Colorado Revised Statutes Title 31. Government Municipal § 31-31.5-301. Defined benefit component minimum contributions

(2)(a) Every employer employing members who are covered by the defined benefit component of the statewide retirement plan shall pay into the lifetime benefits account nine percent of the base salary paid to the member or any higher employer contribution rate established pursuant to part 6 of this article 31.5. The employer contribution rate shall increase by three percent to be implemented through six annual increases as follows: Beginning in 2023, and each year thereafter through 2028, the employer contribution rate shall increase by an additional one-half of one percent of base salary until the total employer contribution rate, including the cumulative contribution rate increases, is twelve percent of base salary.

(b) In addition to the rate established in subsection (2)(a) of this section, the employer contribution rate shall be increased by one percent of base salary to be implemented as follows: Beginning in 2029, and continuing through 2030, the employer contribution rate shall increase by an additional one-half of one percent of base salary in each year for a total of a one percent increase in order to pay for the cost of providing the option to retire contained in section 31-31.5-401(2)(b).