A change in law that resulted in lower take-home pay for many University of Colorado employees comes to an end this month.
For the past two years, a 2.5 percent salary contribution into Colorado Public Employees’ Retirement Association (PERA) accounts -- previously made by state employers – was the responsibility of workers. Gov. Bill Ritter signed the measure into law in 2010 as part of a budget-balancing plan, and Gov. John Hickenlooper continued the change last year.
Because the contribution shift was not included in this year’s budget, the 2.5 percent contribution shifted back from employees to employers on July 1.
The change affected about 6,000 CU employees who are PERA members.
For employees who are paid biweekly, the change is reflected in the July 7 pay-end date (pay to be received Friday, July 20). For employees paid monthly, the change will be reflected on July 31.
Any staff or faculty with questions about the PERA 2.5 percent shift are asked to contact Payroll & Benefit Services, 303-860-4200 or toll-free at 1-855-216-7740; select option 2 to speak with a payroll counselor.