City, PERA reach agreement that allows Memorial transfer to continue
The City of Colorado Springs and the Public Employees Retirement Association have agreed to drop both lawsuits in the ongoing legal battle about Memorial Health System exiting the PERA retirement benefits program. The city will re-file its suit, which claims it doesn’t owe any money to PERA, in Denver District Court. In the city’s view, [...]
Update: The city and PERA have reached an agreement to remove UCH from the lawsuit, to drop both suits and to allow the city to refile its case in Denver District Court. Read more here. The Public Employees’ Retirement Association has filed a lawsuit of its own in an ongoing legal battle with the city [...]
Continue reading …PERA’s claim asks the Denver District Court to provide guidance about the circumstances under which the group can lawfully disclose confidential member information to its trustees.
Continue reading …Memorial Health System has broken off negotiations with the state’s Public Employment Retirement plan – and is threatening legal action. PERA claims that Memorial would have to pay $246 million if it becomes a private nonprofit, but that’s not the way Memorial executive see it. The way Memorial views it: all Memorial employees would be [...]
Continue reading …City Council will vote Aug. 23 about whether to place a Memorial Health System ownership question on the November ballot, and the biggest factor in the vote is how much Memorial will pay to exit the Public Employees Retirement Association. PERA has calculated it will cost $246 million, a figure that derailed progress toward the [...]
Continue reading …The millions of dollars required to move its employees from a public pension plan to a private one could scuttle any plans for a change in ownership for Memorial Health System. Actuaries at the Public Employees Retirement Association estimated the cost of covering retiree benefits as $246 million — much higher than the $30 million to [...]
Continue reading …Democratic gubernatorial candidate John Hickenlooper said Tuesday Colorado could tap part of the $33 billion state retirement fund for loans to small businesses, providing up to $150 million a year to help stabilize its economy. Hickenlooper told workers at a prescription data center the state should use its assets for loans. He said the state [...]
Continue reading …Memorial Health System employees, worried that a sale of the network will eliminate their state-run pensions, could be better off under a different retirement plan. That’s the assessment of a growing chorus of think tanks and experts in the field who point to the troubles of public pensions nationwide. More than 4,000 of Memorial’s employees [...]
Continue reading …Let us consider the following press release from state Treasurer Cary Kennedy concerning the Public Employees Retirement Association, the state pension plan. “It is wrong for PERA to pay out bonuses to employees on the one hand, and on the other, ask retirees to give up cost of living increases in years when the market [...]
Continue reading …In his “State of the City” address today, Mayor Lionel Rivera called upon Colorado Springs residents to suspend the city’s TABOR law for this year and through 2012 and urged the legislature to reform the pension plan for state and local government workers.
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