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I_PensionRevewSubComm_2023A 08/25/2023 10:03:16 AM Committee Summary

PUBLIC
STAFF SUMMARY OF MEETING
INTERIM COMMITTEE  PENSION REVIEW SUBCOMMITTEE
Date 08/25/2023
Attendance
Dan Daly X
Diane Doney X
Liston E
Jim Mantele X
Tina Mueh X
Trey Rogers E
Patrick Roybal *
Joshua Sharf X
Lang Sias *
Jack Tate X
Wilson X
Earl Wright X
Kolker X
Hamrick X
Time 10:03:16 AM to 12:32:16 PM
Place SCR 357
This Meeting was called to order by Hamrick
This Report was prepared by Erin Reynolds
Hearing Items Action Taken
Follow-Up Discussion with PERA Committee Discussion Only
Discuss Subcommittee Recomendations for Pension Review Commission Committee Discussion Only
Discuss Subcommittee Recomendations for PERA Committee Discussion Only
Discuss Subcommittee Letter to Colorado Citizens Committee Discussion Only
Public Testimony Committee Discussion Only

Follow-Up Discussion with PERA - Committee Discussion Only
10:03:31 AM  
Executive Director
Amy McGarrity and Mr. Michael Steppat, representing PERA, came to the table
to answer any remaining questions from the subcommittee's meeting in July.
10:08:41 AM  
In response to the
committee questions, Director McGarrity discussed contribution and benefit
payments, automatic adjust provisions, PERA's earnings, and PERA's bond
and real estate portfolio.
10:21:47 AM  
Committee discussion continued with the PERA representatives on real estate refinancing, interest rates, and the automatic adjustment provision.
10:34:04 AM  
Committee discussion continued on means-testing COLA adjustment, pension spiking and highest average salary, PERA benefits by income, and PERA's rate of return.



Discuss Subcommittee Recomendations for Pension Review Commission - Committee Discussion Only
10:44:07 AM  
Ms. Jessica Herrera, Legislative Legal Services, and Mr. Louis Pino, Legislative Council Staff, came to the table to discuss the Pension Review Commission's legislative recommendation from 2023, House Bill 23-1016.
10:50:06 AM  
Committee discussion continued on the fiscal impact of House Bill 23-1016.
11:07:07 AM  
Committee discussion of various issues continued.



Discuss Subcommittee Recomendations for PERA - Committee Discussion Only
11:08:43 AM  
The committee discussed recommendations for PERA.



Discuss Subcommittee Letter to Colorado Citizens - Committee Discussion Only
11:09:11 AM  
Ms. Erin Reynolds, Legislative Council Staff, came to the table to discuss the annual letter to Colorado citizens.
11:12:21 AM  
Committee discussion continued on the annual letter.



Public Testimony - Committee Discussion Only
11:37:36 AM  
Mr. Jim Lipscomb, representing themself, testified and provided handouts to the subcommittee (Attachment A). Mr. Dave Lohe, representing the CSP Alumni Association, testified. Mr. Gordon East, representing themself, testified.
11:56:55 AM  
Committee discussion continued with the witnesses.
12:10:00 PM  
Mark Qualy, representing
themself, testified. Chuck Gray, representing themself, testified.


12:32:16 PM   The committee adjourned.






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