C0C4B7C21E15D7A7872582350000230B Hearing Summary

Representative Everett, bill sponsor, presented House Bill 18-1111. The bill authorizes members of the Colorado Public Employees' Retirement Association (PERA) board of trustees to review all records and information within the custody and control of PERA. Upon request, PERA must provide full and timely access to any records or information requested by a trustee.  The trustee may not use the records or information for personal reasons and PERA is prohibited from denying a request for any reason. Trustees are responsible for any reasonable costs associated with providing the records.  The bill also modifies the composition of the 16-member PERA board to eliminate one State Division trustee position; eliminate three School Division trustee positions; and to require the State, School, Local Government, and Judicial Division trustees elected after January 1, 2019, to be at least 20 years from retirement eligibility.  In place of the four elected members, the bill adds four additional pension experts, appointed by the Governor and confirmed by the Senate.  Trustees must be appointed so that they are representational of ten years of experience in the following seven areas: investment fund management, accounting, securities law, tax law, pension management, actuarial analysis, and financial planning. No more than four of the seven may be from the same political party.

 

Representative Everett provided a handout to the committee [Attachment F].

Joshua Sharf, Independence Institute, testified in support of the bill. Mr. Sharf and Representative Everett answered questions from the committee.

Eileen Bond, Colorado Senior Lobby, testified in opposition to the bill.

Aaron Israels, Israels and Newman, PLC, testified in support of the bill.

Ron Baker, Colorado PERA, testified in opposition to the bill. Mr. Baker answered questions from the committee.

Ryan Parsell, Office of the Treasurer, testified in support of the bill.  He read a letter from Colorado Treasurer Walker Stapleton.  Mr. Parsell answered questions from the committee.

Kris Tower, Financial Planning Association of Colorado and Financial Planning Coalition, testified in support of the bill and suggested potential amendments to the bill.  He referenced a written statement that he provided to the committee members prior to the meeting.

Lloyd Barger, representing himself, testified on the bill.

Representative Everett explained amendment L.002 [Attachment G].

Representative Everett made concluding remarks about the bill.  Committee members commented on the bill.