Colorado Revised Statutes Title 31. Government Municipal § 31-31-412. Merger into the statewide retirement plan

(2) All remaining defined benefits and other obligations of the statewide defined benefit plan payable on and after January 1, 2023, shall be paid from the lifetime benefits account of the statewide retirement plan; except that the remaining obligations held in the separate retirement accounts of the statewide defined benefit plan shall be transferred to and be payable from the money purchase component of the statewide retirement plan. Said obligations shall be paid pursuant to the statutory provisions and rules adopted by the board regarding the statewide retirement plan.

(3) Participation by all members, including retirees, in the statewide defined benefit plan shall terminate upon the merger of the plans and said members shall begin participation in the defined benefit component of the statewide retirement plan. Accumulated service credit and length of service shall be aggregated between the plans.

(4) Immediately after such transfer, the affected member's accrued benefits in the statewide retirement plan shall be equal to the member's accrued benefits immediately before the transfer.

(5) The merger is intended to be consistent with the requirements under section 414(l) of the “Internal Revenue Code of 1986”, as amended, and shall not be considered a plan termination and shall not result in a distributable event.