CO SB080

Expands eligibility for Colorado's Public Employees' Retirement Association (PERA) defined contribution plan to all employees hired by PERA-affiliated employers on or after January 1, 2016, with an initial election period to join the defined contribution plan instead of the defined benefit plan.

Allows existing PERA members participating in the defined benefit plan to elect during annual open enrollment periods (beginning January 1, 2016) to switch to the defined contribution plan, with the election being irrevocable and effective the first day of the annual employees group benefit plan year.

Employees electing to switch to the defined contribution plan must choose either to: (1) stop future defined benefit contributions while retaining rights to previously accrued benefits, or (2) terminate defined benefit membership entirely and require PERA to transfer all member contributions, accrued interest, and matching employer contributions to the defined contribution plan.

Changes the definition of "employer" on and after January 1, 2016, to match the broader definition in Section 24-51-101(20), extending the defined contribution plan option to employees of institutions previously excluded (state colleges, universities, and board of regents institutions).

Takes effect August 5, 2015, unless subject to a referendum petition, in which case it requires voter approval at the November 2016 general election.