|
Legislative Information Center
|
Be Active in the Future of Your
Retirement System |
 |
|
Colorado PERA is
committed to empowering our members with the proper
tools to become engaged in the public policy process
that could impact the future of your retirement
system. We have developed a
Legislative Action Center, which is a fast and
convenient service for our members to respond to
legislative issues.
Register for PERA ALERTS and you will be added
to our e-mail list to receive news alerts. |
Governor Owens Signs Senate Bill 06-235
Governor Owens signed
Senate Bill 06-235 into law on Thursday, May 25. This bill
was sponsored by Sen. Paula Sandoval (Denver) and Rep. Rosemary
Marshall (Denver).
Ballot Initiative to Reform PERA Pulled by
Proponents
A proposed ballot initiative to reform
Colorado PERA was withdrawn by its sponsors on Wednesday,
May 10. Proponents of Ballot Initiative #106 have informed
the Colorado Secretary of State that they no longer wish to
pursue the effort.
Attorneys retained by PERA mounted an
aggressive legal challenge to the initiative approval
process. Additionally, the PERA Board of Trustees has
consistently opposed wholesale conversion to defined
contribution plans, which was a main component of the
initiative. Legislation that passed the General Assembly on
a 98-2 vote May 5 and has been sent to the Governor (Senate
Bill 06-235 sponsored by Sen. Paula Sandoval and Rep.
Rosemary Marshall) addresses PERA’s long-term financial
health. Senate Bill 06-235 was the result of many months of
negotiations between PERA, employer and employee groups, and
elected officials and puts PERA on a stable path to being
fully funded without drastically cutting benefits or
adopting a risky defined contribution plan for public
employees.
Clarification to Media Reports
Some information reported in various print
media regarding provisions of Senate Bill 06-235 is
inaccurate and is causing concern to PERA retirees. The
Supplemental Amortization Equalization Disbursement, or
Supplemental AED, only applies to current contributing
members—not retirees. The Supplemental AED of 0.5 percent
will come from the increases in compensation that active
members are scheduled to receive over the next six years,
and not from the 3.5 percent annual increases that retirees
currently receive.
Overview of Senate Bill 06-235 provisions.
Colorado PERA's Statement on the
Passage of Senate Bill 06-235
The passage of PERA reform
legislation, in the form of Senate Bill 06-235, is good news
for Colorado taxpayers as well as PERA's 380,000 members and
retirees. While crafting this solution was by no means an
easy task, this agreement serves as an example of how
various parties--working in the spirit of bipartisanship and
compromise--can solve complex challenges.
This legislation approved by
the Colorado General Assembly will completely eliminate
PERA's unfunded liability over a period of years. With
enactment of this bill, the financial problems facing PERA
will be solved. That means that PERA members and retirees
will be able to count on their hard-earned retirement
benefits. It also means that Colorado will not face the
prospect of long-term budget challenges resulting from a
PERA shortfall.
Additional Information
Summary of Senate Bill 06-235 Provisions (Overview;
updated May 8, 2006)
Summary of Senate Bill 06-235
(Detailed descriptions of statutory sections impacted; updated May 5, 2006)
Colorado PERA's Statement in Support of Senate Bill 06-235
(Updated May 2, 2006)
PERA Update Presentation
View PERA-Affiliated Employers by County (As of April
2006)
View Colorado
PERA Members and Benefit Recipients by County (As of
March 15, 2006)
PERA's Editorial Responses:
2006 PERA Legislation
Senate Bill 06-174: Public Employee Pension Benefits
(Postponed Indefinitely on April 26, 2006. Replaced by SB
06-235: Concerning Public Employees' Retirement Benefit
Plans)
Links to Bills Affecting PERA
Senate Bill 06-235: Concerning Public Employees' Retirement
Benefit Plans (Introduced on April 26, 2006)
Senate Bill 06-162: Retirement Benefits For Public Employees
(Postponed Indefinitely on April 26, 2006)
Senate Bill 06-174: Public Employee Pension Benefits
(Postponed Indefinitely on April 26, 2006)
House Bill 06-1083: Public Employee Retirement Plans
(Postponed Indefinitely on February 8, 2006)
Proposed Ballot Initiative #106
Proposed Ballot Initiative #93
(Withdrawn April 18, 2006)
2006 PERA Legislative Newsletters
Legislative Wrap-Up–May 2006
Legislative Update–March
2006
Legislative Update–February 2006
|
