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HB24-1427

Public Employees' Retirement Association Study Conducted by an Actuarial Firm

Concerning a requirement that the state auditor retain an actuarial firm with experience in public sector pension plans to conduct a study regarding the public employees' retirement association, and, in connection therewith, making an appropriation.
Session:
2024 Regular Session
Subject:
State Government
Bill Summary

Joint Budget Committee. The state auditor, in cooperation with the public employees' retirement association (PERA), is required to contract with a nationally recognized and enrolled actuarial firm to conduct the following analyses of PERA:

  • A comprehensive study (comprehensive study) comparing the cost and effectiveness of the current hybrid defined benefit plan design currently administered by PERA to alternative plan designs in both the public and private sector; and
  • As part of the comprehensive study, an analysis regarding specified aspects of the defined benefit plan and the defined contribution plan currently administered by PERA.

PERA and the state auditor are required to confer with the office of state planning and budgeting regarding the scope of the analyses and are required to provide a report detailing the findings of the comprehensive study to the governor, the joint budget committee, the legislative audit committee, and the finance committees of the senate and the house of representatives, or any successor committees. PERA is required to provide access to official member information and data under a confidentiality agreement with the retained firm for the comprehensive study.

For the 2024-25 state fiscal year, the bill appropriates $380,750 from the general fund to the legislative department for use by the office of the state auditor.

(Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.)


(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Status

Introduced
Passed

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Bill Text

Colorado legislature email addresses ending in @state.co.us are no longer active. Please replace @state.co.us with @coleg.gov for Colorado legislature email addresses. Details

The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details