(1.5) Any member who was not a member, inactive member, or retiree on December 31, 2006, who has earned at least five years of service credit and who terminates membership and does not elect to receive a refund pursuant to section 24-51-405 shall be eligible for a benefit to become effective upon written application and approval by the board and upon reaching the age specified in table B.05, B.07, B.1, B.2, B.3, B.4, B.5, or B.6 of section 24-51-602, as applicable, for a service retirement or in table C or C.1 of section 24-51-604 for a reduced service retirement. Notwithstanding the provisions of this subsection (1.5), for such a member who applies for retirement within ninety days after the member attains age and service eligibility, the effective date of retirement shall be the date the member attains such age and service eligibility.
Source: L. 87: Entire article R&RE, p. 1061, § 1, effective July 1. L. 95: (1) amended, p. 555, § 9, effective July 1. L. 2003: (2)(h) added, p. 2609, § 6, effective July 1. L. 2006: (1) amended and (1.5) added, p. 1183, § 15, effective May 25. L. 2018: (1.5) and (2)(b) amended, (SB 18-200), ch. 370, p. 2250, § 16, effective June 4.
Editor's note: This section is similar to former §§ 24-51-109 and 24-51-611 as they existed prior to 1987. For a detailed comparison, see the comparative tables located in the back of the index.
Cross references: For the legislative declaration in SB 18-200, see section 1 of chapter 370, Session Laws of Colorado 2018.
Structure Colorado Code
Article 51 - Public Employees' Retirement Association
§ 24-51-601. Retirement Benefit Reserve
§ 24-51-602. Service Retirement Eligibility
§ 24-51-603. Benefit Formula for Service Retirement
§ 24-51-604. Reduced Service Retirement Eligibility
§ 24-51-605. Benefit Formula for Reduced Service Retirement
§ 24-51-605.5. Benefit Calculation for Money Purchase Retirement Benefit
§ 24-51-606. Vested Inactive Member Rights
§ 24-51-606.5. Indexation of Benefits for Vested Inactive Members
§ 24-51-609. Service Credit Exceeding Twenty Years
§ 24-51-610. Division From Which a Member Retires
§ 24-51-611. Maximum Limit Under Federal Law