First Regular Session
Seventy-fifth General Assembly
STATE OF COLORADO
INTRODUCED
LLS NO. 25-0410.03 Jessica Herrera x4218
SENATE BILL 25-147
Senate Committees House Committees
Finance
A BILL FOR AN ACT
C
ONCERNING MODIFICATIONS TO THE MANAGEMENT OF THE PUBLIC101
EMPLOYEES' RETIREMENT ASSOCIATION BY THE BOARD OF102
TRUSTEES, AND, IN CONNECTION THEREWITH , DEFINING THE103
BOARD AS A LOCAL PUBLIC BODY FOR PURPOSES OF THE OPEN104
MEETINGS LAW, ESTABLISHING TERM LIMITS FOR MEMBERS OF105
THE BOARD, CLARIFYING THAT THE BOARD MUST CONDUCT ITS106
MEETINGS ACCORDING TO THE OPEN MEETINGS LAW AS A LOCAL107
PUBLIC BODY, REQUIRING THE BOARD TO POST CERTAIN108
MEETING-RELATED AND FINANCIAL INFORMATION OF THE109
ASSOCIATION ON THE ASSOCIATION 'S WEBSITE, AND CLARIFYING110
THAT THE BOARD MAY D ELEGATE MATTERS OF DAY -TO-DAY111
ADMINISTRATION , BUT NOT MANAGEMENT , OF THE112
ASSOCIATION.113
SENATE SPONSORSHIP
Pelton B. and Kolker,
HOUSE SPONSORSHIP
Garcia Sander and Lukens,
Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
Capital letters or bold & italic numbers indicate new material to be added to existing law.
Dashes through the words or numbers indicate deletions from existing law. Bill Summary
(Note: This summary applies to this bill as introduced and does
not reflect any amendments that may be subsequently adopted. If this bill
passes third reading in the house of introduction, a bill summary that
applies to the reengrossed version of this bill will be available at
http://leg.colorado.gov
.)
Section 1 of the bill defines the board of trustees of the public
employees' retirement association (board) as a local public body for
purposes of the open meetings law.
Section 2 limits the terms of both elected and appointed members
of the board to not more than 2 consecutive 4-year terms; except that the
state treasurer is not subject to the 2-term limit. A former trustee who has
served 2 consecutive terms may be reelected or reappointed to the board
after not serving on the board for a period of at least one term. Section 2
also clarifies how such term limits apply in the case of a vacancy
appointment.
Section 3 requires the board, on and after January 1, 2025, to
conduct its meetings in accordance with the open meetings law as a local
public body and requires the board to post and regularly maintain and
update the public employees' retirement association's (association)
website with information including:
! The notice with specific agenda information, if available,
for the board's next public meeting;
! The policy for and process by which a member of the
public may participate in any public meeting of the board;
! A link or other means of public access to the records of
past public meetings of the board; and
! The official email address of the board.
Section 3 also requires that, on or before January 1, 2026, and on or
before January 1 of each calendar year thereafter, the board post certain
financial information of the association on the association's website.
Section 4 clarifies that, while the board may delegate matters of
day-to-day administration of the association to the executive director or
other individuals, the board must retain authority and responsibility for
the overall management of the association.
Be it enacted by the General Assembly of the State of Colorado:1
SECTION 1. In Colorado Revised Statutes, 24-6-402, amend2
(1)(a)(II) and (1)(a)(III); and add (1)(a)(IV) as follows:3
SB25-147-2- 24-6-402. Meetings - open to public - legislative declaration -1
definitions. (1) For the purposes of this section:2
(a) (II) Notwithstanding the provisions of subparagraph (I) of this3
paragraph (a) SUBSECTION (1)(a)(I) OF THIS SECTION, in order to assure4
school board transparency "local public body" shall include members of5
a board of education, school administration personnel, or a combination6
thereof who are involved in a meeting with a representative of employees7
