Colorado 2025 Regular Session

Colorado Senate Bill SB028 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
	1	+	First Regular Session
	2	+	Seventy-fifth General Assembly
	3	+	STATE OF COLORADO
	4	+	REREVISED
	5	+	This Version Includes All Amendments
	6	+	Adopted in the Second House
	7	+	LLS NO. 25-0229.01 Nicole Myers x4326
1	8		SENATE BILL 25-028
2		-	BY SENATOR(S) Kolker and Winter F., Kipp, Snyder, Bridges, Cutter,
3		-	Jodeh, Marchman, Michaelson Jenet, Coleman;
4		-	also REPRESENTATIVE(S) Hamrick and Taggart, Duran, Garcia Sander,
5		-	Gonzalez R., Lindsay, Titone, McCluskie.
	9	+	Senate Committees House Committees
	10	+	Finance Finance
	11	+	A BILL FOR AN ACT
6	12		C
7		-	ONCERNING A REQUIREMENT THAT THE PUBLIC EMPLOYEES ' RETIREMENT
8		-	ASSOCIATION IMPLEMENT CERTAIN RISK
9		-	-REDUCTION MEASURES.
10		-	Be it enacted by the General Assembly of the State of Colorado:
11		-	SECTION 1. In Colorado Revised Statutes, 24-51-204, add (12)
12		-	as follows:
	13	+	ONCERNING A REQUIREMENT THAT THE PUBLIC EMPLOYEES '101
	14	+	RETIREMENT ASSOCIATION IMPLEMENT CERTAIN102
	15	+	RISK-REDUCTION MEASURES .103
	16	+	Bill Summary
	17	+	(Note: This summary applies to this bill as introduced and does
	18	+	not reflect any amendments that may be subsequently adopted. If this bill
	19	+	passes third reading in the house of introduction, a bill summary that
	20	+	applies to the reengrossed version of this bill will be available at
	21	+	http://leg.colorado.gov/
	22	+	.)
	23	+	Pension Review Commission. Currently, the public employees'
	24	+	retirement association (PERA) board (board) conducts or causes to be
	25	+	conducted an actuarial experience study of PERA and a periodic actuarial
	26	+	audit of PERA. Both the actuarial experience study and the periodic
	27	+	actuarial audit, neither of which are referenced in current law, are
	28	+	HOUSE
	29	+	3rd Reading Unamended
	30	+	March 10, 2025
	31	+	HOUSE
	32	+	2nd Reading Unamended
	33	+	March 7, 2025
	34	+	SENATE
	35	+	3rd Reading Unamended
	36	+	February 18, 2025
	37	+	SENATE
	38	+	Amended 2nd Reading
	39	+	February 14, 2025
	40	+	SENATE SPONSORSHIP
	41	+	Kolker and Winter F., Kipp, Snyder, Bridges, Coleman, Cutter, Jodeh, Marchman,
	42	+	Michaelson Jenet
	43	+	HOUSE SPONSORSHIP
	44	+	Hamrick and Taggart, Duran, Garcia Sander, Gonzalez R., Lindsay, McCluskie, Titone
	45	+	Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
	46	+	Capital letters or bold & italic numbers indicate new material to be added to existing law.
	47	+	Dashes through the words or numbers indicate deletions from existing law. conducted approximately once every 5 years, but the timing of the
	48	+	actuarial experience study and the periodic actuarial audit is not aligned.
	49	+	The bill requires the board to conduct or cause to be conducted the
	50	+	actuarial experience study in the 2025 calendar year and every 4 years
	51	+	thereafter, rather than every 5 years. In addition, the bill requires the
	52	+	board to conduct or cause to be conducted the periodic actuarial audit of
	53	+	PERA in the 2026 calendar year and every 4 years thereafter, rather than
	54	+	every 5 years, and ensure that each periodic actuarial audit takes into
	55	+	consideration the results and findings of the actuarial experience study
	56	+	that was conducted during the prior calendar year.
	57	+	In addition, beginning in the 2027 calendar year, and every 4 years
	58	+	thereafter, the state auditor is required to commission an independent
	59	+	review of the periodic actuarial audit that the board conducted or caused
	60	+	to be conducted in the prior calendar year by experts other than those
	61	+	already working on behalf of PERA. The experts commissioned to
	62	+	conduct the independent review are required to analyze how the periodic
	63	+	actuarial audit was conducted and provide an independent interpretation
	64	+	of the results of the periodic actuarial audit, including whether the
	65	+	periodic actuarial audit appropriately considered the results of the most
	66	+	recent actuarial experience study that the board conducted or caused to be
	67	+	conducted.
