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I_PensionRevewSubComm_2023A 08/28/2023 10:03:57 AM Committee Summary

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
Finalize 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.






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