Colorado Lawmakers Pass Bill Making Up $225M Payment to PERA

Editor’s note: Gov. Jared Polis signed this bill into law on June 7, 2022.


With just hours left in the legislative session, Colorado lawmakers gave final approval to a bill that will make up the state’s missed 2020 payment of $225 million to PERA.

The bill, HB22-1029, now heads to Gov. Jared Polis for his signature.

Lawmakers enacted legislation to forego the $225 million direct distribution payment to PERA in 2020 during the early stages of the COVID-19 pandemic, when the General Assembly cut billions of dollars from the state budget. The state automatically resumed payments in 2021 — additional legislation would be required for the state to forego any future payments — but did not make up 2020’s payment.

Pending the governor’s signature on the bill, PERA will receive $380 million from the state. That amounts to a restoration of the missed $225 million direct distribution plus a prepayment of a portion of future direct distributions to PERA.

PERA will also receive 2022’s direct distribution of $225 million on July 1.

The $380 million will come from a cash fund the legislature set up in 2021 solely for future payments to PERA.

The bill was one of four PERA-related bills that lawmakers passed this session. For details on the other bills, click here.