Signed by Governor John Hickenlooper

Vote Smart's Synopsis:

Vote to pass a bill that amends laws governing the Public Employees' Retirement Association (PERA).

Vote Smart's Synopsis:

Vote to pass a bill that amends laws governing the Public Employees' Retirement Association (PERA).

Highlights:

• Authorizes a cost of living adjustment increase of 2% for all retirees from 2018-2019 and a 0% cost of living adjustment freeze for the following years, length to be determined (Sec. 2).

• Amends the definition of “salary” to include unused sick days converted to cash payments in the total amount (Sec. 2).

• Increases the age requirement to receive full-service retirement benefits from 60 to 65 for new PERA members hired on or after January 1, 2020 (Sec. 13).

• Increases the monthly contribution amount for PERA members from 8% of their total monthly salary to 8.5% starting July 1, 2018 and to 11% by January 1, 2020  (Sec. 9).

• Increases the monthly employer contribution rate for all taxpayer funded PERA employers starting July 1, 2018 and again on July 1, 2019 by 1% of member’s monthly salary (Sec. 12).

• Amends the definition of “employer” to include any of the following divisions, including, but not limited to (Sec. 21):

• The Denver public school division;

• The local government division; or

• The judicial division

• Establishes a bipartisan public pension legislative oversight committee in order to study and develop proposed legislation relating to the long term funding and benefit designs of PERA (Sec. 26).

Full Bill Text