Posted: Oct 16, 2009 7:21 AM by Associated Press
The board that oversees Colorado state pensions is meeting today to discuss changes so it can continue to pay benefits.
An actuarial consulting firm told lawmakers that the Public Employees' Retirement Association had reduced its projected liabilities by about $300 million by the end of last year. PERA says assets increased by $2.3 billion last year, but it still won't be enough to cover projected liabilities with lawmakers reducing the amount of time to cover its liabilities from 40 years to 30.
Proposed changes to be discussed today include increasing employee and employer contributions, and capping cost-of-living increases.