Below you’ll find summaries of proposed legislation affecting Colorado PERA. The status of each bill will be updated regularly.
Any position the Colorado PERA Board takes on a bill will be reflected below as soon as it becomes available.
Last updated: Aug. 31, 2021
SB 21-228
Bill Title: PERA Public Employees Retirement Association Payment Cash Fund
Concerning the creation of the PERA payment cash fund to be used for future payments to the public employees’ retirement association, and, in connection therewith, making an appropriation.
Bill Summary: The bill creates the PERA payment cash fund (fund) and appropriates $380 million from the general fund to the fund for the 2020-21 state fiscal year. The state treasurer is required to use the money in the fund for the $225 million direct distribution payment to PERA on July 1, 2022, subsequent direct distributions, and any of the state’s employer contributions or disbursements.
Sponsors: Sen. Chris Hansen and Sen. Dominick Moreno, Rep. Julie McCluskie and Rep. Kim Ransom
Bill Status: Signed into law by Gov. Polis on May 4, 2021
Bill History:
- May 4: Signed by the Governor
- April 5: Introduced in Senate
- April 6: Passes Senate Appropriations Committee with amendment
- April 8: Passes Senate second reading
- April 9: Approved by Senate, introduced in House
- April 13: House Committee on Appropriations refers unamended to Committee of the Whole
- April 14: Passes House second reading
- April 15: Approved by House
PERA Board position: The PERA Board did not take a position on this bill.
HB 21-1246
Bill Title: PERA Public Employees’ Retirement Association Divestment From Fossil Fuel Companies
Concerning Divestment action by the public employees’ retirement association against companies financially involved with fossil fuel companies.
Bill Summary: The bill would require the PERA Board to create an exclusion list of all direct investments PERA has in fossil fuel companies.
Within 6 months after completing the exclusion list, the Board would be required to determine whether Divestment from the companies on the exclusion list complies with the Board’s fiduciary obligations. If the Board determines that Divestment from any company on the exclusion list does not comply with its fiduciary obligations, the Board will remove the company from the exclusion list.
If the Board determined that Divestment from any company on the exclusion list does comply with its fiduciary duty, the Board would be required to divest from those companies on the exclusion list. And the Board would be required to cease new direct investments in any company that is a fossil fuel company.
Beginning one year after the effective date of the bill, the Board would be required to ensure that no money or assets of the fund are invested in an indirect investment vehicle unless the Board is satisfied that such indirect investment vehicle is unlikely to have in excess of 2% of its assets directly or indirectly invested in fossil fuel companies.
The Board would be required to issue periodic reports to the members of the pension review commission of the General Assembly outlining all actions taken to comply with the requirements of the bill.
Sponsors: Rep. Emily Sirota and Rep. Sonya Jaquez Lewis
Bill Status: Postponed indefinitely
Bill History:
- March 25: Introduced in House
- March 19: Postponed indefinitely by House Finance Committee
PERA Board Position: Per the Board’s Statement on Divestment, PERA serves the singular purpose of ensuring the retirement security of Colorado’s current and former public servants. Global issues are difficult to prioritize and proper recourse falls beyond the duty of the retirement system. PERA opposes Divestment efforts unless such opposition is inconsistent with its fiduciary duty and recommends the legislature thoughtfully consider such proposals with caution and fiduciary care.
HB 21-1136
Bill Title: Judicial Division Retirees Temporary Judicial Duties Compensation
Concerning modifications to the policies governing judicial division retirees returning to temporary judicial duties.
Bill Summary: Retired judges may currently perform judicial duties for 60 or 90 days with written permission from the chief justice of the Colorado Supreme court. This bill would allow retired judges to do the same for 20, 30, 60, or 90 days per year. In addition, under current law a retired judge must enter into the agreement prior to retirement or within thirty days prior to the retirement anniversary in the next five years of retirement. This bill would remove that limitation.
