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I_PensionRevew_2019A 09/09/2019 10:01:42 AM Committee Summary

PUBLIC
STAFF SUMMARY OF MEETING
INTERIM COMMITTEE  PENSION REVIEW COMMISSION
Date 09/09/2019
Attendance
Bird X
Danielson X
Exum X
Rodriguez *
Sandridge X
Scott X
Tate X
Van Winkle *
Ginal X
Melton X
X = Present, E = Excused, A = Absent, * = Present after roll call
Time 10:01:42 AM to 11:33:03 AM
Place HCR 0112
This Meeting was called to order by Representative Melton
This Report was prepared by Vanessa Reilly
Hearing Items Action Taken
Presentation from the Fire and Police Pension Association (FPPA) Committee Discussion Only
Presentation from the Public Employees' Retirement Association (PERA) Committee Discussion Only
Pension Review Subcommittee Recommendations Committee Discussion Only
Public Testimony Committee Discussion Only
Bill Draft Requests Approved

Presentation from the Fire and Police Pension Association (FPPA) - Committee Discussion Only


10:01:53 AM  

Representative Melton made opening remarks.

10:02:05 AM  

Dan Slack, J. Scott Simon, and Kevin Lindahl, representing the Fire and Police Pension Association (FPPA), gave a presentation to the committee and distributed a handout (Attachment A).  Mr. Slack gave updates on the FPPA board membership.

10:06:59 AM  

Mr. Slack explained changes in the FPPA's membership and investment portfolio.

10:12:54 AM  

Mr. Slack explained which FPPA members receive cost of living adjustments.

10:15:00 AM  
Mr. Simon discussed the FPPA plan characteristics, asset allocation, plan risk, and annual returns since plan creation.
10:26:34 AM  

Mr. Simon responded to committee members' questions regarding returns net of expenses, fees paid by the plan, and change to asset allocation strategy as a result of lowering the assumed rate of return.

10:27:59 AM  

Mr. Lindahl discussed FPPA's request for draft legislation.

10:40:27 AM  

Mr. Lindahl responded to a committee member's question regarding FPPA's legislative requests.

10:40:54 AM  

Mr. Simon responded to a committee member's question regarding risk.



Presentation from the Public Employees' Retirement Association (PERA) - Committee Discussion Only


11:00:29 AM  

Ron Baker, Amy McGarrity, and Tim O'Brien, representing the Public Employees' Retirement Association (PERA), presented to the committee and distributed a handout (Attachment B).

11:01:33 AM  

Ms. McGarrity responded to committee members' questions.



Pension Review Subcommittee Recommendations - Committee Discussion Only


11:13:10 AM  

Representative Bird, representing the Pension Review Subcommittee, discussed the subcommittee's activities this interim.



Public Testimony - Committee Discussion Only


11:14:18 AM  

Kevin Bommer, representing the Colorado Municipal League, discussed the FPPA's legislative requests.

11:16:01 AM  

Pam Feely, representing the FPPA board, discussed her experience on the board and FPPA's legislative requests.



Bill Draft Requests - Approved


11:27:08 AM  

Nicole Myers, representing the Office of Legislative Legal Services, and Vanessa Reilly, representing Legislative Council Staff, explained the bill request process.  



11:32:27 AM
Motion Move to have a bill drafted that includes FPPA's legislative requests.
Moved Danielson
Seconded Ginal
Bird Yes
Danielson Yes
Exum Yes
Rodriguez Yes
Sandridge No
Scott No
Tate Yes
Van Winkle No
Ginal Yes
Melton Yes
YES: 7   NO: 3   EXC: 0   ABS:  0   FINAL ACTION:  PASS


11:33:03 AM   The committee adjourned.