If you're a retired Colorado teacher or school employee, and there are about 45,000 of you, there unfortunately may be some belt tightening in your future.
The legislature this week finished work on Senate Bill 1, a big overhaul of the Public Employees' Retirement Association pension system. Gov. Bill Ritter is expected to sign the bill into law before the end of the month.
The measure is designed to bring the system, whose investments were heavily battered by the recession, back to financial solvency over the next 30 years.
The plan will make lots of changes to PERA, but the biggest is a reduction in the annual benefit increase that retirees receive. It's currently 3.5 percent a year, but it will be cut to 0 for the next year and then be set at 2 percent.