First Regular Session
Seventy-fifth General Assembly
STATE OF COLORADO
REENGROSSED
This Version Includes All Amendments
Adopted in the House of Introduction
LLS NO. 25-0410.03 Jason Gelender x4330
SENATE BILL 25-147
Senate Committees House Committees
Finance
Appropriations
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
THE AUTHORITY OF THE BOARD TO MANAGE AND ADMINISTER
111
THE ASSOCIATION.112
SENATE
3rd Reading Unamended
March 12, 2025
SENATE
Amended 2nd Reading
March 11, 2025
SENATE SPONSORSHIP
Pelton B. and Kolker, Kipp, Marchman
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
24-6-402. Meetings - open to public - legislative declaration -4
147-2- definitions. (1) For the purposes of this section:1
(a) (II) Notwithstanding the provisions of subparagraph (I) of this2
paragraph (a) SUBSECTION (1)(a)(I) OF THIS SECTION, in order to assure3
school board transparency "local public body" shall include members of4
a board of education, school administration personnel, or a combination5
thereof who are involved in a meeting with a representative of employees6
at which a collective bargaining agreement is discussed.7
(III) Notwithstanding the provisions of subparagraph (I) of this8
paragraph (a) SUBSECTION (1)(a)(I) OF THIS SECTION, "local public body"9
includes the governing board of an institute charter school that is10
authorized pursuant to part 5 of article 30.5 of title 22. C.R.S.11
(IV) N
OTWITHSTANDING SUBSECTION (1)(a)(I) OF THIS SECTION,12
"
LOCAL PUBLIC BODY" INCLUDES THE BOARD OF TRUSTEES , CREATED IN13
SECTION 24-51-202, OF THE PUBLIC EMPLOYEES ' RETIREMENT14
ASSOCIATION, CREATED IN SECTION 24-51-201.15
SECTION 2. In Colorado Revised Statutes, 24-51-203, amend16
(2), (3), (4), and (5) as follows:17
24-51-203. Board - composition and election. (2) (a)
The board18
shall set the time and manner for the elections of trustees representing19
members and retirees. Elected trustees may be reelected to the board for20
an unlimited number of BUT SHALL NOT SERVE MORE THAN TWO21
CONSECUTIVE terms. but, Except for the state treasurer, no term THE22
CONSECUTIVE TERMS for any trustee shall NOT exceed four EIGHT years.23
A
FORMER TRUSTEE WHO HAS SERVED TWO CONSECUTIVE TERMS MAY BE24
REELECTED TO THE BOARD AFTER NOT SERVING ON THE BOARD FOR A25
PERIOD OF AT LEAST ONE TERM.26
(b) T
HE LIMITATION ON THE NUMBER OF CONSECUTIVE TERMS
27
147
-3- THAT A TRUSTEE REPRESENTING MEMBERS OR RETIREES MAY SERVE THAT1
IS SET FORTH IN SUBSECTION (2)(a) OF THIS SECTION APPLIES TO TERMS2
BEGINNING ON OR AFTER THE EFFECTIVE DATE OF THIS SUBSECTION (2), AS3
AMENDED.4
(3) (a) The term for each of the trustees appointed by the governor5
is four years; except that the terms shall be staggered so that no more than6
one trustee's term expires in one year. Appointed trustees may be7
reappointed to the board for an unlimited number of BUT SHALL NOT8
SERVE MORE THAN TWO CONSECUTIVE terms. A FORMER TRUSTEE WHO9
HAS SERVED TWO CONSECUTIVE TERMS MAY BE REAPPOINTED TO THE10
BOARD AFTER NOT SERVING ON THE BOARD FOR A PERIOD OF AT LEAST ONE11
TERM.12
(b) T
HE LIMITATION ON THE NUMBER OF CONSECUTIVE TERMS
13
THAT A TRUSTEE APPOINTED BY THE GOVERNOR MAY SERVE THAT IS SET14
FORTH IN SUBSECTION (3)(a) OF THIS SECTION APPLIES TO TERMS15
