Date: 04/28/2010

Final
BILL SUMMARY for HB10-1425

HOUSE COMMITTEE ON FINANCE

Votes: View--> Action Taken:
Refer House Bill 10-1425 to the Committee of the WPASS



11:23 AM -- House Bill 10-1425 - Concerning Postretirement Employment for Purposes of PERA

Representative Miklosi, prime sponsor, explained that as a result of Senate Bill 09-282, the Denver Public Schools Retirement System (DPSRS) was merged into the Public Employees' Retirement Association (PERA) on January 1, 2010. The merger legislation exempted a person who was a PERA retiree and an active member of the DPSRS as of December 31, 2009 from the PERA's work limit rule. This rule reduces the monthly benefit paid to a person who returns to work for a PERA employer for more than 110 days or 720 hours in a calendar year. Representative Miklosi closed by noting that House Bill 10-1425 extends the work limit rule exemption to a person who was a PERA retiree and an hourly employee of a school or charter school within the Denver Public School District prior to the merger.

The committee discussed whether the change in the legislation would benefit PERA's actuarial status. Representative Miklosi responded saying that the bill would not affect PERA's portfolio.

The following person testified:

11:26 AM -- Mr. Terry Campbell, PERA, responded to the ongoing committee discussion saying that the bill would not have an impact on the actuarial funding status of PERA's portfolio.
BILL:HB10-1425
TIME: 11:39:38 AM
MOVED:Benefield
MOTION:Refer House Bill 10-1425 to the Committee of the Whole. The motion passed on a 11-0 vote.
SECONDED:Labuda
VOTE
DelGrosso
Yes
Frangas
Yes
Gerou
Yes
Kagan
Yes
Kefalas
Yes
Labuda
Yes
Roberts
Yes
Summers
Yes
Swalm
Yes
Benefield
Yes
Judd
Yes
Final YES: 11 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS



11:40 AM

Adjourn.