Second Regular Session Sixty-ninth General Assembly STATE OF COLORADO INTRODUCED LLS NO. 14-0531.01 Nicole Myers x4326 SENATE BILL14-068 SENATE SPONSORSHIP Lambert, HOUSE SPONSORSHIP Priola, Senate Committees House Committees State, Veterans, & Military Affairs A BILL FOR AN ACT Concerning a modification of retirement eligibility for members of the public employees' retirement association. Bill Summary (Note: This summary applies to this bill as introduced and does not reflect any amendments that may be subsequently adopted. If this bill passes third reading in the house of introduction, a bill summary that applies to the reengrossed version of this bill will be available at http://www.leg.state.co.us/billsummaries.) A member of the public employees' retirement association (PERA) who was not an active member, inactive member, or retiree on December 31, 2016, is currently required to have 30 years of service and to have reached the age of 58 or 60, depending on the PERA division in which the member is employed, to retire with a full retirement benefit. The bill modifies the retirement age for PERA members by requiring such members, other than state troopers, to have 30 years of service and to have reached the age of 65 to retire with a full retirement benefit. Be it enacted by the General Assembly of the State of Colorado: SECTION 1. In Colorado Revised Statutes, 24-51-602, amend (1.7) and (1.8) as follows: 24-51-602. Service retirement eligibility. (1.7) (a) Members who were not members, inactive members, or retirees on December 31, 2016, who have met the age and service requirements stated in the following table and who are not eligible for service retirement benefits pursuant to subsection (1.8) of this section shall, upon written application and approval of the board, receive service retirement benefits pursuant to the benefit formula set forth in section 24-51-603: TABLE B.3 SERVICE RETIREMENT ELIGIBILITY Age Requirement Service Credit Requirement (years) (years) Any Age 35 60 65 30 65 5 (b) Members who are eligible for a benefit pursuant to this subsection (1.7) and who are sixty sixty-five years of age or older shall, upon written application and approval of the board, receive service retirement benefits pursuant to the benefit formula set forth in section 24-51-603, without reduction pursuant to section 24-51-604, if they have at least five years of service credit and if the number of years of their age plus the number of years of their service credit equals ninety ninety-five years or more. (1.8) (a) Members of the school division or Denver public schools division who were not members, inactive members, or retirees on December 31, 2016, who have met the age and service requirements stated in the following table shall, upon written application and approval of the board, receive service retirement benefits pursuant to the benefit formula set forth in section 24-51-603; except that at least the most recent ten years of service credit used in meeting the requirements of the table below must be earned in the school or Denver public schools divisions in order for the member to be eligible pursuant to this paragraph (a): TABLE B.4 SERVICE RETIREMENT ELIGIBILITY Age Requirement Service Credit Requirement (years) (years) Any Age 35 58 65 30 65 5 (b) Members who are eligible for a benefit pursuant to this subsection (1.8) and who are fifty-eight sixty-five years of age or older shall, upon written application and approval of the board, receive service retirement benefits pursuant to the benefit formula set forth in section 24-51-603, without reduction pursuant to section 24-51-604, if they have at least five years of service credit and if the number of years of their age plus the number of years of their service credit equals eighty-eight ninety-five years or more. SECTION 2. Act subject to petition - effective date. This act takes effect at 12:01 a.m. on the day following the expiration of the ninety-day period after final adjournment of the general assembly (August 6, 2014, if adjournment sine die is on May 7, 2014); except that, if a referendum petition is filed pursuant to section 1 (3) of article V of the state constitution against this act or an item, section, or part of this act within such period, then the act, item, section, or part will not take effect unless approved by the people at the general election to be held in November 2014 and, in such case, will take effect on the date of the official declaration of the vote thereon by the governor.