The pension plans for Colorado Springs police and firefighters have been described as a ticking timebomb.
Today, the City Council may find out how short the fuse is when they get an update on the city’s defined benefit pension plans. The council requested the information.
Among the speakers will be Kara Skinner, interim finance director, Dan Slack, CEO of the Fire & Police Pension Association of Colorado, and Greg Smith, chief operating officer and general counsel of the Public Employees’ Retirement Association of Colorado.
The Gazette recently obtained an annual statement that a short-time city employee received from PERA.
According to the statement, the employee put in more than $10,000 into PERA.
“This includes your member contributions, interest and payments to purchase service credit. Contributions from your employer are not included,” according to the statement.
“As of Dec. 31, 2010, PERA has paid (more than $200,000) in monthly benefits to you,” according to the statement.
The Gazette wasn’t more specific with the contribution and benefit numbers to protect the identity of the employee.