOUNT OR PERCENTAGE
PAYABLE TO THE ALTERNATE PAYEE.
SECTION 2. Effective
date. This act shall take effect at 12:01 a.m. on the day
following the expiration of the ninetyday period after final
adjournment of the general assembly that is allowed for submitting
a referendum petition pursuant to article V, section 1 (3) of
the state constitution; except that, if a referendum petition
is filed against this act or an item, section, or part of this
act within such period, then the act, item, section, or part,
if approved by the people, shall take effect on the date of the
official declaration of the vote thereon by proclamation of the
governor.
____________________________ ____________________________
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