Cross references: For eligibility for public assistance in the form of old age pensions, see § 26-2-111 (2).
Section 4.The state board of public welfare to administer fund. The state board of public welfare, or such other agency as may be authorized by law to administer old age pensions, shall cause all moneys deposited in the old age pension fund to be paid out as directed by this article and as required by statutory provisions not inconsistent with the provisions hereof, after defraying the expense of administering the said fund.
Source: Initiated 56: Entire article R&RE, effective January 1, 1957, see L. 57, p. 555.
Cross references: For the state agency authorized to administer or supervise the administration of public assistance programs, see § 26-2-104.
Section 5.Revenues for old age pension fund continued. The excise tax on sales at retail, together with all license fees levied by article 26 of title 39, Colorado Revised Statutes, and amendments thereto, are hereby continued in full force and effect beyond the date on which said taxes and license fees would otherwise expire, and shall continue until repealed or amended; provided, however, that no law providing revenue for the old age pension fund shall be repealed, nor shall any such law be amended so as to reduce the revenue provided for the old age pension fund, except in the event that at the time of such repeal or amendment, revenue is provided for the old age pension fund in an amount at least equal to that provided by the measure amended or repealed during the calendar year immediately preceding the proposed amendment or repeal.
Source: Initiated 56: Entire article R&RE, effective January 1, 1957, see L. 57, p. 555. L. 2006: Entire section amended, p. 2956, effective upon proclamation of the Governor, L. 2007, p. 2964, December 31, 2006.
Section 6.Basic minimum award. (a) Beginning on the effective date of this article, every person entitled to and receiving an old age pension from the state of Colorado under any former law or constitutional provision shall be entitled to receive the basic minimum award hereinafter provided for, without being required to make a new application therefor, and such basic minimum award shall be paid each month thereafter, so long as he remains qualified, to each person receiving an old age pension at the time of the adoption of this article, and such basic minimum award shall likewise be paid to each person who hereafter becomes qualified to receive an old age pension; subject, however, to the provisions of this article relating to net income from other sources.
(b) From and after the effective date of this article, the basic minimum award payable to those persons qualified to receive an old age pension shall be one hundred dollars monthly, provided, however, that the amount of net income, from whatever source, that any person qualified to receive a pension may have shall be deducted from the amount of the pension award
