(1) For the purposes of this section, unless the context otherwise requires:

(a) "Account left inactive" means the contributions of any nonvested member who has terminated employment with an employer if such member's member contribution account with the association has been left inactive.

(b) "Association" means the public employees' retirement association created pursuant to section 24-51-201, C.R.S.

(c) "Benefit" shall have the same meaning as that provided for such term in section 24-51-101 (7), C.R.S.

(d) "Benefit recipient" shall have the same meaning as that provided for such term in section 24-51-101 (8), C.R.S.

(e) "Employer" shall have the same meaning as that provided for such term in section 24-51-101 (20), C.R.S.

(f) "Member" shall have the same meaning as that provided for such term in section 24-51-101 (29), C.R.S.

(g) "Unclaimed benefit" means a benefit owed to any benefit recipient if such benefit remains unpaid.

(h) "Unclaimed member refund" means the contributions of a member who has terminated employment with an employer and who has requested a refund of such contributions if such refund remains unpaid.

(2) Any moneys and any accrued interest which are held by the association for accounts left inactive, unclaimed benefits, or unclaimed member refunds shall be presumed to be abandoned if such moneys remain unclaimed for more than five years after such moneys become payable or distributable pursuant to the provisions of article 51 of title 24, C.R.S., unless the owner of such moneys, within five years, has:

(a) Communicated in writing with the association concerning such moneys; or

(b) Otherwise indicated an interest in such moneys as evidenced by a memorandum or other record on file prepared by an employee of the association.

(3) Property which is presumed to be abandoned pursuant to the provisions of this section shall be the only property held by the association which is subject to the provisions of this article.