PERA members will see their contributions increase on July 1
In 2018, Colorado passed legislation (SB 18-200) establishing a series of scheduled increases to employee and employer contribution rates towards Public Employees’ Retirement Association (PERA) plans. This year, the final increase in that legislation will take effect, raising PERA-eligible CU members’ contribution from 10% to 10.5%.
Employees enrolled in a PERA retirement plan can expect to see this change in their July paycheck. This past January, employer contributions increased by .5%, raising CU’s contribution to PERA retirement plans to 20.9%.
We reported in summer 2020 on the increase for PERA members, raising the employee contribution rate from 8.75% to 10%. The 2018 legislation provides for a .75% annual increase, however, in 2020 that increase included an additional automatic adjustment of .5%.
No automatic adjustment is planned for 2021, and no further increases will be made because of SB 18-200 after this July’s increase.