State Pension System Gets An Overhaul

It's a good outcome for another piece of legislation sponsored by State Representative Bernie Buescher of Grand Junction. Senate Bill 235 works to cover a potential one billion dollar shortfall in the public employee pension system. Lawmakers reached an agreement with Governor Owens Friday avoiding a special session that Owens threatened to call if legislation was not passed. The measure requires all Public Employees Retirement Association members to contribute more toward their retirements by foregoing a half percent of their annual raise for six years. The agreement would allow new higher education employees to choose a defined–contribution plan, which would let them decide how their retirement money is invested. The plan would not guarantee how much the pensions would pay.