jQuery Colorpicker Set color
You are setting 'input' which references any input on the site. Use the #id of the input field so that the input field you are targeting is explicit. To find this use firebug, chrome developer tools etc. 

Also use Drupal.behaviors to load events where possible. Standard jQuery events do work but you get them all in the one place and clearly namespaced https://stackoverflow.com/questions/3941426/drupal-behaviours. 

The code with the specific #id and wrapped in behaviors starts to look like the following, with the field changed to your color field:

(function($) {
    Drupal.behaviors.myModule = {
        attach: function(context, settings) {
            $('#edit-field-meeting-date-und-0-value-datepicker-popup-0', context).change(function() {
                // update code here

                $('#edit-field-submission-cutoff-und-0-value-datepicker-popup-0', context).val(formattedMonth);
            });
        }
    }
})(jQuery);


Finally, always inspect the code in the browser because javascript caching/optimization may be on. Check that there are no javascript errors in the browser console.