BEGINNING ON OR AFTER THE EFFECTIVE DATE OF THIS SUBSECTION (3), AS16
AMENDED.17
(4) When a vacancy occurs on the board among the elected18
trustees, the person who received the next highest number of votes in the19
most recent election of trustees shall be appointed to serve as trustee until20
the next election of trustees. If the person who received the next highest21
number of votes is unwilling to serve as a trustee or if the trustee who22
created the absence ran unopposed, the board shall appoint a trustee. In23
either case, the appointed trustee shall be from the same division as the24
trustee whose absence created the vacancy. A
PERSON APPOINTED TO25
SERVE AS A TRUSTEE PURSUANT TO THIS SUBSECTION (4)
WHO SERVES26
AT LEAST ONE-HALF OF THE TERM FOR WHICH THE PERSON IS FILLING THE27
147
-4- VACANCY SHALL BE CONSIDERED TO HAVE SERVED A TERM FOR PURPOSES1
OF THE LIMITATION ON CONSECUTIVE TERMS SET FORTH IN SUBSECTION (2)2
OF THIS SECTION.3
(5) When a vacancy occurs among the three appointed trustees,4
the governor shall appoint, with consent of the senate, a new trustee with5
the experience and competence specified in paragraph (g) of subsection6
(1) SUBSECTION (1)(g) of this section to serve the remainder of any7
unexpired term. Such THE appointee may serve on a temporary basis if8
the general assembly is not in session when he or she THE APPOINTEE is9
appointed until the general assembly is in session and the senate is able10
to consent to such THE appointment. A PERSON APPOINTED TO SERVE AS11
TRUSTEE PURSUANT TO THIS SUBSECTION (5) WHO SERVES AT LEAST12
ONE-HALF OF THE TERM FOR WHICH THE PERSON IS FILLING THE VACANCY13
SHALL BE CONSIDERED TO HAVE SERVED A TERM FOR PURPOSES OF THE14
LIMITATION ON CONSECUTIVE TERMS SET FORTH IN SUBSECTION (3) OF15
THIS SECTION.16
SECTION 3. In Colorado Revised Statutes, 24-51-204, amend17
(2); and add (12) as follows:18
24-51-204. Duties of the board - report. (2) (a) The board shall19
set the time and place for meetings, and conduct those meetings in20
accordance with the provisions of part 4 of article 6 of this title and shall21
maintain a record of its proceedings TITLE 24.22
(b) F
OR PURPOSES OF PART 4 OF ARTICLE 6 OF THIS TITLE 24, THE23
BOARD IS A LOCAL PUBLIC BODY , AS DEFINED IN SECTION 24-6-40224
(1)(a)(I).25
(12) (a) O
N AND AFTER JANUARY 1, 2025, THE BOARD SHALL POST26
ON AND REGULARLY MAINTAIN AND UPDATE THE ASSOCIATION 'S WEBSITE27
147
-5- TO INCLUDE, IN A DOWNLOADABLE FORMAT FOR FREE PUBLIC ACCESS , THE1
MOST CURRENT INFORMATION CONCERNING THE FOLLOWING :2
(I) T
HE NOTICE, WITH SPECIFIC AGENDA INFORMATION , IF3
AVAILABLE, INCLUDING ANY AVAILABLE PRESENTATIONS AND OTHER4
DOCUMENTS THAT MIGHT BE CONSIDERED AT THE NEXT PUBLIC MEETING5
OF THE BOARD AS REQUIRED BY SUBSECTION (2) OF THIS SECTION;6
(II) T
HE POLICY FOR AND PROCESS BY WHICH A MEMBER OF THE7
PUBLIC MAY PARTICIPATE IN EACH PUBLIC MEETING OF THE BOARD ;8
(III) A
LINK OR OTHER MEANS OF PUBLIC ACCESS TO THE RECORDS9
OF PRIOR BOARD MEETINGS; AND10
(IV) T
HE OFFICIAL EMAIL ADDRESS THAT THE BOARD USES TO11
SEND COMMUNICATIONS TO EACH BOARD MEMBER .12
(b) O
N OR BEFORE JANUARY 1, 2026, AND ON OR BEFORE JANUARY13
1
OF EACH CALENDAR YEAR THEREAFTER , THE BOARD SHALL POST ON THE14
