As referenced in the 2022 Annual Comprehensive Financial Report (ACFR), Colorado PERA is on schedule to meet its 30-year full funding goal. This means the automatic adjustment provision will not trigger any changes to contribution rates in 2024. 

The automatic adjustment provision provided in Senate Bill 18-200 aims to keep PERA on track to full funding in 30 years without the need for additional legislation. If PERA is behind the 30-year schedule to reach full funding, the contribution rates adjust automatically as follows: 

• Employer contribution rates increase by up to 0.5% in one year (not to exceed the employer contribution rates under C.R.S. 24-51-401(1.7)(a)(II), plus 2%).
• Member contribution rates increase by up to 0.5% in one year (not to exceed the member contribution rates under C.R.S. 24-51-401(1.7)(a)(IV), plus 2%).

PERA announces the progress toward the funding goal each year in June with the release of the ACFR. If it’s determined that adjustments are needed to stay on track, changes to these variables will be effective July 1 of the following year. 

For additional information, please refer to the Automatic Adjustment Provision fact sheet.