Happy Friday, readers. I know we’ll all be starting our weekends in a few hours, but I think there’s time to squeeze in just a little more education policy before then. Today’s topic: reform efforts centered on Colorado’s Public Employees Retirement Association (PERA).
I’ve written about PERA and some of its pitfalls before, but let’s recap briefly for those who are new to the discussion. PERA is Colorado’s public employee pension plan, and the program covers a variety of public employees. Many of those employees are—you guessed it—public school teachers.
While the phrase “pension plan” sounds decidedly innocuous, PERA has been criticized frequently. Among other things, the scheme has been knocked for tying Colorado to some pretty nasty unfunded liabilities and unfairly penalizing young or new public employees.