Colorado

Jan 6, 2010 9:12 AM by Associated Press

Lawmakers reach tentative deal on pension reform

Leaders of the Colorado Senate have reached a tentative deal on a plan to fix the state pension fund.

Senate President Brandon Shaffer and Senate Minority Leader Josh Penry told The Associated Press on Tuesday that the proposed deal offers security for state workers after their pension plan was rocked by the recent economic crisis.

The board that oversees Colorado state pensions approved a bailout plan in October to keep the troubled program from going bankrupt.

The major 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.

The changes must be approved by lawmakers when they return to work in January.

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