House Bill 1388 would allow the Colorado Public Employees’ Retirement Association to issue billions of dollars of bonds that would be paid for with a portion of the state’s future pension contributions. (Thinkstock)
Re: “Put the brakes on PERA bonds bill,” April 30 editorial.
Now is the perfect time to support House Bill 1388, which would allow the Colorado Public Employees’ Retirement Association (PERA) to acquire bonds at a time when interest rates are low and no new costs would be incurred by the taxpayers, the state, employers or employees, or retirees.
Although 2010’s Senate Bill 1 has been working well to keep PERA sustainable into the future, passage of HB 1388 would improve the funded ratio and shorten the time to reach fully funded status by perhaps five or six years.
This is a bipartisan effort that has been well-studied, and appears to be a way to improve the financial health of PERA. Members of PERA are a vital part of Colorado’s economy, as its members spend $3.2 billion annually — $2.7 billion of that on the Front Range. Let’s do the smart thing and support HB 1388.
Suzanne Kemp,Colorado Springs
This letter was published in the May 2 edition.
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