Denver (AP) A panel studying Colorado's underfunded pension
plan says the plan's entire 16–member board needs to be replaced and benefits, reduced. Former Democratic Governor Dick Lamm chairs the commission, which warns the fund will go bankrupt in 30 to 40 years if changes aren't made.
The Public Employees' Retirement Fund currently faces a
projected $12.8 billion dollar deficit. Lamm says board members don't have enough experience to handle such a fund.
He blames lawmakers, governors, and P.E.R.A. itself for the problem saying there's, "enough blame to go around." P.E.R.A. provides pension benefits for 175,000 state and local public employees, plus 68,000 retirees.
Copyright 2005 by the Associated Press. All rights reserved.
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