October 19, 2016
The CPPC Board of Directors would like you to be aware of proposed Colorado Amendment 69, which will be on the ballot this general election. This proposed amendment will have a direct impact on salaries of member employee groups if currently employed and their retirement plan (and Social Security if eligible) when begin receiving distributions.
This amendment would tax all (Colorado) income at 10% to immediately fund a single-payer medical insurance system in the State of Colorado. What greatly concerns the Board is that participants in retirement will be responsible for the full 10% amount which would be applied to income such as their pension plan, the 457 deferred compensation plan, and other investments. The 10% tax would also apply to those eligible for Medicare. There are many questions as to whether or not the plan would be appropriately funded and the possibility of requests for increases in taxes to make up for the shortfalls.
During employment, the 10% will be split with one third of the 10% coming from you and the other two thirds coming from the employer. This means 3.33% of earned income will go directly to the state to fund this program.
We encourage you to educate yourselves on this proposed amendment and vote accordingly. Some independent analysis and opinion on this may be found at:
CPPC Board of Directors