(1) A department chief hired on or after April 8, 1978, is exempt from the statewide retirement plan upon the execution of a written agreement between the department chief and the chief's employer that provides for the department chief's participation in social security or in a federal insurance contribution act replacement plan as allowed under rules established by the board and in compliance with the federal 'Internal Revenue Code of 1986'. A department chief may satisfy the federal insurance contribution act replacement plan requirement by participating in an employer sponsored plan, the statewide money purchase plan, or a component of the statewide retirement plan.(2) As used in this section, 'department chief' means the senior command officer of any fire or police department of any employer by whatever title known including but not limited to chief, administrator, or director.(3) A department chief exempted pursuant to subsection (1) of this section may maintain coverage for disability and survivor benefits under part 8 of article 31 of this title 31 if the department chief participates in the statewide money purchase plan, the statewide retirement plan, or a local money

disability and survivor benefits under part 8 of article 31 of this title 31 if the department chief participates in the statewide money purchase plan, the statewide retirement plan, or a local money purchase plan that is qualified under section 401 (a) of the federal 'Internal Revenue Code of 1986' and that has a contribution rate of not less than eighteen percent.Amended by 2023 Ch. 303,§ 76, eff. 8/7/2023.Added by 2022 Ch. 61, § 1, eff. 8/10/2022.2023 Ch. 303, was passed without a safety clause. See Colo. Const. art. V, § 1(3). 2022 Ch. 61, was passed without a safety clause. See Colo. Const. art. V, § 1(3).