2010 Senate Bill 1 Helped Secure PERA
In 2008, Wall Street recklessly gambled with the future of retirees and working families across our nation. As a result, PERA, like most defined benefit plans lost money and is facing critical questions about its long-term solvency. Colorado also faces a more immediate dilemma: how do we make sure that PERA is secure for generations to come without placing unreasonable hardship or risk on either taxpayers or PERA members. The Colorado Coalition for Retirement Security, representing more than 200,000 taxpaying PERA members, including both active employees and retirees, believes we should re-invest in PERA and stabilize it through shared responsibility that is equitable to all participants.
More than 400 governmental and public agencies here in Colorado rely on PERA to provide retirement benefits to their workers. These workers do not receive social security benefits and in many cases rely solely on PERA for their retirement, a retirement that averaged only $2,772 per month in 2008.
During the 2010 Session the Coalition worked closely with the Legislature and PERA to amend Senate Bill 1 to make sure it kept PERA stable while not requiring more sacrifice than necessary from employees and retires. We believe that balance was achieved. The details of how Senate Bill 1 affects employees can be found here and the details on how it effect retirees can be found here.
You can read Senate Bill 1 in its entirety here.