at which a collective bargaining agreement is discussed.8
(III) Notwithstanding the provisions of subparagraph (I) of this9
paragraph (a) SUBSECTION (1)(a)(I) OF THIS SECTION, "local public body"10
includes the governing board of an institute charter school that is11
authorized pursuant to part 5 of article 30.5 of title 22. C.R.S.12
(IV) N
OTWITHSTANDING SUBSECTION (1)(a)(I) OF THIS SECTION,13
"
LOCAL PUBLIC BODY" INCLUDES THE BOARD OF TRUSTEES , CREATED IN14
SECTION 24-51-202, OF THE PUBLIC EMPLOYEES ' RETIREMENT15
ASSOCIATION, CREATED IN SECTION 24-51-201.16
SECTION 2. In Colorado Revised Statutes, 24-51-203, amend17
(2), (3), (4), and (5) as follows:18
24-51-203. Board - composition and election. (2) The board19
shall set the time and manner for the elections of trustees representing20
members and retirees. Elected trustees may be reelected to the board for
21
an unlimited number of BUT SHALL NOT SERVE MORE THAN TWO22
CONSECUTIVE terms. but, Except for the state treasurer, no term THE23
CONSECUTIVE TERMS for any trustee shall NOT exceed four years. A24
FORMER TRUSTEE WHO HAS SERVED TWO CONSECUTIVE TERMS MAY BE25
REELECTED TO THE BOARD AFTER NOT SERVING ON THE BOARD FOR A26
PERIOD OF AT LEAST ONE TERM.27
SB25-147
-3- (3) The term for each of the trustees appointed by the governor is1
four years; except that the terms shall be staggered so that no more than2
one trustee's term expires in one year. Appointed trustees may be3
reappointed to the board for an unlimited number of BUT SHALL NOT4
SERVE MORE THAN TWO CONSECUTIVE terms. A FORMER TRUSTEE WHO5
HAS SERVED TWO CONSECUTIVE TERMS MAY BE REAPPOINTED TO THE6
BOARD AFTER NOT SERVING ON THE BOARD FOR A PERIOD OF AT LEAST ONE7
TERM.8
(4) When a vacancy occurs on the board among the elected9
trustees, the person who received the next highest number of votes in the10
most recent election of trustees shall be appointed to serve as trustee until11
the next election of trustees. If the person who received the next highest12
number of votes is unwilling to serve as a trustee or if the trustee who13
created the absence ran unopposed, the board shall appoint a trustee. In14
either case, the appointed trustee shall be from the same division as the15
trustee whose absence created the vacancy. A
PERSON APPOINTED TO16
SERVE AS A TRUSTEE PURSUANT TO THIS SUBSECTION (4) REMAINS17
ELIGIBLE TO SERVE TWO ADDITIONAL FULL TERMS AS TRUSTEE IN18
ACCORDANCE WITH SUBSECTION (2) OF THIS SECTION.19
(5) When a vacancy occurs among the three appointed trustees,20
the governor shall appoint, with consent of the senate, a new trustee with21
the experience and competence specified in paragraph (g) of subsection
22
(1) SUBSECTION (1)(g) of this section to serve the remainder of any23
unexpired term. Such THE appointee may serve on a temporary basis if24
the general assembly is not in session when he or she THE APPOINTEE is25
appointed until the general assembly is in session and the senate is able26
to consent to such THE appointment. A PERSON APPOINTED TO SERVE AS27
SB25-147
-4- TRUSTEE PURSUANT TO THIS SUBSECTION (5) REMAINS ELIGIBLE TO SERVE1
TWO ADDITIONAL FULL TERMS AS TRUSTEE IN ACCORDANCE WITH2
SUBSECTION (3) OF THIS SECTION.3
SECTION 3. In Colorado Revised Statutes, 24-51-204, amend4
(2); and add (12) as follows:5
24-51-204. Duties of the board - report. (2) (a) The board shall6
set the time and place for meetings, and conduct those meetings in7
accordance with the provisions of part 4 of article 6 of this title and shall8
maintain a record of its proceedings TITLE 24.9
(b) F
OR PURPOSES OF PART 4 OF ARTICLE 6 OF THIS TITLE 24, THE10
BOARD IS A LOCAL PUBLIC BODY , AS DEFINED IN SECTION 24-6-40211
(1)(a)(I).12
(12) (a) O
N AND AFTER JANUARY 1, 2025, THE BOARD SHALL POST13
ON AND REGULARLY MAINTAIN AND UPDATE THE ASSOCIATION 'S WEBSITE14
TO INCLUDE, IN A DOWNLOADABLE FORMAT FOR FREE PUBLIC ACCESS , THE15
MOST CURRENT INFORMATION CONCERNING THE FOLLOWING :16
(I) T
