Date: 02/20/2014

Final
BILL SUMMARY for HB14-1201

HOUSE COMMITTEE ON FINANCE

Votes: View--> Action Taken:
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11:27 AM

The committee went into a brief recess.


11:31 AM -- HB14-1201

Representative Priola came to the table to present House Bill 14-1201, and distributed a document summarizing the bill (Attachment C). He explained that the bill changes the manner in which the benefit amount payable to new members in the Public Employees' Retirement Association (PERA) is calculated. He stated that the bill only affects new hires and will help reduce the liability of the fund over time. Representative Priola responded to a question on whether new hires would receive lower retirement payments if the bill passes, and how the bill might help schools in Colorado.

14HseFin0220AttachC.pdf14HseFin0220AttachC.pdf

11:40 AM -- Benjamin Moultrie, representing the American Association of Retired Persons, spoke against the bill. Mr. Moultrie stated that the bill is attempting to address the issue of having an actuarially sound state pension plan. He summarized the legislative changes made to PERA by Senate Bill 10-001, and told the committee that the bill would impact future employees of the state in a significant way and in addition to the changes of 2010. Mr. Moultrie responded to questions on the impact calculations he had provided in his testimony, which PERA members he was testifying in protection of, and the flexibility of options available to the state in attracting talent.

11:50 AM -- Eileen Bond, representing the Colorado Senior Lobby, spoke against the bill. Ms. Bond stated that the lobby feels that the bill will hurt future retirees, and highlighted the importance of PERA's input into the Colorado economy.

11:53 AM -- John MacPherson, representing the Colorado Coalition for Retirement Security, spoke against the bill. Mr. MacPherson told the committee that the coalition represents over 200,000 retirees in the state. He stated that the bill is premature, and compared its intentions with the legislation enacted by Senate Bill 10-001.


11:58 AM

 HB 14-1201 was laid over to a future meeting. The meeting was adjourned.