CO SB082

Requires new PERA employees hired on or after January 1, 2013 to reach their full retirement age for federal Social Security benefits before receiving service retirement benefits, as determined by the Social Security Act in effect when they begin employment.

Applies to reduced service retirement benefits by requiring new PERA employees to attain the age for reduced federal Social Security benefits before receiving reduced PERA retirement benefits.

Excludes existing PERA members, inactive members, and retirees as of December 31, 2012 from these new age requirements.

Takes effect August 7, 2012, unless subject to voter referendum, in which case approval in November 2012 is required for implementation.