Sponsors: Rep. Kerry Tipper and Rep. Terri Carver
Bill Status: Signed into law by Gov. Polis on May 4, 2021
Bill History:
- May 4: Signed by the Governor
- April 26: Senate passes on third reading
- April 23: Senate passes on second reading
- April 23: Senate Appropriations Committee refers to Committee of the Whole
- April 14: Senate Judiciary refers unamended to Senate Appropriations Committee
- April 9: Introduced in Senate
- April 8: Passed by House
- April 7: House passes with amendments
- April 5: House Appropriations Committee refers to Committee of the Whole with amendments
- March 1: Introduced in House
PERA Board Position: The PERA Board does not have a position on this bill.
HB 21-1213
Bill Title: Conversion Of Pinnacol Assurance
Concerning the conversion of Pinnacol Assurance from a political subdivision of the state into a stock insurance company owned by a mutual insurance holding company.
Bill Summary: This bill would convert Pinnacol Assurance, which provides workers’ compensation insurance, into a private company. As part of this conversion, Pinnacol would disaffiliate from PERA and make a payment to PERA to cover its portion of PERA’s liabilities. Current Pinnacol employees would become inactive PERA members after the disaffiliation date but would be eligible for future benefits. Current PERA retirees who were employed by Pinnacol are not affected by this bill.
Sponsors: Rep. Matt Soper
Bill Status: Postponed indefinitely
Bill History:
- March 22: Postponed indefinitely by the House State, Civic, Military, & Veterans Affairs Committee
- Introduced March 5
PERA Board Position: The PERA Board holds that all disaffiliations should be treated the same and the methodology used to determine the cost for disaffiliation should align with the framework provided by the general assembly under current statute.
FiduciaryA person who manages money on someone else’s behalf and who has a sworn responsibility to manage those funds in the best interest of the client. DivestmentThe act of selling one’s investments in a particular company or sector, often for philosophical or political reasons.DivestmentThe act of selling one’s investments in a particular company or sector, often for philosophical or political reasons.DivestmentThe act of selling one’s investments in a particular company or sector, often for philosophical or political reasons.Postponed indefinitelyA motion that halts all further consideration of a bill. In practice, this means the bill has failed.
When is the State going to return the $25,000,000 or $25,000,000,000 it borrowed from our PERA reserved funding?
This should be budgeted before new plans for new spending.
Fair question. Cannot wait to see the answer!
Thats a great question. Who will answer it?
Agreed
We are going to need to every dollar we can get back. Inflation is coming rampantly and our retirement dollars are going to be diluted to the point that we will be eating beans and rice. We need paid back back by the state and we need our original 3% COLA just to break even.
Agreed
Agreed…Retiree’s COLAs needs to be restored to at least 3%. Cost of EVERYTHING is going UP and UP!!!!!
Agreed
I’d bet none of the CEO’s are suffering like us. We figured it our and over the next several years of retirement plus what we’ve already lost we’ll loose over $165,000 due to the loss of raises and lower amounts.
Where are our elected officials when the Communist faction in Colorado government is making stupid decisions that have to do with my retirement
Who exactly is a registered communist? Please verified info only.
Good question!
PERA leadership needs to step up, take off the bus driver uniform and put on some boxing gloves and really advocate for retirees. Currently PERA is just Colorado’s piggie bank.
I read the front page story today in the Denver Post on the Governor’s proposed budget. To me it effects PERA funding.
Gov. Polis is proposing all kind of new and flashy things to spend a $700M+ surplus on this year from the overly aggressive budget cuts last year when he signed off on a law change that chopped off the legally obligated $225M contribution to PERA for July 1, 2020. This surplus is not to be confused with covid relief bill money. So apparently, this surplus will not be used to back fill the $225M panic cut to PERA last year (and other important line items) but on new and fun projects.
How is this fair, ethical, moral and/or legal ?
I would love to be able to get away with that in my personal life. Maybe not pay my mortgage, claiming anxiety of possible future financial distress, but still keep living in that house. And soon after, I buy a new car because things did not get so bad after all. I park the new car in my garage of this house that I stayed living in, because I said I can.
Colorado has a legal obligation to adequately fund PERA, including adequate annual cost of living increases and affordable PeraCare. PERA retirees really need a strong lobbying arm like the teacher’s union – but they don’t because they are older, sicker, poorer, and less organized than other groups. So sad! Oh! Get ready for higher inflation!
