The County has a defined contribution pension plan administered by the Larimer County Retirement Board. 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 |
Vesting Percentage |
|
End of 5 years |
20% |
|
End of 6 years |
40% |
|
End of 7 years |
60% |
|
End of 8 years |
80% |
|
End of 9 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, 1998 was $46,555,545 and contributions were calculated on $39,000,182 of covered payroll. Both the County and the eligible employees made the required contributions, amounting to $1,681,115 (4.31% of covered payroll) from each source, or $3,362,230 (8.62% of covered payroll) in total. Other employee contributions in excess of the required contribution amounted to $165,806.
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 1998 Financial Report