Colorado Legislative Council Staff
NO FISCAL IMPACT
January 7, 1999
Susan Colling (303-866-4784)
TITLE: CONCERNING THE DIVISION OF PUBLIC EMPLOYEE RETIREMENT BENEFITS IN A DOMESTIC RELATIONS ACTION.
Summary of Assessment
The bill specifies that parties in a domestic relations action must submit a written agreement to divide a public employee retirement benefit between the two parties to the plan administrator within 90 days after entry of permanent orders. The bill increases the period of time within which the parties must submit to the plan administrator the certified court order approving their agreement from 30 days to 90 days. Additionally, the bill clarifies that if the parties have agreed in writing, the court shall modify an order approving a written agreement to divide a public employee retirement benefit.
The bill is assessed as having no fiscal impact on state revenues or expenditures, or units of local government. Currently, a written agreement between parties dividing a public employee retirement benefit must be submitted at the time of dissolution of marriage. The bill modifies this timeframe and allows a 90- day period for the agreement to be submitted. Further, the bill does not change the process by which an agreement shall be certified and submitted to the plan administrator, rather it increases the time period, from 30 days to 90 days. Therefore, since the bill only changes time periods pertaining to written agreements and allows the court to modify orders in such cases, there is no fiscal impact.