Section 24-51-803 - Determination of option 2 or 3 benefits(1) For service retirement, the calculation of benefits payable pursuant to option 2 or 3, as set forth in section 24-51-801, shall be actuarially determined as of the date the retiree attained the age and service requirements for service retirement regardless of the effective date of such retirement.(2) For reduced service retirement and disability retirement, the calculation of benefits payable pursuant to option 2 or 3, as set forth in section 24-51-801, shall be actuarially determined as of the effective date of retirement.(3) When a retiree designates a spouse as a cobeneficiary subsequent to retirement pursuant to the provisions of section 24-51-802 (3), the calculation of benefits payable pursuant to option 2 or 3, as set forth in section 24-51-801, shall be actuarially determined as of the date of designation.(4) When a retiree designates a cobeneficiary subsequent to retirement pursuant to the provisions of section 24-51-802 (3.5), the calculation of benefits payable pursuant to option 2 or 3, as set forth in section 24-51-801, shall be actuarially determined as of the date of designation.L. 87: Entire article R&RE, p. 1066, § 1, effective July 1. L. 88: Entire section amended, p. 961, § 10, effective July 1. L. 92: (4) added, p. 1141, § 17, effective May 1. L. 2006: (1) amended, p. 1184, § 18, effective May 25.(1) This section is similar to former §§ 24-51-112, 24-51-212, and 24-51-608 as they existed prior to 1987.
(2) Although section 19 of chapter 175, Session Laws of Colorado 1992, provided that section 17 of said chapter amending this section was to take effect May 1, 1992, the governor did not approve the act until May 19, 1992.