ASSOCIATION'S WEBSITE THE ASSOCIATION'S MOST CURRENT FINANCIAL15
INFORMATION AS FOLLOWS:16
(I) T
HE ANNUAL COMPENSATION AMOUNT PAID TO EACH17
EMPLOYEE OF THE ASSOCIATION;18
(II) T
HE AMOUNT AND METHOD OF CALCULATION OF EACH ANNUAL19
BONUS AWARDED TO EACH EMPLOYEE OF THE ASSOCIATION ;20
(III) T
HE TOTAL ANNUAL AM OUNT OF MONEY PAID BY THE21
ASSOCIATION TO THIRD-PARTY SERVICE PROVIDERS;22
(IV) T
HE TOTAL ANNUAL AMOUNT OF MONEY EXPENDED BY THE23
ASSOCIATION FOR TRAVEL COSTS INCURRED BY MEMBERS OF THE BOARD ,24
INCLUDING BOTH ELECTED TRUSTEES REIMBURSED BY THE ASSOCIATION25
PURSUANT TO SECTION 24-51-203 (6) AND APPOINTED TRUSTEES26
COMPENSATED BY THE ASSOCIATION PURSUANT TO SECTION 24-51-203 (7);27
147
-6- (V) THE TOTAL ANNUAL AMOUNT OF MONEY EXPENDED BY THE1
ASSOCIATION FOR TRAVEL COSTS INCURRED BY THE EXECUTIVE DIRECTOR2
OF THE ASSOCIATION AND ANY OTHER INDIVIDUAL HOLDING AN EXECUTIVE3
POSITION WITH THE ASSOCIATION;4
(VI) T
HE ASSOCIATION'S ANNUAL BUDGET;5
(VII) T
HE ASSOCIATION'S ANNUAL AUDITED FINANCIAL6
STATEMENTS;7
(VIII) T
HE ASSOCIATION'S SALARY SCHEDULES OR POLICIES; AND8
(IX) T
HE ASSOCIATION'S ACTUAL EXPENDITURES , INCLUDING9
ACTUAL SALARY EXPENDITURES AND ACTUAL BENEFIT EXPENDITURES10
REPORTED BY JOB CATEGORY .11
(c) N
OTWITHSTANDING ANY OTHER PROVISION OF THIS SECTION ,12
THIS SUBSECTION (12) DOES NOT REQUIRE THE BOARD TO REPORT OR13
OTHERWISE DISCLOSE PERSONAL INFORMATION RELATING TO PAYROLL ,14
INCLUDING PAYROLL DEDUCTIONS OR CONTRIBUTIONS , OR ANY OTHER15
INFORMATION THAT IS CONFIDENTIAL OR OTHERWISE PROTECTED FROM16
DISCLOSURE PURSUANT TO STATE OR FEDERAL LAW .17
SECTION 4. In Colorado Revised Statutes, 24-51-205, amend18
(6)(a) introductory portion and (6)(b)
as follows:19
24-51-205. General authority of the board. (6) (a) The board20
may delegate any of its responsibilities, duties, and authorities as set forth21
in this article ARTICLE 51 to the executive director of the association22
or to designated agents of the association. T
HE BOARD SHALL RETAIN
23
FINAL AUTHORITY AND RESPONSIBILITY FOR THE MANAGEMENT OF THE24
ASSOCIATION AND ALL DUTIES AND POWERS AUTHORIZED BY THIS ARTICLE25
51
THROUGH THE ADMINISTRATIVE REVIEW PROCEDURES AUTHORIZED BY
26
SUBSECTION (1) OF THIS SECTION. Subject to paragraph (b) of this27
147
-7- subsection SUBSECTION (6)(b) OF THIS SECTION, the executive director1
may correct an administrative error made by the board, the executive2
director, or the employees of the association and may make any3
appropriate correcting adjustments upon receiving written documentation4
of the following:5
(b) The executive director shall file a report monthly with the6
board setting forth the administrative errors corrected pursuant to7
paragraph (a) of this subsection SUBSECTION (6)(a) OF THIS SECTION. Such8
corrections shall be subject to board review after which the board may9
take any action it deems appropriate with regard to such errors.10
11
SECTION 5. Safety clause. The general assembly finds,12
determines, and declares that this act is necessary for the immediate13
preservation of the public peace, health, or safety or for appropriations for14
the support and maintenance of the departments of the state and state15
institutions.16
147
-8-