PERA Fix Clears Another Hurdle
DENVER – This morning, Senate Bill 200, a comprehensive reform of the Public Employees Retirement Association (PERA), passed on second reading in the Colorado State Senate.
Sponsored by Senators Jack Tate (R-Centennial) and Kevin Priola (R-Henderson), SB-200 passage on second reading followed a lengthy debate, ending with the incorporation of two amendments that had bipartisan agreement.
“PERA needs a fix,” said Senator Tate. “Understandably, any change in PERA is bound to ruffle some feathers, but we have to take action now to ensure that current and future employees have a sustainable retirement system that works for them. I believe
Senate Bill 200 will be a step in the right direction.” Senate Bill 200 will now be heard one last time on the Senate floor within the coming days.
“The magnitude of the problem is larger than many believe – very possibly PERA is underfunded in excess of $55 Billion,” said Senate President Kevin J. Grantham (R-Cañon City) during his Opening Day speech on January 10, 2018. “This is large enough to affect the credit rating of the State and public institutions – and raise bonding costs for all important public construction projects. This unfunded liability is a debt in excess of $10,000 per man, woman, and child in Colorado.”