Re: “Colorado Supreme Court rules PERA can cut cost-of-living increases,” Oct. 21 news story.
Last Monday, the Colorado Supreme Court ruled in favor of the Colorado Public Employees’ Retirement Association and the state of Colorado.
I retired in 2002 from Colorado Springs Utilities after 25 years of employment and am a PERA benefit recipient. I had been receiving the contractual annual increases until 2010, when PERA became one of the first public retirement plans in the country to proactively recommend responsible reforms based upon a shared-sacrifice approach to ensure PERA’s long-term sustainability.
This action by PERA’s board and state legislators meant lesser annual increases for me than what was promised at the time of my retirement. Of course I did not like receiving lesser benefits, but I agreed to it for the long-term sustainability of PERA, as well as for those who are presently employed or retired. I am sure many of the PERA retirees, like me, had to make some changes in their retirement life. However small, it is a financial loss for the remainder of their lives unless the board and legislators reinstate the promised cost-of-living increases.
I believe this is the best outcome not only for PERA benefit recipients, but also for the economic well-being of Colorado.
Balu Bhayani, Colorado Springs
This letter was published in the Oct. 26 edition.
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