Brian Burnett, vice chancellor, Administration and Finance, and Cindy Corwin, director, Human Resources, met with the executive board of Staff Council this week to explain legislative changes affecting university employees who are members of the Colorado Public Employees Retirement Association.
Burnett and Corwin explained the details of Senate Bill 10-001 and Senate Bill 10-146. Both bills were passed by the Colorado General Assembly and signed into law by Gov. Bill Ritter this session. SB 001 provides for changes to ensure the future stability of the pension program.
SB 10-146 was introduced for legislative consideration Feb. 4 by the Joint Budget Committee as part of an effort to balance the state budget. This bill provides for a one-year change, from July 1, 2010 until June 30, 2011 in the amounts that PERA-covered employees in the state division of PERA will pay each month. This change will require PERA employees to contribute 2.5 percent above the current 8 percent of salary for one year. State employers in PERA will reduce their contributions to PERA for employees by 2.5 percent for this time period. This change was made to help balance the state budget and is expected to save state government $20 million in FY 10-11.
Burnett noted that SB 10-146 was introduced a month after the legislative session began and after a PERA representative addressed staff council.
Details of SB 10- 001 are available as a pdf from www.leg.state.co.us – 001_enr.pdf
Details of SB 10-146 are available as a pdf from www.leg.state.co.us – 146_eng.pdf
If PERA-covered employees at UCCS have questions about the changes, contact Corwin at email@example.com or 255-3696.