CO SB119

PERA board gains authority to adjust service credit, retirement age, benefit amounts, annual benefit increases, and other benefit requirements for each division when amortization period exceeds 30 years or when actuarial experience indicates necessity.

Board must make adjustments equitably and only to the extent necessary to maintain long-term actuarial soundness of each trust fund, with adjustments calculated to achieve actuarial soundness within one year of implementation.

All benefit adjustments made by the board shall be implemented through rulemaking in accordance with PERA's existing authority rather than through legislative action.

Board and general assembly are prohibited from increasing combined rates of member contributions, employer contributions, amortization equalization disbursements, and supplemental amortization equalization disbursements above levels authorized as of December 31, 2011.

PERA must provide written notice to all members and inactive members that the board or general assembly may modify defined benefit plan benefits due to actuarial necessity in the future.