Colorado

Feb 23, 2010 5:42 PM by Bea Karnes, News First 5

Colorado state pension overhaul bill signed into law

Colorado Gov. Bill Ritter has signed a bill that cuts state employee retiree benefits to prevent the pension system from going broke.

Ritter said the bill he signed Tuesday represents a difficult but necessary decision that will require shared sacrifice and shared solutions from public employers and employees without imposing an unfair or undue burden.

The pension system covers 450,000 state workers, teachers and local government employees as well as lawmakers. State budget officials warned that without changes, the pension plan would go broke in 20 years.

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