How can we organize because most state legislators have washed their hands clean of PERA from a few years ago (before Polis time) when they “gave” what they could and then we were frozen and then dropped from 1.5 increase to 1.25 this year for standard of living. JOKE!!!
It was actually 3.00 originally. They took away part of it in 2006 and have just kept lowering it, pretty soon they will have it where they want it at zero. At 76 I don’t have the energy or means to fight it, and the know it. So much for promises.
I wonder when they are going to tell us that we will get no annual increase this July?!?!?!??!
If you read the wring in the American Rescue act 2021. No stimulus money sent to the states can be used to fund a pension plan.
Agreed. I am shocked that PERA does so little to stand up for retirees. Management and Board members need to advocate for its members.
Hi Chuck,
I agree with your sentiments. Regarding the 225 M, I wrote to Representative Sirota to amplify that concern in addition to my disappointment with their failure to do anything to restore or even improve the COLA (annual increase). The following is her reply.
Hi Paul,
Thanks for staying in touch re: PERA. I hope you’ll be happy to know that the Joint Budget Committee has already moved to restore that $225M cut that was made in the 2020 budget in the midst of the COVID crisis. They’ve restored many of the cuts that were made last year. With regard to the COLA, I have had conversations with Secure PERA and others about how we might think about the changes that were made a few years ago and adjusting going forward. I would say those conversations are ongoing, and I welcome any of your contributions or thoughts.
Best,
Emily
Emily Sirota
CO State Representative
House District 9
Mr. Paul,
Thank you for sharing this constituent communication from Representative Sirota (D-Denver, DU/Observatory Park area). I think many PERA members need to inform her that “Secure PERA” is a dubious group and does NOT represent me! I hope many PERA members contact her (and other legislators) and tell them directly how they feel! And remember to say “Secure PERA” and the PERA Board & Staff (PERA B.S.) don’t represent the bulk of PERA members (anymore than a phony yellow-dog union represents state workers under legislative permission and political control). Thank you again for your efforts… I hope (and urge) others to contact Ms. Sirota and other state legislators now!
I contacted her and didn’t receive a response. It’s nice to hear you received a response although it is full of political double speak.
Where is the response to this? What is PERA doing about it? No answer
Well said !!!!
Sad for sure….I wonder how anyone in their right mind could elect Biden. Sorry, but his policies and weakness are anti to almost everything we know and expect from a government that truly cares about Americans beyond temporatry handouts. Inflation and escalation in costs on every front of the economy are happening now……is it too late to demand changes? PERA can become a target like other pension funds, then what do you do? Agreed, PERA needs to be very aggressive for its members and not sit back.
What did you expect from the Democrats
Give it a rest Mr. Segul. Party blaming doesn’t work here. PERA has been abused by Republican legislators and Democrat legislators alike. It’s one of the few things they have in common.
To your question about what I expect from “the Democrats. I have a fairly low bar for them. I expect them not to pander to or align with White supremacists, Neo Nazis and conspiracy theorists.
I agree 100%
I agree too, thank you
I agree, they have been that way for how long now?
All political parties (R/D/I) bear responsibility. This has been a problem for decades that continues to grow as it keeps getting pushed down the road. Promised made and repeatedly not honored.
Democrats my foot these cuts were originally introduced by Republicans. Wake up
I am sorry the original PERA theft of 2010 that has set ground works for the rest of the cuts non promises and such was a bill floored by the Democrats and the Republicans jumped both feet in and made it Bi Partisan. If the saveperacola.com site had not been stolen by some overseas gambling org and had all of its documents stolen you could use it as a source for more info on the history of the great 2010 pension heist the start of the end for PERA.
Control of para funds should be left with the board. Funds borrowed last year where to have been returned this year. The state has a responsibility to follow through with their promises.
The 225M should be paid and not allowed to just be forgiven until we don’t remember it was cut.
True. This must be paid back AND this years monies be put in also.
I agree. This is just a repeat of past economic crisis and PERA employees and retirees are left holding the bag and then have to try to explain why it is the State’s unfunded obligations that keep threatening the so-called unfunded liabilites which ALWAYS falls on the backs of and is taken out of the pockets of PERA members.
