CLICS/CLICS2023A/commsumm.nsf
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
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10:04:17 AM |
Chair Hamrick welcomed the subcommittee members and discussed the meeting's agenda.
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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.
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10:05:57 AM |
Ms. Reynolds discussed
several documents requested by subcommittee members (Attachment A).
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10:08:53 AM |
Commission discussion
on possible recommendations to the Pension Review Commission continued.
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10:27:50 AM |
Committee discussion continued.
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10:43:32 AM
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Motion |
Include in the underlying motion that a limited duration (potentially until a future auto-adjusted COLA increase)
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Moved |
Tina Mueh |
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Seconded |
Patrick Roybal |
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Dan Daly |
No |
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Diane Doney |
Yes |
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Liston |
No |
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Jim Mantele |
Yes |
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Tina Mueh |
Yes |
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Trey Rogers |
Yes |
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Patrick Roybal |
Yes |
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Joshua Sharf |
No |
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Lang Sias |
No |
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Jack Tate |
No |
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Wilson |
No |
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Earl Wright |
Excused |
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Kolker |
Yes |
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Hamrick |
Yes |
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YES: 7 NO: 6 EXC: 1 ABS: 0 FINAL ACTION: PASS |
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10:45:25 AM
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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.
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Moved |
Kolker |
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Seconded |
Tina Mueh |
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Dan Daly |
Yes |
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Diane Doney |
Yes |
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Liston |
No |
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Jim Mantele |
Yes |
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Tina Mueh |
Yes |
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Trey Rogers |
Yes |
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Patrick Roybal |
Yes |
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Joshua Sharf |
No |
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Lang Sias |
No |
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Jack Tate |
Yes |
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Wilson |
No |
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Earl Wright |
Excused |
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Kolker |
Yes |
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Hamrick |
Yes |
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YES: 9 NO: 4 EXC: 1 ABS: 0 FINAL ACTION: PASS |
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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).
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11:03:18 AM |
Committee discussion on the letter continued.
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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.
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11:35:01 AM
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Motion |
Add the actual rate of return from the previous year in the letter |
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Moved |
Joshua Sharf |
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Seconded |
Liston |
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Dan Daly |
No |
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Diane Doney |
No |
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Liston |
Yes |
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Jim Mantele |
No |
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Tina Mueh |
No |
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Trey Rogers |
No |
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Patrick Roybal |
No |
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Joshua Sharf |
Yes |
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Lang Sias |
Yes |
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Jack Tate |
No |
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Wilson |
Yes |
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Earl Wright |
Excused |
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Kolker |
No |
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Hamrick |
No |
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YES: 4 NO: 9 EXC: 1 ABS: 0 FINAL ACTION: FAIL |
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11:37:32 AM
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Motion |
Add an explanation of the end of year market value |
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Moved |
Joshua Sharf |
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Seconded |
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Dan Daly |
No |
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Diane Doney |
No |
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Liston |
No |
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Jim Mantele |
No |
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Tina Mueh |
No |
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Trey Rogers |
No |
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Patrick Roybal |
No |
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Joshua Sharf |
Yes |
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Lang Sias |
No |
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Jack Tate |
Yes |
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Wilson |
No |
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Earl Wright |
Excused |
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Kolker |
No |
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Hamrick |
No |
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YES: 2 NO: 11 EXC: 1 ABS: 0 FINAL ACTION: FAIL |
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11:38:31 AM
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Motion |
Add information and background related to the Signal Light Report |
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Moved |
Joshua Sharf |
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Seconded |
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Dan Daly |
No |
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Diane Doney |
No |
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Liston |
Yes |
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Jim Mantele |
No |
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Tina Mueh |
No |
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Trey Rogers |
No |
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Patrick Roybal |
No |
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Joshua Sharf |
Yes |
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Lang Sias |
Yes |
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Jack Tate |
Yes |
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Wilson |
Yes |
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Earl Wright |
Excused |
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Kolker |
No |
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Hamrick |
No |
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YES: 5 NO: 8 EXC: 1 ABS: 0 FINAL ACTION: FAIL |
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11:41:20 AM |
Committee discussion
continued on the letter on the topic of liability and assets.
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11:51:02 AM
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Motion |
Add actuarial value and current liability. |
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Moved |
Jack Tate |
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Seconded |
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Dan Daly |
No |
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Diane Doney |
No |
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Liston |
Yes |
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Jim Mantele |
Yes |
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Tina Mueh |
No |
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Trey Rogers |
No |
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Patrick Roybal |
No |
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Joshua Sharf |
Yes |
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Lang Sias |
Yes |
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Jack Tate |
Yes |
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Wilson |
Yes |
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Earl Wright |
Excused |
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Kolker |
No |
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Hamrick |
No |
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YES: 6 NO: 7 EXC: 1 ABS: 0 FINAL ACTION: FAIL |
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12:01:22 PM
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Motion |
Add new sentence including $60.9 billion and $87.2 billion |
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Moved |
Tina Mueh |
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Seconded |
Liston |
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Dan Daly |
No |
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Diane Doney |
Yes |
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Liston |
Yes |
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Jim Mantele |
Yes |
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Tina Mueh |
Yes |
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Trey Rogers |
Yes |
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Patrick Roybal |
No |
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Joshua Sharf |
Yes |
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Lang Sias |
Yes |
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Jack Tate |
Yes |
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Wilson |
Yes |
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Earl Wright |
Excused |
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Kolker |
No |
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Hamrick |
No |
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YES: 9 NO: 4 EXC: 1 ABS: 0 FINAL ACTION: PASS |
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12:01:25 PM |
The Subcommittee
approved the letter and allowed staff to make any necessary changes. Chair
Hamrick gave some closing remarks.
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