Colorado governor signs bill to shore up state’s troubled public pension
DENVER (AP) — Colorado Gov. John Hickenlooper has signed a bill to shore up the state’s troubled pension.
The new law calls for sweeping changes to pay off the pension’s $32 billion unfunded debt within 30 years.
The measure cuts cost-of-living raises for retirees and requires employees and government agencies to contribute more of each paycheck.
The state will also chip in $250 million a year to pay down the debt.
Monday’s bill signing marks the second time since 2010 that Colorado has enacted a major pension rescue plan.
The prior reforms fell short, leaving Colorado’s public pension among the most poorly funded in the country.
Roughly 1 in 10 Coloradans are members of the pension. It provides retirement benefits to state, school district and some local government workers.
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With Restoration Hardware as the future anchor tenant in the Bidwell Building at the corner of Galena Street and the Cooper Avenue Mall, its restaurant will serve the new jaz center above and next to the Red Onion.