Date: 03/12/2015

Final
BILL SUMMARY for SB15-097

HOUSE COMMITTEE ON FINANCE

Votes: View--> Action Taken:
Refer Senate Bill 15-097 to the Committee of the WPASS



10:15 AM -- SB15-097

Representative Landgraf, sponsor, introduced Senate Bill 15-097. Current law requires that an assigned cobeneficiary of a Public Employees' Retirement Association (PERA) member must be a living person. The reengrossed bill removes this requirement by allowing a PERA member to designate a supplemental needs trust (trust) as a cobeneficiary that is eligible to receive a benefit. The bill defines a trust as a valid third-party special needs trust established for a member's or retiree's child as the beneficiary of the trust. The trust must comply with all applicable laws under the Colorado Medical Assistance Act and the federal Social Security Act. The Department of Health Care Policy and Financing is required to review and evaluate the effect of any trust established on medical assistance eligibility. The trust must be solely for the benefit of a single living beneficiary. The bill also addresses various situations concerning benefit options, cobeneficiary designation changes, survivor benefits, health care eligibility, and annuitization. Representative Landgraf stated that the bill is needed for PERA members with disabled beneficiaries.

10:19 AM -- Ms. Jennifer Schreck, representing Colorado PERA, testified in support of the bill. She discussed the need for the bill and the definitions of various terms in the bill.
BILL:SB15-097
TIME: 10:24:34 AM
MOVED:Court
MOTION:Refer Senate Bill 15-097 to the Committee of the Whole. The motion passed on a vote of 10-0.
SECONDED:Foote
VOTE
Becker K.
Yes
Conti
Excused
Garnett
Yes
Kagan
Yes
Pabon
Yes
Priola
Yes
Roupe
Yes
Van Winkle
Yes
Wilson
Yes
Foote
Yes
Court
Yes
FINAL YES: 10 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: PASS