Gov. Bill Ritter on Tuesday signed a bill that cuts state employee retiree benefits to prevent the pension system from going broke, The Denver Post reports. Ritter said the cuts are difficult but necessary. Provisions in the bill require shared sacrifices and shared solutions from public employers and employees without imposing an unfair or undue burden, he said.
In other coverage:
Pueblo Chieftain: Nobody loves the changes coming to Colorado’s public employees’ pension plan, but nonetheless here they come because Gov. Bill Ritter signed them into law Tuesday. The Democrats and Republicans who teamed up to author SB1 concede it’s not ideal from their parties’ perspectives, and enrollees in the Public Employees Retirement Association like it even less.
The Durango Herald: Gov. Bill Ritter on Tuesday signed into law a rescue plan for the pension system used by school and government employees. Retirees will see the first effect as soon as next month. The March checks will limit cost-of-living increases to 2 percent. Before Tuesday, the Public Employees Retirement Association paid 3.5 percent annual cost-of-living increases.
Associated Press: Colorado Gov. Bill Ritter has signed a bill that cuts state employee retiree benefits to prevent the pension system from going broke.