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 …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 …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 …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 …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 …During the late 1990s, the Colorado Public Employees Retirement Association was one of the healthiest pension funds in America. For many years, PERA had combined successful investment strategies with a comparatively restrained benefit structure, achieving a funded ratio of more than 100 percent. That meant the fund had more than enough assets to cover potential [...]
Continue reading …State retirement association seeking help from legislature to ensure solvency The CEO of the Colorado Public Employees Retirement Association now admits that his organization cannot continue to meet its obligations without “sweeping legislative changes.” Testifying on Monday before the Legislative Audit Committee, Meredith Williams painted a bleak picture for the lawmakers. “We can’t invest our way [...]
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