Auditors say Colo. pension plan recovering

DENVER — Colorado’s state pension fund is back on track toward solvency after state lawmakers became the first in the nation to cut retiree benefits to prevent its pension system from going broke.

Thomas Cavanaugh, an actuary for Cavanaugh Macdonald Consulting, told lawmakers today that they would have to spend 40 percent of state payroll if the system had gone bankrupt.

Under the new, law retirees got no cost of living increase this year instead of the normal 3.5 percent increase. Next year, they would get the lesser of inflation or 2 percent and, after that, annual increases could be no higher than 2 percent.

The pension system covers 450,000 state workers, teachers and local government employees, as well as lawmakers.



COMMENTS

Commenting is not available in this channel entry.



  • Drivers

    Class A CDL Driver w/Tanker endorsement and/or Winch Truck Driver. 1 ...

  • Receptionist

    Area firm seeks a skilled Accuracy and proficiency in ty...

  • Director Of Nursing

     Family Health West is looking for a Dynamic for our Adult ...

  • Clerical/office

    Receptionist/Typist Insulation contractor is currently looki...

  • Receptionist

    Sundance Marine Tuesday through Saturday 9-5:30. ...

  • Oral Surgery Office Manager

    Oral SurgeryOffice ManagerFT, M-F, 8-5. Seeking leadership...


Search More Jobs






THE DAILY SENTINEL
734 S. Seventh St.
Grand Junction, CO 81501
970-242-5050
Editions
Subscribe to print edition
E-edition
Advertisers
Sign in to your account
Information

© 2014 Grand Junction Media, Inc.
By using this site you agree to the Visitor Agreement and the Privacy Policy