4E3DD0FA692DC4D18725839F0073DAB9 Hearing Summary

Senator Cooke, bill sponsor, introduced Senate Bill 19-106.  The bill would allow peace officers to vote on withdrawing from local retirement plans in favor of the Fire and Police Pension Association (FPPA).  Senator Zenzinger, bill sponsor, commented on the bill.  The bill sponsors responded to questions from the committee regarding pension risk management, distinctions between defined benefit and defined contribution plans, and the voting threshold defined by the bill.

The bill sponsors responded to questions from the committee related to retirement fund solvency and the impact of peace officers' careers on retirement plans.

Tim Mullen, Colorado County Officials and Employees Retirement Association (CCOERA), gave testimony against the bill and distributed a handout (Attachment A).

Elizabeth Price, CCOERA, gave testimony against the bill.  Dax Rizo, International City/County Management Association Retirement (ICMA), gave testimony against the bill.  Tom Pfeifle, El Paso County Defined Benefit Plan, gave testimony against the bill.

Mr. Pfeifle and Mr. Mullen responded to questions from the committee regarding harm done to individuals who remain when some depart the plan.  Mr. Pfeifle responded to a further question from the committee regarding the vote share required for a department to withdraw.

Sheriff Jeff Shrader, Jefferson County Sheriff, testified in support of the bill.  Sheriff Shrader and Senator Zenzinger responded to questions from the committee about the ages of officers who seek other employment for retirement purposes and how other plans make up benefit differences over current retirement plans.  Sheriff Shrader clarified the benefits of the FPPA plan.

Sheriff Shannon Byerly, Custer County Sheriff, testified in support of the bill.

Captain Mike Loberg, Larimer County Sheriff's Office, testified in support of the bill. Captain Loberg responded to a question from the committee regarding the voting threshold in the bill.

Lieutenant Chad Bingham, Jefferson County Sheriff's Office, testified in support of the bill.  Lt. Bingham responded to a question from the committee regarding personal retirement planning.

Mike Drumright, Colorado Fraternal Order of Police, testified in support of the bill.

Sheriff Sean Smith, La Plata County Sheriff, testified in support of the bill.  Senator Zenzinger responded to comments from the committee regarding retirement plans.

Senator Tate moved Amendment L.006 (Attachment C). Senator Cooke described the amendment. The bill sponsors responded to a question from the committee regarding the timing of withdrawal.

Senator Lundeen described Amendment L.004 (Attachment D). Senators Cooke and Zenzinger responded to the amendment and a clarifying question from the committee.

Committee members made closing comments on the bill.