|
PUBLIC
STAFF SUMMARY OF MEETING
INTERIM COMMITTEE PENSION REVIEW SUBCOMMITTEE
| Date |
08/28/2023 |
| Attendance |
| Dan Daly |
X |
| Diane Doney |
X |
| Liston |
X |
| Jim Mantele |
X |
| Tina Mueh |
X |
| Trey Rogers |
X |
| Patrick Roybal |
X |
| Joshua Sharf |
X |
| Lang Sias |
X |
| Jack Tate |
X |
| Wilson |
X |
| Earl Wright |
E |
| Kolker |
X |
| Hamrick |
X |
|
| Time |
10:03:57 AM to 12:04:44 PM |
| Place |
SCR 357 |
| This Meeting was called to order by |
Hamrick |
| This Report was prepared by |
Erin Reynolds |
|
| Hearing Items |
Action Taken |
| hFinalize Recommendations and Letter |
Committee Discussion Only |
|
|
Finalize Recommendations and Letter - Committee Discussion Only
|
|
|
10:04:17 AM |
Chair Hamrick welcomed the subcommittee members and discussed the meeting's agenda.
|
|
10:04:45 AM |
Ms. Erin Reynolds, Legislative Council Staff, came to the table to provide an overview of the subcommittee's discussion at its meeting on Friday, August 25.
|
|
10:05:57 AM |
Ms. Reynolds discussed
several documents requested by subcommittee members (Attachment A).
|
|
10:08:53 AM |
Commission discussion
on possible recommendations to the Pension Review Commission continued.
|
|
10:27:50 AM |
Committee discussion continued.
|
10:43:32 AM
|
Motion |
Include in the underlying motion that a limited duration (potentially until a future auto-adjusted COLA increase)
|
|
| Moved |
Tina Mueh |
|
| Seconded |
Patrick Roybal |
|
|
|
|
|
Dan Daly |
No |
|
|
Diane Doney |
Yes |
|
|
Liston |
No |
|
|
Jim Mantele |
Yes |
|
|
Tina Mueh |
Yes |
|
|
Trey Rogers |
Yes |
|
|
Patrick Roybal |
Yes |
|
|
Joshua Sharf |
No |
|
|
Lang Sias |
No |
|
|
Jack Tate |
No |
|
|
Wilson |
No |
|
|
Earl Wright |
Excused |
|
|
Kolker |
Yes |
|
|
Hamrick |
Yes |
|
|
|
YES: 7 NO: 6 EXC: 1 ABS: 0 FINAL ACTION: PASS |
|
|
10:45:25 AM
|
Motion |
The Pension Review Subcommittee recommends that the Pension Review Commission draft a bill for the 2024 legislative session that would provide a limited duration (potentially until a future auto-adjusted COLA increase) income tax credit of at least $700 annually to each PERA retiree based on the retiree’s overall income (through a to-be-determined means test) with state revenue that would otherwise be returned to taxpayers via TABOR and not to impact the state’s direct distribution.
|
|
| Moved |
Kolker |
|
| Seconded |
Tina Mueh |
|
|
|
|
|
Dan Daly |
Yes |
|
|
Diane Doney |
Yes |
|
|
Liston |
No |
|
|
Jim Mantele |
Yes |
|
|
Tina Mueh |
Yes |
|
|
Trey Rogers |
Yes |
|
|
Patrick Roybal |
Yes |
|
|
Joshua Sharf |
No |
|
|
Lang Sias |
No |
|
|
Jack Tate |
Yes |
|
|
Wilson |
No |
|
|
Earl Wright |
Excused |
|
|
Kolker |
Yes |
|
|
Hamrick |
Yes |
|
|
|
YES: 9 NO: 4 EXC: 1 ABS: 0 FINAL ACTION: PASS |
|
|
|
10:50:43 AM |
The committee began
discussing the annual letter to Colorado citizens. Subcommittee member
Sharf distributed a handout to the committee (Attachment B).
|
|
11:03:18 AM |
Committee discussion on the letter continued.
|
|
11:23:29 AM |
Committee discussion
continued. Executive Director Amy McGarrity and Mr. Michael Steppat,
representing PERA, came to the table to answer some subcommittee questions.
