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SB 18-200 - Amends Public Retirement System Policies - Colorado Key Vote

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Title: Amends Public Retirement System Policies

Vote Smart's Synopsis:

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

See How Your Politicians Voted

Title: Amends Public Retirement System Policies

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).

Title: Amends Public Retirement System Policies

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