Ballot Title Setting Board
2005-2006

The title as designated and fixed by the Board is as follows:

An amendment to the Colorado Revised Statutes concerning retirement plans for members of the public employees' retirement association, and, in connection therewith, abolishing the existing board of trustees of the association and creating a new board of trustees subject to administrative oversight by the governor's office of state planning and budgeting; modifying the composition and duties of the new board; reducing the amortization period that is deemed actuarially sound for the association's defined benefit plan trust funds; authorizing the general assembly by law to modify certain member contributions, employer contributions, and the benefits allowed to certain members of the defined benefit plan when the defined benefit plan is not actuarially sound; increasing the employee contribution rate for the defined benefit plan by one-half percent of salary every year until the rate is equal to the employer contribution rate; repealing the authority of members to repurchase forfeited service credit; increasing the number of years of service credit required to receive full retirement benefits for certain employees; requiring the general assembly to conduct an actuarial study before increasing benefits for the defined benefit plan; eliminating the association's existing defined contribution plan and creating a new defined contribution plan; requiring employees of the existing defined contribution plan and employees hired on or after January 1, 2007, to become members of the new defined contribution plan; specifying employer and employee contribution rates for the defined contribution plan; requiring that certain moneys of the association be directed to pay off unfunded liabilities in the defined benefit plan; reducing and capping employer contribution rates when the unfunded liabilities have been eliminated; and authorizing members of the defined contribution plan to participate in the optional life insurance, long-term care insurance, voluntary investment, and health care programs administered by the association.

The ballot title and submission clause as designated and fixed by the Board is as follows:

Shall there be an amendment to the Colorado Revised Statutes concerning retirement plans for members of the public employees' retirement association, and, in connection therewith, abolishing the existing board of trustees of the association and creating a new board of trustees subject to administrative oversight by the governor's office of state planning and budgeting; modifying the composition and duties of the new board; reducing the amortization period that is deemed actuarially sound for the association's defined benefit plan trust funds; authorizing the general assembly by law to modify certain member contributions, employer contributions, and the benefits allowed to certain members of the defined benefit plan when the defined benefit plan is not actuarially sound; increasing the employee contribution rate for the defined benefit plan by one-half percent of salary every year until the rate is equal to the employer contribution rate; repealing the authority of members to repurchase forfeited service credit; increasing the number of years of service credit required to receive full retirement benefits for certain employees; requiring the general assembly to conduct an actuarial study before increasing benefits for the defined benefit plan; eliminating the association's existing defined contribution plan and creating a new defined contribution plan; requiring employees of the existing defined contribution plan and employees hired on or after January 1, 2007, to become members of the new defined contribution plan; specifying employer and employee contribution rates for the defined contribution plan; requiring that certain moneys of the association be directed to pay off unfunded liabilities in the defined benefit plan; reducing and capping employer contribution rates when the unfunded liabilities have been eliminated; and authorizing members of the defined contribution plan to participate in the optional life insurance, long-term care insurance, voluntary investment, and health care programs administered by the association?

Hearing May 3, 2006

Single subject approved; staff draft adopted; titles set.
Hearing adjourned 2:09 p.m.

* Unofficially captioned “PERA Reform” by legislative staff for tracking purposes. Such caption is not part of the titles set by the Board.