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Memorial vote won’t come until November

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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 Memorial vote won’t come until November

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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 Hickenlooper considering tapping PERA for loans

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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 Memorial: Better off out of PERA?

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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 Someone’s going to have to pay in the PERA scenario

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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.
Continue Reading Mayor: Suspend city TABOR, reform PERA

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If you’re a 55-year-old retiree who receives a pension from the Colorado Public Employees Retirement Association, you may be a resident of geezer heaven. That’s because assuming you started working for the city of Colorado Springs, or as a public school teacher 30 years ago at age 25, you could retire today and collect 75… Continue Reading Public pension fixes might require further tweaking

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The Memorial Commission met yesterday to discuss several thorny legal questions, among them what happens to the pensions of the 4,000 people employed at the three-hospital system. The pension question will weigh heavily as the commission decides whether to sell Memorial Health System and to whom. If a for-profit company buys the hospital system, then… Continue Reading Commission considers legal options for Memorial pensions

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DENVER (AP) – Colorado Gov. Bill Ritter on Tuesday signed a bill that cuts state employee retiree benefits to prevent the pension system from going broke. Ritter said the cuts are difficult but necessary. Provisions in the bill require shared sacrifice and shared solutions from public employers and employees without imposing an unfair or undue… Continue Reading Ritter signs PERA overhaul

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Legislators mull PERA

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Proposal includes raising retirement age This week the Colorado Legislature began hearings on Senate Bill 01, a bipartisan measure aimed at restoring long-term solvency to the Public Employees Retirement Association, the public pension plan that covers more than 425,000 active and retired public-sector workers in Colorado. The measure was crafted in response to the severe… Continue Reading Legislators mull PERA

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Most public employees in El Paso County must, by state law, join the Colorado Public Employees Retirement Association.PERA covers the employees of Memorial Health System, Colorado Springs Utilities, the City of Colorado Springs and of every public school district in the county – but not employees of El Paso County. County employees, as well as… Continue Reading County pension plan at crossroads

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