Date: 03/01/2012

Final
BILL SUMMARY for HB12-1150

HOUSE COMMITTEE ON FINANCE

Votes: View--> Action Taken:
Moved Amendment L.001 (Attachment A). The motion p
Refer House Bill 12-1150, as amended, to the Commi		PASS
PASS



10:07 AM -- House Bill 12-1150 - Concerning PERA's Highest Average Salary Calculation (For Action Only)

(The House Finance Committee initially heard testimony and discussed this bill on February 23, 2012.)

Representative Priola, prime sponsor, explained that House Bill 12-1150 changes the manner in which the benefit amount payable to most members in the Public Employees' Retirement Association (PERA) is calculated. He noted that for members who are not eligible for retirement as of January 1, 2013, benefits will be calculated using seven periods of the member's highest average salary (HAS) rather than three. Representative Priola noted that the bill applies to all members, except those in the Judicial division who did not transfer from the Denver Public Schools (DPS) division.

Representative Priola distributed Amendment L.001 (Attachment A) and explained that it would change the salary calculation in the bill so that it only applies to newly-hired state employees and those who have not vested their pension benefits. The committee discussed the fiscal note and the potential change in the impact of the bill on the unfunded liability of the pension fund.

HseFin0301AttachA.pdf

The committee discussed whether there had been any research done on the potential change in the impact of the bill as amended. Representative Priola noted that at the time of the meeting, there was no formal analysis of the bill as amended. After a brief committee discussion, the following action was taken by the committee.
BILL:HB12-1150
TIME: 10:07:33 AM
MOVED:Conti
MOTION:Moved Amendment L.001 (Attachment A). The motion passed on a vote of 9-4.
SECONDED:Holbert
VOTE
Acree
Yes
Beezley
Yes
Conti
Yes
Holbert
Yes
Hullinghorst
No
Kagan
Yes
Kefalas
No
Labuda
No
McCann
Yes
Pabon
No
Swalm
Yes
Swerdfeger
Yes
DelGrosso
Yes
YES: 9 NO: 4 EXC: 0 ABS: 0 FINAL ACTION: PASS


BILL:HB12-1150
TIME: 10:44:36 AM
MOVED:Swalm
MOTION:Refer House Bill 12-1150, as amended, to the Committee of the Whole. The motion passed on a vote of 7-6.
SECONDED:Holbert
VOTE
Acree
Yes
Beezley
Yes
Conti
Yes
Holbert
Yes
Hullinghorst
No
Kagan
No
Kefalas
No
Labuda
No
McCann
No
Pabon
No
Swalm
Yes
Swerdfeger
Yes
DelGrosso
Yes
Final YES: 7 NO: 6 EXC: 0 ABS: 0 FINAL ACTION: PASS