CO HB1201

Increases the number of highest annual salaries used to calculate PERA retirement benefits from 3 years to 5 years for new members (those not members, inactive members, or retirees as of December 31, 2014)

Maintains the current 3-year average for existing PERA members, inactive members, and retirees as of December 31, 2014

Implements salary increase limits capping each year's included salary at 108% of the previous year's salary used in the calculation to prevent artificial salary spikes

Exempts judicial division members from the new 5-year calculation, except for DPS members who exercised portability and selected the DPS benefit structure

Takes effect August 6, 2014, subject to voter approval if a referendum petition is filed within 90 days of final adjournment