C23F76CE8974A2848725882F0070E3B6 Hearing Summary

Representatives Bird and Sandridge, co-sponsors, presented House Bill 22-1029. The bill restores a suspended direct distribution payment of $225 million to the Public Employees' Retirement Association (PERA) that was not made on July 1, 2020, due to pandemic-related budget cuts, plus an estimate of missed investment gains that would have accrued over two years. They distributed amendment L.001 (Attachment A) and responded to questions from the committee.

Mr. Amy Slothower, representing Secure Futures Colorado, testified in support of the bill.

Ron Baker, representing PERA, testified in support of the bill. Dr. Irene Martinez Jordan, representing Colorado AARP, testified in support of the bill. Ms. Sarah Mesmer, representing herself, testified in support of the bill. Kallie Leyba, reading the testimony of Mrs. Tara Holst, testified in support of the bill.

Treasurer Dave Young, representing the Department of Treasury, testified in support of the bill. Mark Qualy, representing Colorado WINS, testified in support of the bill. The witnesses responded to questions from the committee.

Bret Miles, representing the Colorado Association of School Executives, testified in support of the bill. Mr. Chris Brown, representing the Common Sense Institute, testified in a neutral position on the bill. Mr. Elliot Goldbaum, representing the Colorado Fiscal Institute, testified in support of the bill. Representative Lang Sias, representing himself, testified in support of the bill.

The sponsors wrapped up their presentation of the bill and asked for a favorable recommendation. Members of the committee commented on their positions on the bill.