CO SB055

Specifies that the 30-year maximum amortization period for PERA divisions assumes a discount rate equal to the state's long-term debt interest rate.

Grants the General Assembly explicit authority to adjust employer and member contribution rates as necessary to maintain each PERA division trust fund as actuarially sound.

Requires the PERA board to annually submit comprehensive recommendations to the General Assembly on or before November 1 each year (beginning November 1, 2013) regarding methods to address asset value decreases, reduce amortization periods, and ensure full funding of each division.

Mandates the PERA board to publicly release an annual comprehensive financial report on or before May 31 of each year following submission of recommendations.

Effective 90 days after final adjournment of the 2013 general assembly (August 7, 2013) unless subject to a referendum petition, in which case it requires voter approval at the November 2014 general election.