HB 19-1299 Summary

• Amends Colorado Revised Statutes 24-54-104 to set minimum contribution rates for local government retirement plans at 3 percent of a participant's basic salary or wage.

• Allows county, municipality, political subdivision, or other participating entity to establish their own contribution percentage, provided it is not less than 3 percent of the participant's basic salary or wage.

• Permits employer and employee contribution percentages to differ, as long as each contribution is at least 3 percent of the participant's basic salary or wage.

• Takes effect August 2, 2019, or upon approval by voters at the November 2020 general election if a referendum petition is filed within 90 days of adjournment.