Colorado Revised Statutes Title 24. Government State § 24-54.5-104.5. Selection of fund sponsors--responsibilities and fiduciary duties of a governing board

(a) Participants in the plan shall have access to investment alternatives having a range of risk, benefits, and cost.

(b) The governing body shall have the ability to monitor the fund sponsor's performance of obligations under any contract related to the plan, including but not limited to the returns earned on each investment alternative or pool and the total fees and expenses charged.

(c) The governing board shall conduct a periodic review of the financial viability and attractiveness of combining any optional retirement plan established by the governing board with the plans of other governing boards established pursuant to this article.

(d) The governing board shall periodically review each fund sponsor from which participants may select investment alternatives and compare the sponsor's performance to other sponsors of optional retirement plans available to public employees in the state. Periodic reviews of a fund sponsor may be conducted by a standing committee of a governing board, institutional committee or personnel, or external auditors or benefits consultants as determined by each governing board. A full report by any such committee shall be provided to each member of the governing board. Nothing in this subsection (1) shall prohibit a periodic review from being conducted independently or in cooperation with others.