Call to By the President at 9:00 a.m.

Order

Prayer By the chaplain, Dr. Mel Taylor.

Roll Call Present--Total, 30.

Absent/Excused--Bishop, Rizzuto, Wham--Total, 3.

Absent--Perlmutter, Rupert--Total, 2.

Present later--Perlmutter, Rupert.

Quorum The President announced a quorum present.

Reading of On motion of Senator Arnold, reading of the Journal of January 12th was dispensed with

Journal and the Journal stands approved as corrected by the Secretary.

SENATE SERVICES REPORT

Senate Correctly printed: SB 98-75, 102, 103, 104, 105, 106, 107, 108; SCR 98-1,

Services 2; SJR 98-3; SJM 98-1.

SIGNING OF RESOLUTIONS

The President has signed: SJR 98-1, 2; SR 98-1, 2.

COMMITTEE OF REFERENCE REPORTS

Business After consideration on the merits, the committee recommends that the following be

Affairs referred favorably to the Committee of the Whole: SB 98-3

and Labor

Business After consideration on the merits, the committee recommends that the following be

Affairs referred favorably to the Committee of the Whole: SB 98-67

and Labor

State, After consideration on the merits, the committee recommends that SB 98-5 be

Veterans, amended as follows and, as so amended, be referred to the Committee of the Whole

and Military with favorable recommendation:

Affairs

Amend printed bill, page 2, strike lines 10 through 15 and substitute the following:

"ASSETS OF THE PLAN. The board shall have full and unrestricted discretionary power and authority to invest and reinvest assets held within the fund subject to the provisions of section 15­1­304, C.R.S, or to provide for the investment and reinvestment of such assets. THE BOARD SHALL ALLOW EACH PARTICIPATING MEMBER TO EXERCISE CONTROL OVER THE INVESTMENT OF THE MEMBER'S ASSETS IN A PLAN. IN ALLOWING A MEMBER TO EXERCISE SUCH CONTROL, THE BOARD SHALL:

(a)  SELECT AT LEAST THREE INVESTMENT ALTERNATIVES, EACH OF WHICH IS DIVERSIFIED IN ITSELF, THAT ALLOW THE MEMBER A BROAD RANGE OF INVESTMENTS AND A MEANINGFUL CHOICE BETWEEN INVESTMENT RISK AND RETURN IN THE INVESTMENT OF THE MEMBER'S ASSETS;

SB 98-5

(Cont.)

(b)  ALLOW THE MEMBER TO CHANGE INVESTMENTS AT LEAST ONCE EACH CALENDAR QUARTER; AND

(c)  PROVIDE THE MEMBER WITH INFORMATION DESCRIBING THE INVESTMENT ALTERNATIVES, THE NATURE OF SUCH ALTERNATIVES, INVESTMENT PERFORMANCE, FEES AND EXPENSES OF INVESTMENT ALTERNATIVES, AND OTHER INFORMATION TO ENABLE THE MEMBER TO MAKE INFORMED INVESTMENT DECISIONS.".

______________________________

On motion of Senator Wells, and with a majority of those elected to the Senate having voted in the affirmative, the balance of the calendar of Tuesday, January 13, was laid over until Wednesday, January 14, retaining its place on the calendar.

______________________________

On motion of Senator Wells, the Senate adjourned until 9:00 a.m., Wednesday,

January 14, 1997.

Approved:

Tom Norton

President of the Senate

Attest:

Joan M. Albi

Secretary of the Senate