Colorado

Aug 16, 2010 9:13 AM by Bea Karnes, News First 5

PERA solvency review due today

Colorado lawmakers are getting an update on the health of the state employee retirement plan.

The legislature cut benefits this year to keep the plan from going broke. Under the new law retirees got no cost of living increase this year instead of the normal 3.5 percent increase.

Next year they would get the lesser of inflation or 2 percent and, after that, annual increases could be no higher than 2 percent.

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 Public Employees Retirement Association plan would go broke in 20 years.

»Comments

»Topics in this article

More News

National
Story Photo

4 hours ago

3 Alarm Fire in Boston

Eleven people hurt tonight when an explosion, knocked a house off it's foundation in Boston, in the Dorchester area. It may have...

Weather - Forecast
Story Photo

15 hours ago

Rain & Snow On The Way

A Winter Weather Advisory is in effect from 6 PM tonight until 4 AM Thursday for Teller County, the Rampart Range (including...

Most Popular

Top Videos

1 2 3 4