SB 12-119 is sponsored by Senator Tim Neville (R-Littleton) and Representative Chris Holbert (R-Parker). The bill would require the PERA Board to reduce benefit provisions when the amortization period for any Division exceeds 30 years. The Board would be required to make changes to the provisions for service credit, service retirement, benefit amounts, and annual increases in order to bring the affected Division back within a 30-year amortization period within one year of implementing the adjustments.
Under the bill, the Board and the General Assembly are prohibited from increasing member and employer contributions, AED, or SAED amounts above the rates allowed by law as of December 31, 2011.
CCRS opposes this bill. This bill alters the structure created under Senate Bill 1 – we must let SB1 work!
You can read the bill in its entirety here.