LARIMER COUNTY, COLORADO
NOTES TO FINANCIAL STATEMENTS
Year Ended December 31, 2000
NOTE 20 - RETIREMENT PLAN:
The County has a defined contribution plan. The Plan is governed by Title 24, Article 54 of the Colorado Revised Statutes. CRS 24-54-107 mandates the management of the Plan by a 'county board of retirement'. The County's Retirement Board is composed of five members including both County employees and Commissioner appointees from our community. The plan provides pension, death, and disability benefits for substantially all regular employees of the County. Employees are required to become members of the plan after one year of continuous service, as a condition of employment. Contributions by employees and the County are based on longevity as follows:
|
Years of Service |
Contribution Rate |
|
1-4 |
3% |
|
5-9 |
4% |
|
10-14 |
5% |
|
15+ |
6% |
Employees have the option of contributing up to an additional ten percent. Elected and appointed officials are 100% vested during their tenure as an elected/appointed official. Classified employees are vested according to the following schedule:
|
Years of Continuous Employment |
Vesting Percentage |
|
Under 5 years |
0% |
|
End of 5 years |
50% |
|
End of 6 years |
75% |
|
End of 7 years |
100% |
Upon the death of a participant, retirement at or after age 65, or a determination of disability (as defined in the plan), the participant is automatically 100% vested regardless of the length of service with the County.
The County's total payroll for the Year Ended December 31, 2000 was $53,334,395 and contributions were calculated on $45,158,317 of covered payroll. Both the County and the eligible employees made the required contributions, amounting to $1,949,197 (4.316% of covered payroll) from each source, or $3,898,394 (8.632% of covered payroll) in total. Other employee contributions in excess of the required contribution amounted to $224,660.
Complete financial statements for the retirement plan may be obtained from the Larimer County Retirement Board, 200 West Oak, Fort Collins, Colorado, 80521.
The District Attorney is a member of the Public Employees Retirement Association of Colorado (PERA). A copy of PERA's Comprehensive Annual Financial Report can be obtained from PERA of Colorado, 1300 Logan Street, Denver, Colorado 80203.
Back to 2000 Financial Report