Jan 27, 2010 9:48 AM by Associated Press
Colorado lawmakers have given initial approval to a plan they say will rescue the state's pension system. The Senate Finance Committee approved the plan Tuesday after sponsors said it shares the burden with employers and employees.
The bill now goes to the Senate Appropriations Committee. The bill would increase contributions from employers by 1.5 percent, contributions from employees by 2.5 percent and fix the rate of cost of living allowances at 2 percent. There would be a one-year cost of living time-out tied to inflation to balance the fund.
Senate Republican leader Josh Penry says the changes are aimed at preventing the system from going broke.