Skip to main content
Colorado General AssemblyToggle Main Menu
Agency NameToggle Agency Menu
SB23-056

Compensatory Direct Distribution To PERA

Concerning a requirement that the state make a direct distribution to the public employees' retirement association in addition to a previous additional direct distribution to recompense the association for the cancellation of the July 1, 2020, direct distribution.
Session:
2023 Regular Session
Subject:
State Government
Bill Summary

To recompense the public employees' retirement association (PERA) for the cancellation of a previously scheduled July 1, 2020, direct distribution of $225 million, House Bill 22-1029, concerning a requirement that the state make an additional direct distribution to the public employees' retirement association to fully recompense the association for the cancellation of a previously scheduled July 1, 2020, direct distribution, required an additional direct distribution to PERA. However, the additional direct distribution did not fully recompense PERA for the cancellation of the previously scheduled direct distribution. To fully recompense PERA, the act requires the state treasurer to issue a warrant to PERA that consists of the balance of the PERA payment cash fund plus $10 million paid from the general fund. The PERA payment cash fund is repealed, effective July 1, 2023.

APPROVED by Governor June 2, 2023

EFFECTIVE June 2, 2023
(Note: This summary applies to this bill as enacted.)

Status

Introduced
Passed
Became Law

Menu

Bill Text

The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details