CO SB016

Local government employers in the Public Employees' Retirement Association (PERA) may designate alternative employer and member contribution rates beginning January 1, 2013, and each year thereafter.

Employers may decrease the employer contribution rate and increase the member contribution rate, provided the total combined contribution remains equal to the currently required total and the member rate increase does not exceed 2.5%.

Alternative contribution rate designations must be approved by a vote of the employer's governing body at a public meeting and may be established for one year or multiple years.

Employers must notify PERA annually of any alternative contribution rates they designate, in a time and manner determined by PERA, and PERA may require additional documentation as reasonably necessary for implementation.