HB15-1251

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HB15-1251 - PERA & Denver Pub Sch 5 Year True-up

Postponed Indefinitely
Concerning An Adjustment To The Total Employer Contribution Rate Of The Denver Public Schools Division Of The Public Employees' Retirement Association In Connection With The Equalization Status Of The Association's Denver Public Schools Division With The Association's School Division As Required By The Merger Of The Denver Public Schools Retirement System With The Association.

In 2009, the general assembly enacted legislation to merge the Denver public schools retirement system into the public employees' retirement association (PERA), effective January 1, 2010. The merger legislation created a new Denver public schools (DPS) division within PERA and set the employer and member contribution rates for that division. The merger legislation also required PERA to calculate a true-up beginning January 1, 2015, and every 5th year thereafter, to determine whether the DPS employer contribution rate must be adjusted to assure the equalization of the DPS division's ratio of unfunded actuarial accrued liability over payroll to the PERA school division's ratio of unfunded actuarial accrued liability over payroll at the end of the 30-year period that began on January 1, 2010 (equalization of the 2 divisions). If necessary, the PERA board is required to recommend that the general assembly adjust the DPS total employer rate to assure the equalization of the 2 divisions.

In furtherance of the true-up for the equalization of the 2 divisions, beginning on January 1, 2015, the bill reduces the total employer contribution rate for the DPS division from 13.75% to 10.15%.

House Committees

Latest update: April 29, 2015
04/29/2015 Senate Committee on State, Veterans, & Military Affairs Postpone Indefinitely
04/24/2015 Introduced In Senate - Assigned to State, Veterans, & Military Affairs + Finance + Education
03/17/2015 House Third Reading Passed - No Amendments
03/16/2015 House Second Reading Passed - No Amendments
03/09/2015 House Second Reading Laid Over to 03/16/2015 - No Amendments
03/04/2015 House Committee on Finance Refer Unamended to House Committee of the Whole
02/27/2015 Introduced In House - Assigned to Finance