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.