(May 1) – A bipartisan bill to stabilize the Public Employees Retirement Association won final House passage today on a 45-19 vote.

HB15-1388, sponsored by Speaker Pro Tem Dan Pabon, D-Denver, and Rep. Bob Rankin, R-Carbondale, allows the Colorado Housing and Finance Authority to issue bonds, using money from future employer and employee contributions to PERA, to cover $25 billion in unfunded PERA pension liabilities.

“In this time of historically low interest rates, a lot of folks have refinanced their home mortgage at a lower rate,” Rep. Pabon said. “This bill lets PERA take advantage of those same favorable interest rates on a much larger scale, potentially saving taxpayers $4.5 billion and reducing PERA’s unfunded future liabilities.”

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