Updated: 6/4/2018 — Today, the Governor signed SB200 into law. Below you will see the most up to date information on the bill’s details.
Updated: 5/9/2018 11:11 pm — This post will be updated with additional information in the coming days when we have time to thoroughly review the conference committee version of the bill.
Below is what the Colorado General Assembly passed late Wednesday night with less than an hour left in the session.
Conference Committee Voted 5-1 (Senator Kagan (D-Cherry Hills Village) opposed)
House Voted 43-29-2 to re-adopt amended SB 200 (see how legislators voted here)
Senate Voted 24-11-0 to re-adopt amended SB200 (see how legislators voted here)
You can view PERA’s one pager on the changes here.
|Employer Contribution||10% - 13.66%||↑. 25% (no increase for local government employers)|
|Employee Contribution||8%||↑ 2% Total
— ↑ .75% on 7/1/2019
— ↑ .75% on 7/1/2020
— ↑ .5% on 7/1/2021
|State Contribution||$225 million annually to PERA starting 7/1/2018|
|Highest Average Salary (HAS)||3 years||5 years
(non-vested as of 12/31/2019 and new employees only)
|Retirement Age||58/60||64 years old
(new employees as of 1/1/2020)
|COLA Suspension||2 years
(3 years for those not already retired - 1 year from SB1)
(starting 7/1/2020, after 2 years suspension)
|PERA Includable Salary||Net to Gross
(new employees as of 7/1/2019)
|Auto – Adjust||Yes (employer, employee, COLA and state contribution involved)
View PERA’s one pager on the auto adjust here.
|Defined Contribution||State after 2006 has option||Expanded to all State Division and Local Division Employees. No Expansion to Judicial, Schools or DPS Employees.
Starting 1/1/2021 the state and local government employers will have to pay a DC Supplement to cover the additional costs of the DC plan.
|Other||-Pension Review Commission, 5 Senator & 5 Reps — to review PERA & FPPA pensions
-Pension Review Subcommittee consisting of 14 members including legislators and community members
- PERA Board to do an annual sensitivity study to ensure PERA is on track and report to Governor, JBC, Audit and Finance Committees.
-Starting on 1/1/2020 new hires that are state corrections officers classified I thru IV or county sheriff, undersheriff, deputy sheriff, non-certified deputy sheriff, or detention officer hired by a local government division employer will receive benefits equivalent to state troopers.