Currently, the board of trustees (board) of the public employees' retirement association (PERA) is comprised of the following 15 trustees:
- The state treasurer;
- Three elected members of the state division;
- Four elected members of the school division;
- One elected member of the local government division;
- One elected member of the judicial division;
- Two elected retirees; and
- Three trustees appointed by the governor and confirmed by the senate who are not PERA members or retirees and who are experts in certain fields.
In addition, there is one ex officio trustee from the Denver public schools division.
The bill modifies the composition of the board by:
- Eliminating one elected member trustee position from the state division;
- Eliminating 2 elected member trustee positions from the school division;
- Requiring at least one elected member from both the state division and the school division to be at least 20 years from retirement eligibility; and
- Adding 3 more trustees appointed by the governor and confirmed by the senate who are not PERA members or retirees and who are experts in certain fields to replace the eliminated elected member trustee positions. The additional appointed trustees must have significant experience and competence in investment management, finance, banking, economics, accounting, pension administration, or actuarial analysis.
The bill does not change the inclusion on the board of the state treasurer, the elected members from the local government division and the judicial division, or the ex officio trustee from the Denver public schools division.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)