Make no mistake this has been done by both Colorado Democrats and Republicans.
We are a large voting group and need to insist Pera meet its fiduciary duty to us. Hire an attorney and file a federal suit. It appears to me our money is missing and it appears the State is the thief. Call the Feds!!
totally agree
ABSOLUTELY AGREE!!!
Q: What’s a politician’s promise?
A: A lie.
What ever happened to the Windfall Elimination Provision Bill?
Blown in the wind. Out of sight, out of mind. Just delayed again?
…. and to add insult to injury to the WEP, any social security we do make gets taxed up to 85% of what ever PERA we make over $44K.
We need to ban together and eliminate WEP
YES!
AMEN!!!
I believe (hope) you are talking about H.R. 82, the Social Security Fairness Act that would abolish GPO & WEP.
Each year, a bill like this is introduced & gets quite a bit of support, but never gets quite enough support. Currently, the bill has 111 cosponsors. 79 of those are democrats & 32 are Republicans, so it is truly a bipartisan bill. As of this point, only one Colorado congressperson has cosponsored the bill, and that is Ed Perlmutter. Thanks to Representative Permutter.
The only reason this bill doesn’t ever pass, despite getting close every year, is because too many retirees sit back and expect others to do something about it. EVERY single one of you needs to write to your congressperson and call them. I have contacted Joe Neguse three times already this year. I try to keep it positive and congratulate him for all the important things he is doing, but then I remind him that we need his support & cosponsorship for H.R. 82.
I am confident that Representative Neguse and other Colorado members of Congress would become cosponsors if they heard from enough of us. It’s fine to complain on websites like this one, but it won’t get us very far. We ALL need to contact those who can actually do something about repealing GPO & WEP.
This is helpful — thank you. I agree, many of us need to reach out. I’m on board.
Thank you, I will contact them
Absolutely agree. I have contacted my Rep and Senators each legislative session.
Remember, you can only contact YOUR Congress person if you live in his/her district. Take a minute to find out who this is and then send your correspondence!
I am a PERA retiree and collect SSA benefits. And of course, I do not agree with the WEP act. I reside out of state. Which Colorado representative can I contact to give my input. Do I have that option?
WEP and GPO are federal issues, so address them to your US Representative and both your state’s Senators.
I agree. Though not retired, I think it’s important that all who contribute money toward PERA retirement benefits and all who contribute money toward Social Security benefits should get their fair share of both retirement benefits. To contribute to both and to receive both is just. It doesn’t make sense to contribute to both yet only receive benefits from one or the other. We live in a world that is complex and evolving- where change is the only constant and flexibility and adaptability are critical to success. Switching careers at least once in a lifetime is commonplace in this era. How could such an unjust and stagnating policy that discourages teachers from entering and leaving the profession exist? Who IS the winner? Definitely not middle class professionals. For any PERA employee, past or present, I encourage you to write your congressperson and ask them to support H.R. 82. Call or email them during you lunch break. You never know where life may lead you and where you might find yourself landing in your career. And how sad it is for all teachers and all students if personal decisions to stay in or out of the teaching profession are made as a result of an unjust retirement steal.
Thank you for a name I can contact. I never knew where to start!
Thank you for this very useful background information and recommendation. Do you happen to know when they will vote?
I have been emailing my reps as well. It’s the only proactive thing we can do as members to have our voice heard.
Kevin,
Maybe you could draft “sample” statement to our respective representatives that we could use when contacting them.
Thanks
Agreed!
When many current retirees were hired, over 50 years ago, we were assured that the PERA retirement program would provide a 3% annual “cost of living” increase each year. A contract, if you will. PERA has, to the best of my knowledge, been managed very well over the past 60 or so years. If the State has “borrowed” from this fund, it MUST be paid back with interest. As would any lending agreement. That seems the right and Legal thing to do!
Laws, fairness, common sense, decency, etc. apply to everyone except politicians. Scum of the earth.
Agreed!
