Colorado Revised Statutes Title 31. Government Municipal § 31-31.5-303. Hybrid component minimum contributions

(1) Every employer shall contribute to the lifetime benefits account eight percent of the base salary of the member. The employer contribution rate shall increase by one percent of base salary to be implemented through eight annual increases as follows: Beginning in 2023, and each year thereafter through 2030, the employer contribution rate shall increase by an additional one-eighth of one percent of base salary until the total employer contribution rate, including the cumulative contribution rate increases, is nine percent of base salary.

(2) Every member shall contribute to the lifetime benefits account eight percent of the base salary of the member. The member contribution rate shall increase by one percent of base salary to be implemented through eight annual increases as follows: Beginning in 2023, and each year thereafter through 2030, the member contribution rate shall increase by an additional one-eighth of one percent of base salary until the total member contribution rate, including the cumulative contribution rate increases, is nine percent of base salary. The payment shall be made by the employer by deduction from the salary paid to the member.

(3) The combined mandatory contributions shall be allocated between the hybrid component and the money purchase component as determined annually by the board based on the amount required to fund the benefit provided under the hybrid component.