HE NOTICE, WITH SPECIFIC AGENDA INFORMATION , IF17
AVAILABLE, INCLUDING ANY AVAILABLE PRESENTATIONS AND OTHER18
DOCUMENTS THAT MIGHT BE CONSIDERED AT THE NEXT PUBLIC MEETING19
OF THE BOARD AS REQUIRED BY SUBSECTION (2) OF THIS SECTION;20
(II) T
HE POLICY FOR AND PROCESS BY WHICH A MEMBER OF THE21
PUBLIC MAY PARTICIPATE IN EACH PUBLIC MEETING OF THE BOARD ;22
(III) A
LINK OR OTHER MEANS OF PUBLIC ACCESS TO THE RECORDS23
OF PRIOR BOARD MEETINGS; AND24
(IV) T
HE OFFICIAL EMAIL ADDRESS THAT THE BOARD USES TO25
SEND COMMUNICATIONS TO EACH BOARD MEMBER .26
(b) O
N OR BEFORE JANUARY 1, 2026, AND ON OR BEFORE JANUARY27
SB25-147
-5- 1 OF EACH CALENDAR YEAR THEREAFTER , THE BOARD SHALL POST ON THE1
ASSOCIATION'S WEBSITE THE ASSOCIATION'S MOST CURRENT FINANCIAL2
INFORMATION AS FOLLOWS:3
(I) T
HE ANNUAL COMPENSATION AMOUNT PAID TO EACH4
EMPLOYEE OF THE ASSOCIATION;5
(II) T
HE AMOUNT AND METHOD OF CALCULATION OF EACH ANNUAL6
BONUS AWARDED TO EACH EMPLOYEE OF THE ASSOCIATION ;7
(III) T
HE TOTAL ANNUAL AM OUNT OF MONEY PAID BY THE8
ASSOCIATION TO THIRD-PARTY SERVICE PROVIDERS;9
(IV) T
HE TOTAL ANNUAL AMOUNT OF MONEY EXPENDED BY THE10
ASSOCIATION FOR TRAVEL COSTS INCURRED BY MEMBERS OF THE BOARD ,11
INCLUDING BOTH ELECTED TRUSTEES REIMBURSED BY THE ASSOCIATION12
PURSUANT TO SECTION 24-51-203 (6) AND APPOINTED TRUSTEES13
COMPENSATED BY THE ASSOCIATION PURSUANT TO SECTION 24-51-203 (7);14
(V) T
HE TOTAL ANNUAL AMOUNT OF MONEY EXPENDED BY THE15
ASSOCIATION FOR TRAVEL COSTS INCURRED BY THE EXECUTIVE DIRECTOR16
OF THE ASSOCIATION AND ANY OTHER INDIVIDUAL HOLDING AN EXECUTIVE17
POSITION WITH THE ASSOCIATION;18
(VI) T
HE ASSOCIATION'S ANNUAL BUDGET;19
(VII) T
HE ASSOCIATION'S ANNUAL AUDITED FINANCIAL20
STATEMENTS;21
(VIII) T
HE ASSOCIATION'S SALARY SCHEDULES OR POLICIES; AND22
(IX) T
HE ASSOCIATION'S ACTUAL EXPENDITURES , INCLUDING23
ACTUAL SALARY EXPENDITURES AND ACTUAL BENEFIT EXPENDITURES24
REPORTED BY JOB CATEGORY .25
(c) N
OTWITHSTANDING ANY OTHER PROVISION OF THIS SECTION ,26
THIS SUBSECTION (12) DOES NOT REQUIRE THE BOARD TO REPORT OR27
SB25-147
-6- OTHERWISE DISCLOSE PERSONAL INFORMATION RELATING TO PAYROLL ,1
INCLUDING PAYROLL DEDUCTIONS OR CONTRIBUTIONS , OR ANY OTHER2
INFORMATION THAT IS CONFIDENTIAL OR OTHERWISE PROTECTED FROM3
DISCLOSURE PURSUANT TO STATE OR FEDERAL LAW .4
SECTION 4. In Colorado Revised Statutes, 24-51-205, amend5
(6)(a) introductory portion and (6)(b); and add (6)(c) as follows:6
24-51-205. General authority of the board. (6) (a) The board7
may delegate any of its responsibilities, duties, and authorities as set forth8
in this article ARTICLE 51 FOR THE DAY-TO-DAY ADMINISTRATION OF THE9
ASSOCIATION to the executive director of the association or to designated10
agents of the association. Subject to paragraph (b) of this subsection11
SUBSECTION (6)(b) OF THIS SECTION, the executive director may correct12
an administrative error made by the board, the executive director, or the13
employees of the association and may make any appropriate correcting14
adjustments upon receiving written documentation of the following:15
(b) The executive director shall file a report monthly with the16
board setting forth the administrative errors corrected pursuant to17
paragraph (a) of this subsection SUBSECTION (6)(a) OF THIS SECTION. Such18
corrections shall be subject to board review after which the board may19
take any action it deems appropriate with regard to such errors.20
(c) T
HE BOARD SHALL NOT DELEGATE ITS AUTHORITY AND21
RESPONSIBILITY FOR THE MANAGEMENT OF THE ASSOCIATION OR ANY OF22
ITS DUTIES AND POWERS AUTHORIZED BY THIS ARTICLE 51 FOR SUCH23
MANAGEMENT.24
SECTION 5. Safety clause. The general assembly finds,25
determines, and declares that this act is necessary for the immediate26
preservation of the public peace, health, or safety or for appropriations for27
SB25-147
-7- the support and maintenance of the departments of the state and state1
institutions.2
SB25-147
-8-