Denver, CO-February 26, 2010
The law firms of Stember Feinstein Doyle & Payne, LLC and Richard Rosenblatt and Associates, LLC filed a class action lawsuit today on behalf of Colorado Public Employees’ Retirement Association (PERA) retirees challenging the newly-passed amendments to PERA which reduce the annual increase to the retirees’ pension benefits.The suit charges that the new law, which was signed by the governor this past Tuesday, is unconstitutional because it impairs the retirees’ contractual rights to receive pension benefits at the levels promised them when they became eligible to retire or when they actually retired.
“Both the United States and Colorado Constitutions bar reductions in pension benefits once the right to those pension vests. And that is exactly what the legislature did here,” said Stephen M. Pincus, one of the attorneys for the retirees.
For the full press release, click here.
For a copy of the complaint, click here.