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Denver Public Schools Tweak May Fully Fund Its Pension Plan

Excerpt: Denver Public Schools is preparing a deal next week to refinance its debt and fully fund its retirement pension. A fully funded pension could put Denver in position to merge with the state's larger retirement plan, thus removing an employment obstacle for many teachers. Depending on market conditions, DPS plans to sell $700 million in certificate-of-participation bonds and use 17 school buildings as collateral.

Denver Mayor Calls for Cuts in Benefits for City Employees

Excerpt: The changes would affect most areas of city pay and benefits, including how salaries are set, merit pay, overtime, the pension plan, health insurance and early-retirement options.

Study Finds Denver Public Schools' Pension Flaws

Excerpt: The pension offered by Denver Public Schools is antiquated and not designed to attract top-quality teachers, a study released [yesterday] says.

City of Denver Mulls Change in Retirement Benefit Formula

Excerpt: Currently, the retirement payment is calculated based on the employee's highest pay rate for 36 consecutive months, the employee's number of years working for the city and a 'multiplier' of 2 percent. Administrators of the retirement plan on Wednesday recommended reducing the multiplier to 1.5 percent.

Government Sector One of the Largest Users of the 9/80 Workweek

Excerpt: [A perk called a 9/80 workweek is] standard at Lockheed Martin Space Systems, which has its headquarters at Waterton Canyon facilities in Jefferson County and employs about 3,800 in the Denver area. Employees get every other Friday off, working 80 hours over nine days in a two-week period.

Qwest Cuts Retiree Benefits

Excerpt: [Qwest] plans to cut health-care and life-insurance benefits for thousands of retirees. The Denver-based company also told retirees this month that there will be no future cost-of- living increases in their pensions, said Nelson Phelps, executive director of the Association of US West Retirees. The last increase was in 1996, he said.

Retiree Lawsuit on Life Insurance in Wings for Qwest

Excerpt: As soon as the first Qwest/US West retiree passes away this year, the Denver- based phone company will be hit with a lawsuit from the Association of US West Retirees, the group's executive director Nelson Phelps said Monday. The suit will fight changes in life-insurance benefits that went into effect this month, Phelps said.

40 Retirees Ordered to Repay Eleven Million Dollars After Plan Administrator's Mistake

"About 40 retirees from the city of Denver have been ordered to pay back [eleven million dollars] in retirement benefits after they were erroneously receiving the funds because of a mistake by a retirement plan administrator ... The error occurred about 15 years ago and was discovered in late 2019 during a routine review, agency officials said, adding that letters were sent out to the retirees and their survivors."

The Colorado Public Pension Fund's Board Needs to Attach Financial Values to Complex Recovery Plan It Is Presenting to Lawmakers

Excerpt: The board of the state's financially troubled retirement fund has come up with a rescue plan that involves a good bit of fiscal pain and sacrifice. It appears to be a commendable starting point for state lawmakers in that it involves the sort of shared sacrifice we've supported in the past. Predictably, governments -- meaning taxpayers -- would be on the hook for what could be a significant part of the bailout. And while that's concerning, a more troubling element, we think, is the failure of the Colorado Public Employees Retirement Association pension board to attach financial values -- real dollars -- to the various components of the complex plan it's presenting to state lawmakers. PERA officials told us they couldn't supply such figures. The legislature ought to demand the information before moving forward with a plan to prop up PERA, which is facing $27.5 billion in unfunded liabilities.

Firms' Health Costs Up in 2005: The Increase Is Less than in 2004

Excerpt: Annual health-insurance premiums for Colorado and Utah employers rose an estimated 13 percent in 2005 - a smaller jump than in 2004 when the average increase was 17.5 percent, according to a survey by Compdata Surveys. The increase is slightly higher than the national average of 12.4 percent, indicating the Colorado market is still playing catch-up after years of lower-than-average prices, Kansas City, Mo.-based Compdata said.