DENVER, Colo. - A bill to increase the number of retirement savings options available to certain public employees passed the Senate on second reading this morning.
The legislation, sponsored by Senator Owen Hill (R-Colorado Springs), extends the ability to enroll in PERA's (Public Employee's Retirement Association) defined contribution plan to public employees who previously were not eligible. Specifically, the bill allows all public employees who are hired by a PERA-affiliated employer on or after January 1, 2016 to participate in PERA's defined contribution plan.
"Public employees deserve choices similar to their counterparts in the private sector when it comes to retirement savings and this bill provides choice where it previously did not exist," said Senator Hill. "Workers in both the public and private sector are more mobile and will have a larger number of employers in their lifetimes than in years past. It’s vitally important to give public employees who fall into this category the option of a retirement savings plan and bring them closer to parity with private sector workers who enjoy the benefits of savings vehicles like 401k's."
Senator Hill’s bill – Senate Bill 15-080 – will be voted on one more time before being sent to the House for consideration.