Date: 03/04/2009

Final
BILL SUMMARY for SB09-017

HOUSE COMMITTEE ON FINANCE

Votes: View--> Action Taken:
Refer Senate Bill 017 to the Committee of the WholPASS



02:25 PM -- Senate Bill 09-017 - Concerning the FPPA Reform Commission

Representative Riesberg, prime sponsor, explained the provisions of the bill. He noted that the legislation was recommended by the Police Officers' and Firefighters' Pension Reform Commission (FPPA). It modifies the benefits available to certain retired firefighters and police officers and their dependents.

The following person testified:

02:28 PM -- Mr. Kevin Lindahl, General Counsel for FPPA, responded to committee questions about pension benefits affected by the bill.

The committee discussed the FPPA investment portfolio and Mr. Lindahl noted that it lost 27 percent of its value as of the close of 2008. Mr. Lindahl responded by saying that the bill does not have a cost to the state and therefore, the fiscal note does not show a cost. Mr. Lindahl said that FPPA values the portfolio on a daily basis. The next update on its value will be available in May 2009. Mr. Lindahl closed by discussing the history of the FPPA and the recent changes that occurred after the old-hire pensions were fully-funded by the state.


02:49 PM
BILL:SB09-017
TIME: 02:49:37 PM
MOVED:Benefield
MOTION:Refer Senate Bill 017 to the Committee of the Whole. The motion passed on a 10-0 vote.
SECONDED:Kerr A.
VOTE
Apuan
Yes
Benefield
Yes
Gerou
Yes
Kefalas
Yes
Kerr A.
Yes
Lambert
Yes
Roberts
Yes
Summers
Excused
Swalm
Yes
Frangas
Yes
Judd
Yes
Final YES: 10 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: PASS