Code requirements regarding splicing of reinforcement, including minimum splice length, are given in ACI 318-05 Chapter 12.
These requirements are summarised and elaborated with detailed examples in PCA Notes on ACI 318-05.
In addition, last article in chapter 5 in 'Design of Concrete Structures' by Nilson provides a good description of reinforcement splicing, along with an example on calculation of compression splice for a column.
In general, provision of a splice length less than than that required by the code, will negatively affect the load or moment carrying/transferring capacity of the column. However, extent of this capacity reduction will depend upon detailed analysis and comparison of 'code required length' and the 'actually provided length'.