CO HB1026

HB 26-1026: Expanding Plan Options for PERA

• PERA members may purchase service credit for periods of unemployment when they were age 21 or older, in addition to existing options for prior public or private employment periods

• Members who joined PERA before January 1, 1999 need one year of earned service credit to purchase nonqualified service; members joining on or after that date need five years of earned service credit

• PERA's voluntary investment program must include both tax-deferred and Roth contribution options for employees of affiliated employers

• All PERA employers are required to affiliate with PERA's deferred compensation plan and offer it to employees, with options for both pre-tax and Roth contributions

• Effective date is January 1, 2027, subject to potential referendum petition