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s_fin_2017a_2017-02-21t14:09:33z2 Hearing Summary

Date: 02/21/2017

Location: SCR 357

Final

BILL SUMMARY for SB17-158



SENATE COMMITTEE ON FINANCE


Votes: View--> Action Taken:
Adopt amendment L.001 (Attachment A). The chair ru

Refer Senate Bill 17-158 to the Committee of the W


PASS







02:31 PM -- SB17-158



Senator Tate, prime sponsor, presented Senate Bill 17-158, which modifies the composition of the 16-member Colorado Public Employees' Retirement Association (PERA) Board of Trustees to: eliminate one State Division trustee position; eliminate two School Division trustee positions; require at least one elected member from both the State and School Divisions to be at least 20 years from retirement eligibility; and add three additional pension experts, appointed by the Governor and confirmed by the Senate, who are not PERA members, inactive members, or retirees to replace the eliminated elected member trustee positions. No more than three of the now six pension experts may be from the same political party.



02:35 PM --
Lynea Hansen, representing Secure PERA, testified in opposition to the bill.



02:37 PM --
Greg Smith, representing Colorado PERA, testified in opposition to the bill.



02:42 PM --
Walker Stapleton, State Treasurer, testified in support of the bill. Mr. Stapleton responded to committee questions.





02:53 PM



Mr. Smith and Ms. Hansen responded to a committee question regarding the current PERA Board of Directors. Mr. Stapleton discussed the make-up of the PERA Board under SB 17-158. Mr. Smith and Mr. Stapleton responded to committee questions.





03:03 PM



Ms. Hansen responded to a committee question regarding the age requirements for serving on the PERA board of directors. Mr. Stapleton responded to committee questions regarding the unfunded liability of PERA.





03:06 PM




Senator Tate wrapped up his presentation of SB 17-158.

BILL: SB17-158
TIME: 03:11:25 PM
MOVED: Kerr
MOTION: Adopt amendment L.001 (Attachment A). The chair ruled the amendment does not fit under the title of the bill.



17SenateFin0221AttachA.pdf17SenateFin0221AttachA.pdf
SECONDED:
VOTE
Court
Kerr
Tate
Hill
Neville T.
YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION:




BILL: SB17-158
TIME: 03:14:05 PM
MOVED: Hill
MOTION: Refer Senate Bill 17-158 to the Committee of the Whole. The motion passed on a vote of 3-2.
SECONDED:
VOTE
Court
No
Kerr
No
Tate
Yes
Hill
Yes
Neville T.
Yes
Final YES: 3 NO: 2 EXC: 0 ABS: 0 FINAL ACTION: PASS














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