The Pension Review Commission, a legislative panel that meets in between regular legislative sessions, plans to introduce new PERA-related bills in the 2024 Colorado General Assembly.
The Commission has the responsibility of overseeing PERA and proposing legislation that could affect the plan and benefits. It met in October to discuss ideas for legislation, and committee members voted to move forward with two PERA-related bill drafts.
PERA-related bill drafts
The Commission drafted one bill that relates directly to PERA and Plan benefits. Titled Additional PERA Service Retirees for Schools, the bill draft aims to expand the number of PERA retirees who can work for school districts without reductions in their benefits. Under current law, school districts can hire 10 such retirees when there is a critical shortage. The bill draft, if passed, would remove the critical shortage requirement and allow larger districts to hire more retirees.
The other bill draft aims to provide some financial assistance to PERA retirees in the form of a temporary tax credit. That bill draft, PERA Retiree Refundable Income Tax Credit, would provide a tax credit of $700 for qualifying retirees on their tax returns for tax years 2024 and 2025. Lawmakers introduced a similar bill last year, but it didn’t pass.
The PERA Board of Trustees typically discusses PERA-related bills after they’re introduced at the Capitol and will take a formal stance on any that could affect PERA’s finances.
Legislators on the Pension Review Commission will introduce their bills in the next legislative session, which begins in January. The bills will follow the usual process of making their way through the legislature before passing or failing.
PERA On The Issues will keep track of PERA-related legislation throughout the session and provide updates when they’re available.
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