During the 2018 legislative session, the general assembly enacted Senate Bill 18-200, which made modifications to the public employees' retirement association (PERA) hybrid defined benefit plan to eliminate the unfunded liability of the plan within the next 30 years. Senate Bill 18-200 included a 2% increase in the member contribution rate to PERA for employees in all divisions of PERA. The increase is phased in over 3 years with the first increase occurring on July 1, 2019.
The bill eliminates the 2% increase in the member contribution rate for members in the local government division of PERA.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)