Pension Board Calls For Higher Contributions, Cuts

DENVER (AP) — The board that oversees Colorado state pensions is recommending higher contributions from employees and taxpayers and cuts to retirees’ benefits, saying the changes are necessary to shore up the underfunded system.
The Denver Post first reported the board’s approval on Friday. Lawmakers must approve the changes as well.
According to the latest financial report, the Public Employees’ Retirement Association is 58.1 percent funded, down from 62.1 percent i