CO HB1034

Establishes a new "Statewide Retirement Plan" under Article 31.5 that merges three existing plans (Statewide Defined Benefit Plan, Statewide Hybrid Plan, and Social Security Supplemental Plan) effective January 1, 2023.

Creates three benefit components within the new plan: a Defined Benefit Component (2-2.5% multiplier), a Hybrid Component (1.5% multiplier), and a Social Security Component (1-1.25% multiplier), plus a Money Purchase Component.

Requires phased contribution rate increases for members and employers from 2023-2030 to fund plan liabilities, with member contributions increasing from 12% to ensure actuarial soundness.

Grants the Board discretionary authority to adjust retirement benefits, cost-of-living adjustments, retirement ages, and benefit multipliers to maintain actuarial soundness without requiring contribution increases.

Effective date January 1, 2023 for most provisions, with remainder taking effect 90 days after adjournment; subject to referendum petition process under Colorado Constitution.