CO HB1029

State treasurer shall issue a warrant to the Public Employees' Retirement Association (PERA) for $380 million from the PERA Payment Cash Fund to compensate for the cancelled July 1, 2020 distribution of $225 million eliminated by House Bill 20-1379.

The July 1, 2023 warrant amount is reduced by $155 million plus an amount equal to 7.25% (or the actual 2021 investment rate of return if higher) multiplied by $380 million, with total reduction capped between $155 million and $190 million.

The July 1, 2024 warrant amount is reduced by the lesser of 7.25% multiplied by $380 million or the 2022 investment rate of return multiplied by $380 million, with no reduction if the rate of return is zero or negative.

Regular annual direct distributions of $225 million to PERA continue on July 1 of each year beginning July 1, 2021, until unfunded actuarial liabilities are eliminated.