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The clock is ticking for the Colorado General Assembly, which must adjourn May 10. A bevy of major issues remain undecided and we imagine lawmakers will burn the midnight oil to get things tucked away.

Two issues with huge long-term financial impacts are still hanging fire: Senate Bill 235 by Sen. Paula Sandoval, D-Denver, to strengthen the state’s public employee retirement system; and House Bill 1050, by Reps. Bernie Buescher, D-Grand Junction and Josh Penry, R-Grand Junction, to create a rainy-day fund to help cushion the state from economic downturns.

We urge passage of both bills.

The PERA reform plan passed the Senate last week and would increase contributions that public employees make by 3 percent of their salaries over the next six years, among other changes. The House may try to trim the PERA’s board back from the 20-member panel approved by the Senate to something closer to the nine-member board sought by Gov. Bill Owens.

The rainy-day proposal sailed through the House but may face tougher sledding this week in the Senate. The fund would be created by trading some of the state’s future payments from tobacco companies in a multi-state lawsuit for a lump sum payment.

Probably the most controversial issue still pending is House Bill 1090, a measure that would waive the statute of limitations to allow lawsuits to be filed for allegations of past sexual abuse. Denver Archbishop Charles Chaput charged the bill unfairly targeted the Catholic Church by exempting public schools. But efforts to open up public schools to such suits led to proposed changes in governmental immunity laws, something that has cities, counties and special districts worried. It’s doubtful that this minefield can be traversed in the session’s waning days, a result that would satisfy Chaput but not supporters of victims of past abuse.

Efforts also are still alive to pass a bill making it more difficult for local governments to condemn private property for the use of other private entities, as sometimes happens in the urban renewal process.

A worthwhile measure is percolating that would raise future salaries for statewide elected officials. Owens, who would not benefit from any salary increase personally, has urged more realistic pay for top state officials.

Plenty of smaller measures are waiting as well. They won’t all become law, nor should they. But if the legislature can cap its earlier achievements by bolstering PERA, establishing a rainy-day fund and calming public fears about abuse of “eminent domain,” it would write a splendid finale to a generally productive session.

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