Additional PERA Service Retirees for Schools

With limited exceptions, current law limits the number of service retirees that a state college or university or an employer in the school or Denver public schools division of the public employees' retirement association (PERA) can hire without a reduction in the service retirees' benefits to 10 service retirees when an employer determines there is a critical shortage of qualified candidates. The act allows an employer to hire such service retirees when the employer determines there is a need. In addition, the act authorizes an employer in the school or Denver public schools division with a student enrollment above 10,000 to hire, without a reduction in service retirees' benefits, an additional service retiree for each 1,000 students enrolled above 10,000. An employer with 10,000 students or less will continue to be allowed to hire 10 service retirees. A service retiree hired under the provisions of the bill may receive salary without a reduction in benefits for a maximum of 6 consecutive years from the date the service retiree began post-service retirement employment. The act requires an employer in the school or Denver public schools division to provide PERA with a list of all employed service retirees by September 1 of an applicable calendar year and requires PERA to submit a report to the general assembly every 5 years beginning on or before December 1, 2025, regarding the employment after service retirement allowances. APPROVED by Governor April 19, 2024 EFFECTIVE July 1, 2024(Note: This summary applies to this bill as enacted.)