retiredncolorado
Dryer sheet aficionado
- Joined
- Jan 3, 2010
- Messages
- 30
I know this thread is related to the Illinois pension plan. But wanted to provide some info from another state.
I am new to the forum but interested/affected by changes to DB plans. I am a retiree from the Colorado Public Employee Retirement Association. Our retirement plan has had some substantial setbacks due to changes in the market and the overall historical funding level. We have a ruling from the state attorney generals office that states that people with vested benefits have a state and federal right to receive benefits, and that these benefits cannot be changed. Well, shortfalls in billions have a way of affecting legal interpretations. We believed that the state attorney generals ruling garenteed our benefits. But, the governer just signed a bill that changed the COLA amount for current retirees. We had a gauranted 3.5% annual increase that was changed to 2%. The Colorado PERA leadership stated that the COLA was not a benefit, and therefore could be changed. There has been a class action lawsuit filed by the members affected. We will see where this ends, but for now they did change our benefits as retirees. We also received a letter that future changes may happen if required.
Be carefull about what you are being told are constitution rights. The retirees of Colorado believed they were protected.
If you are interested in learning more go to: saveperacola.com for more information.
I am new to the forum but interested/affected by changes to DB plans. I am a retiree from the Colorado Public Employee Retirement Association. Our retirement plan has had some substantial setbacks due to changes in the market and the overall historical funding level. We have a ruling from the state attorney generals office that states that people with vested benefits have a state and federal right to receive benefits, and that these benefits cannot be changed. Well, shortfalls in billions have a way of affecting legal interpretations. We believed that the state attorney generals ruling garenteed our benefits. But, the governer just signed a bill that changed the COLA amount for current retirees. We had a gauranted 3.5% annual increase that was changed to 2%. The Colorado PERA leadership stated that the COLA was not a benefit, and therefore could be changed. There has been a class action lawsuit filed by the members affected. We will see where this ends, but for now they did change our benefits as retirees. We also received a letter that future changes may happen if required.
Be carefull about what you are being told are constitution rights. The retirees of Colorado believed they were protected.
If you are interested in learning more go to: saveperacola.com for more information.