|
11:35:01 AM
|
Motion |
Add the actual rate of return from the previous year in the letter |
|
| Moved |
Joshua Sharf |
|
| Seconded |
Liston |
|
|
|
|
|
Dan Daly |
No |
|
|
Diane Doney |
No |
|
|
Liston |
Yes |
|
|
Jim Mantele |
No |
|
|
Tina Mueh |
No |
|
|
Trey Rogers |
No |
|
|
Patrick Roybal |
No |
|
|
Joshua Sharf |
Yes |
|
|
Lang Sias |
Yes |
|
|
Jack Tate |
No |
|
|
Wilson |
Yes |
|
|
Earl Wright |
Excused |
|
|
Kolker |
No |
|
|
Hamrick |
No |
|
|
|
YES: 4 NO: 9 EXC: 1 ABS: 0 FINAL ACTION: FAIL |
|
|
11:37:32 AM
|
Motion |
Add an explanation of the end of year market value |
|
| Moved |
Joshua Sharf |
|
| Seconded |
|
|
|
|
|
|
Dan Daly |
No |
|
|
Diane Doney |
No |
|
|
Liston |
No |
|
|
Jim Mantele |
No |
|
|
Tina Mueh |
No |
|
|
Trey Rogers |
No |
|
|
Patrick Roybal |
No |
|
|
Joshua Sharf |
Yes |
|
|
Lang Sias |
No |
|
|
Jack Tate |
Yes |
|
|
Wilson |
No |
|
|
Earl Wright |
Excused |
|
|
Kolker |
No |
|
|
Hamrick |
No |
|
|
|
YES: 2 NO: 11 EXC: 1 ABS: 0 FINAL ACTION: FAIL |
|
|
11:38:31 AM
|
Motion |
Add information and background related to the Signal Light Report |
|
| Moved |
Joshua Sharf |
|
| Seconded |
|
|
|
|
|
|
Dan Daly |
No |
|
|
Diane Doney |
No |
|
|
Liston |
Yes |
|
|
Jim Mantele |
No |
|
|
Tina Mueh |
No |
|
|
Trey Rogers |
No |
|
|
Patrick Roybal |
No |
|
|
Joshua Sharf |
Yes |
|
|
Lang Sias |
Yes |
|
|
Jack Tate |
Yes |
|
|
Wilson |
Yes |
|
|
Earl Wright |
Excused |
|
|
Kolker |
No |
|
|
Hamrick |
No |
|
|
|
YES: 5 NO: 8 EXC: 1 ABS: 0 FINAL ACTION: FAIL |
|
|
|
11:41:20 AM |
Committee discussion
continued on the letter on the topic of liability and assets.
|
11:51:02 AM
|
Motion |
Add actuarial value and current liability. |
|
| Moved |
Jack Tate |
|
| Seconded |
|
|
|
|
|
|
Dan Daly |
No |
|
|
Diane Doney |
No |
|
|
Liston |
Yes |
|
|
Jim Mantele |
Yes |
|
|
Tina Mueh |
No |
|
|
Trey Rogers |
No |
|
|
Patrick Roybal |
No |
|
|
Joshua Sharf |
Yes |
|
|
Lang Sias |
Yes |
|
|
Jack Tate |
Yes |
|
|
Wilson |
Yes |
|
|
Earl Wright |
Excused |
|
|
Kolker |
No |
|
|
Hamrick |
No |
|
|
|
YES: 6 NO: 7 EXC: 1 ABS: 0 FINAL ACTION: FAIL |
|
|
12:01:22 PM
|
Motion |
Add new sentence including $60.9 billion and $87.2 billion |
|
| Moved |
Tina Mueh |
|
| Seconded |
Liston |
|
|
|
|
|
Dan Daly |
No |
|
|
Diane Doney |
Yes |
|
|
Liston |
Yes |
|
|
Jim Mantele |
Yes |
|
|
Tina Mueh |
Yes |
|
|
Trey Rogers |
Yes |
|
|
Patrick Roybal |
No |
|
|
Joshua Sharf |
Yes |
|
|
Lang Sias |
Yes |
|
|
Jack Tate |
Yes |
|
|
Wilson |
Yes |
|
|
Earl Wright |
Excused |
|
|
Kolker |
No |
|
|
Hamrick |
No |
|
|
|
YES: 9 NO: 4 EXC: 1 ABS: 0 FINAL ACTION: PASS |
|
|
|
12:01:25 PM |
The Subcommittee
approved the letter and allowed staff to make any necessary changes. Chair
Hamrick gave some closing remarks.
|
| 12:04:44 PM |
The committee adjourned. |
