SB 25-147
Fiscal Note
Legislative Council Staff
Nonpartisan Services for Colorado’s Legislature
SB 25-147: MODIFY BOARD MANAG EMENT PERA
Prime Sponsors:
Sen. Pelton B.; Kolker
Rep. Garcia Sander; Lukens
Published for: House Finance
Drafting number: LLS 25-0410
Fiscal Analyst:
Erin Reynolds, 303-866-4146
erin.reynolds@coleg.gov
Version: First Revised Note
Date: March 18, 2025
Fiscal note status: The revised fiscal note reflects the reengrossed bill.
Summary Information
Overview. The bill designates the Public Employees’ Retirement Association as a local public body under
open meetings laws, establishes term limits for trustees, requires that certain financial information be
posted on the association’s website, and clarifies the board’s authority.
Types of impacts. The bill is projected to affect the following area on an ongoing basis:
Statutory Public Entity
Appropriations. No appropriation is required.
Table 1
State Fiscal Impacts
Type of Impact
Budget Year
FY 2025-26
Out Year
FY 2026-27
State Revenue $0 $0
State Expenditures $0 $0
Transferred Funds $0 $0
Change in TABOR Refunds $0 $0
Change in State FTE 0.0 FTE 0.0 FTE
Page 2
March 18, 2025 SB 25-147
Summary of Legislation
The bill designates the Public Employees’ Retirement Association (PERA) as a local public body
under open meetings laws, establishes term limits for trustees, requires that certain financial
information be posted on the association’s website, and clarifies the board’s authority.
Term Limits
The bill establishes term limits for PERA’s elected and appointed board members at two
consecutive four-year terms effective for terms beginning in 2025. A former board member who
has served two consecutive terms may become eligible for reelection or reappointment after a
break of at least one full term. A vacancy appointment that has served at least one-half of a term
is considered to have served a term.
Meeting Conduct and Notices
PERA is designated as a local public body under the open meetings law.
Starting January 1, 2025, the board must conduct its meetings in compliance with the open
meetings law as a local public body. Additionally, the board must regularly update the PERA
website with information regarding upcoming public meetings and the process for public
participation, as well as post archival meeting records and the board’s contact information.
By January 1, 2026, and annually thereafter, the board must publish certain financial information
about the association on its website regarding employee compensation and salary schedules,
third-party contracts, and executive travel expenses, as well as PERA’s annual budget, audited
financial statements, and actual expenditures.
General Board Authority
The bill clarifies that, while the board may delegate any of its responsibilities to the executive
director of PERA, it retains final authority and responsibility for the management of PERA.
Background
PERA's Board of Trustees serves as the administrator and fiduciary of PERA. Under current law,
board members serve four-year terms, and are not subject to term limits. Additional information
about the board, including current membership, is available on PERA’s website. Page 3
March 18, 2025 SB 25-147
Statutory Public Entity
PERA will have an increase in operational costs estimated to range between $10,000 and
$25,000 to manage the additional reporting requirements in the bill, paid from the divisional
trust funds. Workload associated with updating elections materials and ensuring compliance
with open meetings law is expected to be absorbable.
Effective Date
The bill takes effect upon signature of the Governor, or upon becoming law without his
signature.
State and Local Government Contacts
Public Employees' Retirement Association
The revenue and expenditure impacts in this fiscal note represent changes from current law under the bill for each
fiscal year. For additional information about fiscal notes, please visit the General Assembly website.