CO HB1150

Members of the Public Employees' Retirement Association (PERA) hired on or after January 1, 2013 must have their retirement benefits calculated using the highest 7 annual salaries instead of the current 3 annual salaries.

Members eligible for retirement prior to January 1, 2013 continue to use the 3 highest annual salaries calculation method.

Members hired on or after January 1, 2013 are subject to a salary cap limiting each year's calculated salary to 108 percent of the previous year's salary used in the calculation.

The new 7-year calculation does not apply to members of the judicial division, except for Denver Public Schools members of the judicial division who have exercised portability.

The act takes effect August 7, 2012, subject to voter approval if a referendum petition is filed within 90 days after the legislative session ends.