	68	+	Be it enacted by the General Assembly of the State of Colorado:1
	69	+	SECTION 1. In Colorado Revised Statutes, 24-51-204, add (12)2
	70	+
	71	+	as follows:3
13	72		24-51-204. Duties of the board. (12) B
14	73		EGINNING WITH THE
15		-	ACTUARIAL EXPERIENCE STUDY OF THE ASSOCIATION THAT THE BOARD
16		-	CONDUCTED IN THE
17		-	2024 CALENDAR YEAR, AND EVERY FOUR YEARS
18		-	THEREAFTER
19		-	, THE BOARD SHALL CONDUCT OR CAUSE TO BE CONDUCTED AN
20		-	ACTUARIAL EXPERIENCE STUDY OF THE ASSOCIATION
21		-	. IN ADDITION,
22		-	BEGINNING IN THE 2026 CALENDAR YEAR, AND EVERY FOUR YEARS
23		-	THEREAFTER
24		-	, THE BOARD SHALL CONDUCT OR CAUSE TO BE CONDUCTED A
25		-	PERIODIC ACTUARIAL AUDIT OF THE ASSOCIATION
26		-	. THE BOARD SHALL
27		-	ENSURE THAT THE PERIODIC ACTUARIAL AUDIT OF THE ASSOCIATION
28		-	NOTE: This bill has been prepared for the signatures of the appropriate legislative
29		-	officers and the Governor. To determine whether the Governor has signed the bill
30		-	or taken other action on it, please consult the legislative status sheet, the legislative
31		-	history, or the Session Laws.
32		-	________
33		-	Capital letters or bold & italic numbers indicate new material added to existing law; dashes
34		-	through words or numbers indicate deletions from existing law and such material is not part of
35		-	the act. CONDUCTED IN THE 2026 CALENDAR YEAR AND EVERY FOUR YEARS
36		-	THEREAFTER PURSUANT TO THIS SUBSECTION
37		-	(12) TAKES INTO
38		-	CONSIDERATION THE RESULTS AND FINDINGS OF THE MOST RECENT
39		-	ACTUARIAL EXPERIENCE STUDY OF THE ASSOCIATION THAT WAS C ONDUCTED
40		-	PURSUANT TO THIS SUBSECTION
41		-	(12).
42		-	SECTION 2. In Colorado Revised Statutes, 24-51.1-101, amend
43		-	(4)(a) introductory portion, (4)(a)(I), and (4)(h) as follows:
44		-	24-51.1-101. Pension review commission - repeal. (4) (a)
45		-	The
46		-	subcommittee shall review the items specified in subsection (2) of this
47		-	section as they relate to the public employees' retirement association, as
48		-	applicable. In addition, the subcommittee shall:
49		-	(a) (I) Study the provisions of article 51 of this title 24 and make
50		-	necessary recommendations to the commission or the public employees'
51		-	retirement association;
52		-	(h) Every three
53		-	FOUR years, WITHIN THREE MONTHS OF THE RELEASE
54		-	OF THE PERIODIC ACTUARIAL AUDIT OF THE ASSOCIATION CONDUCTED OR
55		-	CAUSED TO BE CONDUCTED BY THE BOARD OF THE PUBLIC EMPLOYEES
56		-	'
57		-	RETIREMENT ASSOCIATION IN 2026 AND EVERY FOUR YEARS THEREAFTER
58		-	PURSUANT TO SECTION
59		-	24-51-204 (12), commission an independent review
60		-	of the economic and investment assumptions used to model the public
61		-	employees' retirement association financial situation. The subcommittee
62		-	shall use experts other than those already working on behalf of the
63		-	association
64		-	AND SHALL ENSURE THAT THE EXPERTS REVIEW THE FINDINGS
65		-	FROM THE MOST RECENT PERIODIC ACTUARIAL AUDIT OF THE ASSOCIATION
66		-	CONDUCTED PURSUANT TO SECTION
67		-	24-51-204 (12).
68		-	SECTION 3. Safety clause. The general assembly finds,
69		-	determines, and declares that this act is necessary for the immediate
70		-	preservation of the public peace, health, or safety or for appropriations for
71		-	PAGE 2-SENATE BILL 25-028 the support and maintenance of the departments of the state and state
72		-	institutions.
