CO HB1176

Requires the PERA board to establish and administer a flexible defined contribution plan for eligible employees hired on or after July 1, 2024, who are members of the school division or Denver Public Schools division.

Allows eligible employees to opt into the flexible defined contribution plan instead of the defined benefit plan within 60 days of commencing employment.

Members in the flexible plan may determine their own voluntary contribution rate, while employers must contribute at least 6.5% of salary to the member's account and 15% of salary to the defined benefit plan.

Members are immediately and fully vested in their own contributions and 50% of employer contributions, with vesting increasing by 10% per year until reaching 100% vesting after 5 or more years of membership.

The act takes effect 90 days after final adjournment of the general assembly, subject to voter approval in November 2024 if a referendum petition is filed.