Colorado governor signs bill to shore up public pension - KOAA.com | Continuous News | Colorado Springs and Pueblo

Colorado governor signs bill to shore up public pension

Posted: Updated:

Colorado Gov. John Hickenlooper has signed a bill to shore up the state's troubled pension.
The new law calls for sweeping changes to pay off the pension's $32 billion unfunded debt within 30 years.
The measure cuts cost-of-living raises for retirees and requires employees and government agencies to contribute more of each paycheck.
The state will also chip in $225 million a year to pay down the debt.
Monday's bill signing marks the second time since 2010 that Colorado has enacted a major pension rescue plan.
The prior reforms fell short, leaving Colorado's public pension among the most poorly funded in the country.
Roughly 1 in 10 Coloradans are pension recipients.

(Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Download the KOAA News 5 App iOS/iPhone here and for Android here.

Drive the Doppler
Powered by Frankly

© KOAA.com 2018, KOAA.com
All rights reserved
Privacy Policy, | Terms of Service, and Ad Choices

Can't find something?