COLA Wars: Yesterday's Colorado Supreme Court Ruling on PERA
My parents don’t often let me drink soda, but I like to think of myself as a Coca-Cola guy. Pepsi just doesn’t quite do it for me. And don’t even get me started on the off-brand colas. Big K Cola? Yuck! I have to admit, though, that I haven’t yet tasted this PERA COLA thing I’ve heard so much about. Maybe that’s for the best; judging by some of the reactions I’ve seen to yesterday’s Colorado Supreme Court ruling on the issue, I’m thinking I’d probably find it a bit too heavy. I wrapped up last week’s policy adventures by writing about Colorado’s Public Employees Retirement Association (PERA), which provides pensions for many Colorado’s public school teachers (roughly and a large number of other public employees in the state. In that post, I briefly mentioned a 2010 bill that aimed at partially correcting one of PERA’s biggest problems: Unfunded liabilities. While that bill was a small—perhaps inadequately small—step in the right direction for Colorado, it required some tough changes to be made. Among those changes was a reduction in annual cost-of-living (COLA) adjustments for those covered by PERA’s pensions—including the more than 100,000 retirees who are already receiving benefits. More […]
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