Colorado Revised Statutes Title 23. Postsecondary Education § 23-3.1-103. Division created--director--staff

(1) The student loan division and the office of the director of the division are created in the department of higher education. The division and the office of the director of the division are type 2 entities, as defined in section 24-1-105, and exercise their powers and perform their duties and functions under the department. The director of collegeinvest is the director of the division. The director, with the approval of the executive director of the commission, shall employ such professional and clerical personnel as deemed necessary to carry out the duties and functions of the division. The director and professional personnel hold educational offices and are exempt from the state personnel system.

(2) Personnel hired by the director, with the approval of the executive director of the commission, on and after July 1, 2002, to carry out the duties and functions of the division shall receive compensation for their services as determined by the director. Such personnel are declared to hold educational offices and to be exempt from the state personnel system but shall, by acceptance of employment, be subject to the provisions of article 51 of title 24, C.R.S.

(3) Any personnel hired within the state personnel system pursuant to subsection (1) of this section prior to July 1, 2002, shall retain all rights related to state personnel system and retirement benefits under the laws of this state until termination of employment with the division; except that, if such personnel accept a promotion, a voluntary demotion, or a transfer for purposes of a change of duties performed for the benefit of the division, such personnel shall become exempt from the state personnel system. Nothing in this subsection (3) shall prohibit personnel hired prior to July 1, 2002, from continuing membership in the public employees' retirement association pursuant to the provisions of article 51 of title 24, C.R.S., with all attendant rights and duties.