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Legislative Year: 2023 Change

Bill Detail: SB23-104

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Title Public Employees' Retirement Association True-up Of Denver Public Schools Division Employer Contribution
Status Senate Committee on Finance Postpone Indefinitely (02/28/2023)
Bill Subjects
  • State Government
House Sponsors J. Bacon (D)
Senate Sponsors C. Hansen (D)
J. Coleman (D)
House Committee
Senate Committee Finance
Date Introduced 01/31/2023

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 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 fifth 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.
The general assembly enacted the last true-up for the equalization
of the 2 divisions in 2015. In furtherance of the true-up for the
equalization of the 2 divisions, beginning on July 1, 2023, the bill reduces
the total employer contribution rate for the DPS division from 10.4% to
7.15% of salary. The bill does not alter the employer or member
contribution rate for any other division of PERA.

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