As required by Colorado state law, the Retirement Plan is administered by a five-member Retirement Board, including:

• Two non-elected employees of the County and/or the Library District, elected by their fellow employees; and
• Two registered electors of the County, appointed by the Board of County Commissioners
• The incumbent County Treasurer (required by Colorado state law)

Duties of the Retirement Board, as fiduciaries of the Plan include:

• Management of the Retirement Plan;
• Acting solely in the interest of plan participants and their beneficiaries and with the exclusive purpose of providing benefits to them;
• Authorize the disbursement of assets of the Plan for the payment of benefit payments, administrative and professional costs and expenses;
• Oversee the communication of benefits to members and beneficiaries of the Plan;
• Adopting any changes to the Retirement Plan; and
• Obtain assistance of professional consultants and experts as deemed appropriate by the Board.

The administrative costs and investment expenses related to the Retirement Plan are paid from the retirement fund.