73		-	____________________________ ____________________________
74		-	James Rashad Coleman, Sr.
75		-	Julie McCluskie
76		-	PRESIDENT OF SPEAKER OF THE HOUSE
77		-	THE SENATE OF REPRESENTATIVES
78		-	____________________________ ____________________________
79		-	Esther van Mourik Vanessa Reilly
80		-	SECRETARY OF CHIEF CLERK OF THE HOUSE
81		-	THE SENATE OF REPRESENTATIVES
82		-	APPROVED________________________________________
83		-	(Date and Time)
84		-	_________________________________________
85		-	Jared S. Polis
86		-	GOVERNOR OF THE STATE OF COLORADO
87		-	PAGE 3-SENATE BILL 25-028
	74	+	4
	75	+	ACTUARIAL EXPERIENCE STUDY OF THE ASSOCIATION THAT THE BOARD5
	76	+	CONDUCTED IN THE 2024 CALENDAR YEAR, AND EVERY FOUR YEARS6
	77	+	THEREAFTER, THE BOARD SHALL CONDUCT OR CAUSE TO BE CONDUCTED7
	78	+	AN ACTUARIAL EXPERIENCE STUDY OF THE ASSOCIATION . IN ADDITION,8
	79	+	BEGINNING IN THE 2026 CALENDAR YEAR, AND EVERY FOUR YEARS9
	80	+	THEREAFTER, THE BOARD SHALL CONDUCT OR CAUSE TO BE CONDUCTED10
	81	+	A PERIODIC ACTUARIAL AUDIT OF THE ASSOCIATION . THE BOARD SHALL11
	82	+	ENSURE THAT THE PERIODIC ACTUARIAL AUDIT OF THE ASSOCIATION12
	83	+	CONDUCTED IN THE 2026 CALENDAR YEAR AND EVERY FOUR YEARS13
	84	+	028-2- THEREAFTER PURSUANT TO THIS SUBSECTION (12) TAKES INTO1
	85	+	CONSIDERATION THE RESULTS AND FINDINGS OF THE MOST RECENT2
	86	+	ACTUARIAL EXPERIENCE STUDY OF THE ASSOCIATION THAT WAS3
	87	+	CONDUCTED PURSUANT TO THIS SUBSECTION (12).4
	88	+	SECTION 2. In Colorado Revised Statutes, 24-51.1-101, amend5
	89	+	(4)(a) introductory portion, (4)(a)(I), and (4)(h) as follows:6
	90	+	24-51.1-101. Pension review commission - repeal. (4) (a) The7
	91	+	subcommittee shall review the items specified in subsection (2) of this8
	92	+	section as they relate to the public employees' retirement association, as9
	93	+	applicable. In addition, the subcommittee shall:10
	94	+	(a) (I) Study the provisions of article 51 of this title 24 and make11
	95	+	necessary recommendations to the commission or the public employees'12
	96	+	retirement association;13
	97	+	(h) Every three FOUR years, WITHIN THREE MONTHS OF THE14
	98	+	RELEASE OF THE PERIODIC ACTUARIAL AUDIT OF THE ASSOCIATION15
	99	+	CONDUCTED OR CAUSED TO BE CONDUCTED BY THE BOARD OF THE PUBLIC16
	100	+	EMPLOYEES' RETIREMENT ASSOCIATION IN 2026 AND EVERY FOUR YEARS17
	101	+	THEREAFTER PURSUANT TO SECTION 24-51-204 (12), commission an18
	102	+	independent review of the economic and investment assumptions used to19
	103	+	model the public employees' retirement association financial situation.20
	104	+	The subcommittee shall use experts other than those already working on21
	105	+	behalf of the association
	106	+	AND SHALL ENSURE THAT THE EXPERTS REVIEW
	107	+	22
	108	+	THE FINDINGS FROM THE MOST RECENT PERIODIC ACTUARIAL AUDIT OF THE23
	109	+	ASSOCIATION CONDUCTED PURSUANT TO SECTION 24-51-204 (12).24
	110	+	SECTION 3. Safety clause. The general assembly finds,25
	111	+	determines, and declares that this act is necessary for the immediate26
	112	+	preservation of the public peace, health, or safety or for appropriations for27
	113	+	028
	114	+	-3- the support and maintenance of the departments of the state and state1
	115	+	institutions.2
	116	+	028
	117	+	-4-