0FF26B86A399B08B87258A19005846C3 Hearing Summary

PUBLIC
BILL SUMMARY For FINALIZE RECOMMENDATIONS AND LETTER

INTERIM COMMITTEE PENSION REVIEW SUBCOMMITTEE
Date Aug 28, 2023
Location SCR 357

Finalize Recommendations and Letter - Committee Discussion Only

Attachment Tag

File Name

Attachment A

Attachment A.pdf

Attachment B

Attachment B.pdf

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.

Finalize Recommendations and Letter - Committee Discussion Only

Colorado General Assembly