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Editor&#8217;s note: Gov. Jared Polis signed this bill into law on June 7, 2022.



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With just hours left in the legislative session, Colorado lawmakers gave final approval to a bill that will make up the state’s missed 2020 payment of $225 million to PERA.



The bill, <a href="https://leg.colorado.gov/bills/hb22-1029" target="_blank" rel="noreferrer noopener">HB22-1029</a>, now heads to Gov. Jared Polis for his signature.



Lawmakers&nbsp;<a href="https://peraontheissues.com/pera-related-legislation-sent-to-governor/" target="_blank" rel="noreferrer noopener">enacted legislation</a>&nbsp;to forego the $225 million direct distribution payment to PERA in 2020 during the early stages of the COVID-19 pandemic, when the General Assembly cut billions of dollars from the state budget. The state automatically resumed payments in 2021 — additional legislation would be required for the state to forego any future payments — but did not make up 2020’s payment.



Pending the governor’s signature on the bill, PERA will receive $380 million from the state. That amounts to a restoration of the missed $225 million direct distribution plus a prepayment of a portion of future direct distributions to PERA.



PERA will also receive 2022’s direct distribution of $225 million on July 1.



The $380 million will come from a cash fund the legislature <a href="https://peraontheissues.com/2021-proposed-legislation-status/" target="_blank" rel="noreferrer noopener">set up in 2021</a>&nbsp;solely for future payments to PERA.



The bill was one of four PERA-related bills that lawmakers passed this session. For details on the other bills, vist <a href="https://www.copera.org/pera-on-the-issues" target="_blank" rel="noreferrer noopener">PERA on the Issues</a>.

Colorado Lawmakers Pass Bill Making Up $225M Payment to PERA