Colorado

Jan 9, 2010 9:41 AM by Associated Press

Board approves reforms for Colorado state pensions

The board that oversees Colorado's troubled state pension plan has approved a proposal by lawmakers to fix it.

Proposed changes to the Public Employees' Retirement Association include increasing employee and employer contributions by 2 percent and reducing cost-of-living increases for current retirees from 3.5 percent this year, capping them at 2 percent.

State Senate President Brandon Shaffer and Senate Minority Leader Josh Penry say their proposed deal offers security for 450,000 current and former public employees whose pension plan was rocked by the recent economic crisis.

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