A summary of proposed legislation affecting Colorado PERA. Check back often for new bills and updated status reports. Last updated: February 14, 2018.
Modifications To PERA Board Of Trustees
Summary: Reconfigure the PERA Board of Trustees and allow Trustees access to member and retiree information.
This bill would change the existing 16-member Board of Trustees as follows:
- Eliminate four member-elected positions;
- Eliminate one elected Trustee from the State Division (lowering from three to two Trustees in this Division, one of whom is from Higher Ed);
- Eliminate three elected Trustees from the School Division (lowering from four to one Trustee in this Division);
- Require the member-elected positions to be at least 20 years from retirement eligibility (the DPS seat would not be modified to have this requirement);
- Replace the eliminated positions with four Trustees appointed by the Governor, with Senate confirmation, bringing the total of Governor-appointed Trustees to seven. These appointees may not be PERA members or retirees. Of the seven appointees, no more than four shall be from the same political party.
- Eventually, the seven appointed Trustees must be comprised of professionals with ten years of experience in the following fields:
- One professional in investment fund management,
- One professional in accounting and a CPA,
- One professional in securities law and a licensed attorney in Colorado,
- One professional in tax law and a licensed attorney in Colorado,
- One professional in pension management,
- One professional in actuarial analysis and a certified actuary, and
- One professional who is a certified financial planner accredited by a nationally recognized accreditation agency.
In addition to composition changes, the bill would also authorize a Trustee to review all records or information within the custody and control of PERA.
The bill defines information requests to include: “salary and benefit information that is contained in records of members, former members, inactive members, DPS members, DPS retirees, benefit recipients, and their dependents; except that, in fulfilling a request for records or information by a trustee pursuant to this section, the executive director of the association and the board shall not provide any other information that is designated as confidential pursuant to Section 24-51-213.”
Status: Postponed indefinitely (House State, Veterans, and Military Affairs 2/14/18)
PERA Board Position: Opposed.