The employer and member contribution rates for the public employees' retirement association (PERA) are specified in statute. For the 2020-21 and 2021-22 state fiscal years only, the act decreases the employer contribution rate for employers in the judicial division of PERA by 5% and increases the member contribution rate for employees in the judicial division of PERA by 5%. The contribution rates will be changed as follows:
- For the 2020-21 state fiscal year, the employer contribution rate is decreased from 13.91% to 8.91% of salary and the member contribution rate is increased from 9.5% to 14.5% of salary.
- For the 2021-22 state fiscal year, the employer contribution rate is decreased from 13.91% to 8.91% of salary and the member contribution rate is increased from 10% to 15% of salary.
The act specifies that the change in contributions does not apply to the employer or member contributions for judges employed by the Denver county court. The act does not impact the employer or member contribution rates for any of the other divisions of PERA.
The appropriations made to the judicial department in the annual general appropriation act for the 2020-21 state fiscal year are reduced in accordance with the act.
(Note: This summary applies to this bill as enacted.)