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692C5CF43F5E411987258BA1005EEC98 Hearing Summary




PUBLIC
BILL SUMMARY For DRAFT LETTER TO COLORADANS

INTERIM COMMITTEE  PENSION REVIEW SUBCOMMITTEE
Date Sep 23, 2024      
Location Old State Library



Draft Letter to Coloradans - Committee Discussion Only


11:59:14 AM  
Erin Reynolds, Legislative
Council Staff, discussed the draft Letter to Coloradans, based on changes
to last year's letter. The committee discussed potential changes to the
letter.


11:59:15 AM
Motion Change the sentence to say that PERA is on track to achieve full funding by 2048; and explain that there is a a 52 percent chance probability. Note that this is subject to change based on market changes and that the subcommittee will continue to evaluate this on an on-going basis.
Moved Kolker
Seconded
Diane Doney
Marty Gutierrez
Liston Excused
Jim Mantele
Tina Mueh
Trey Rogers
Patrick Roybal Excused
Joshua Sharf
Lang Sias
Jack Tate
Wilson
Earl Wright
Hamrick
Kolker
YES: 0   NO: 0   EXC: 2   ABS:  0   FINAL ACTION:  Pass Without Objection


12:04:31 PM
Motion Add a sentence that says PERA's actuaries estimate that to achieve 67 percent probability of full funding by 2048, a benchmark in statute, would require substantial additional funding.
Moved Lang Sias
Seconded
Diane Doney
Marty Gutierrez
Liston Excused
Jim Mantele
Tina Mueh
Trey Rogers
Patrick Roybal Excused
Joshua Sharf
Lang Sias
Jack Tate
Wilson
Earl Wright
Hamrick
Kolker
YES: 0   NO: 0   EXC: 2   ABS:  0   FINAL ACTION:  Pass Without Objection
12:04:32 PM  
The subcommittee
also discussed a second letter to the General Assembly concerning PERA's
recommendations for policy changes that would return PERA to fully funded
status by 2048. Ms. Reynolds responded to committee questions.
12:14:19 PM  
The committee approved both letters and allowed staff to make further technical changes.