You are SO right. Once you retire, it is harder to change life’s decisions about how to proceed with the future, especially when promises were broken. We could have stayed and worked a few more years to increase our base, changed to private companies at some point where we would make more or another of many choices. We stayed with the State and PERA because we believed in it, it is so unfair that that so many cuts have taken place. I understand some, but it seems to me they should be made for those starting their careers or sooner into them so they have a realistic understanding and time to adjust what they need to do for retirement. We don’t always have those choices at out age. I guess the best way to make up time is keep working outside the PERA and work the 30 years (or as many above 20 as your health and age permit) to gain some Social Security. Remember we work 20 years and pay into Social Security to get 40% of what everyone else gets in 10 years. Then we get an additional 10% for every year we work thereafter until we hit 90%. WEP is SO unfair!!!!!!!!!!
I am so frustrated that the state can not provide better insurance prices for their employees who worked their asses off for 20-40 years for them. Pre-Medicare insurance is so costly . I pray to God I don’t end up in the hospital in the next 2 years, because I can’t afford it. Some people are lucky enough to have a spouse that can get them better insurance thru their jobs, I don’t . They are making insurance cheaper for people who go to the internet to buy it, why not PERA! I agree with all other comments on here.
Hi Kim,
Thank you for your comment. We understand that rising health care prices are a major concern for retirees and something PERA staff works hard to address. PERA aims to offer plans that offer quality coverage for the price. We also encourage PERA retirees to review all their insurance options to find the one that works best for them, even if it is not a PERACare plan.
There are some key points to keep in mind when comparing PERACare pre-retiree plans to others First, PERACare plans are made up of retirees. People who are older utilize more health care on average than younger people. Plans you might find on a public exchange like Connect for Health Colorado likely have a pool of insured people who are younger on average than a retiree-only plan. Because premiums are directly related to the cost of the health care services used, this can be a factor. Second, PERA retirees have a health care subsidy to put toward PERACare plans while those shopping on the public exchange can be eligible for varying amount of subsidies based on their income levels. The amount of these subsidies vary from person to person and can certainly influence the final price.
Thanks for your response. The post Medicare insurance plans are fairly pricey too. Additionally, we have to pay the Medicare premium PLUS the PERACare premium AND the subsidy decreases once the retiree is on Medicare. All of that increases the monthly premium cost substantially.
I made on reply to you but forgot to say that, I believe, if a person elects to get a policy outside of PERACare they cannot come back to PERACare. Given that, it is a little risky to move away from PERACare when you can’t come back.
A PERA retiree who is on a PERACare plan and then leaves for a different plan outside of PERACare is welcome to return to a PERACare plan at any time in the future during the annual open enrollment period.
I would like to see that the subsidy of $230 for 20 plus years be increased It has not been increased in at least 30 years even though the cost of insurance has just went up. Someone please tell me why it hasn’t increased. Also if we paid into this fund to gain a subsidy we should be able to get it for any insurance we choose to purchase not just PERACARE. So PERACARE is way to expensive even with the $230 subsidy and there are a lot of retirees that don’t qualify for the Affordable Health Care Subsidy so give us what we paid for and deserve. Another issue I have is PERA won’t take outside insurance premiums out of your retirement check screwing public service workers out of a 3K tax break every year! How much more do you want to take from retirees?
Currently all you offer is a super expensive catastrophic care plan with all other health care paid for out of pocket. What you give us is a bill of $00+/month for the right to pay $1000+ more a month for actual health care. How about you keep open enrollment open in a time frame that lets us shop the exchanges to find comparable care instead of hamstringing us by closing a week before the exchanges open? I found the exact plan with identical benefits, but only obliging the buyer to a $3600 deductible and $7000 out of pocket. it may cost me $180 more a month, but that is far short of the $2000 a month extra we have to pay to use the illusion you offer us as “health care”.
Rising health care costs are a concern to retirees everywhere. With PERACare, we hope to provide retirees with multiple health care options. However, we also know that health care plans are not one-size-fits-all. We always encourage retirees to look at all their options, including those outside PERACare, in order to find a plan that suits them best.
Agreed! I am in your same position. I also pray you do not have to have medical care before Medicare. I have had medical issues for 2 years and have had to pay the $6,000.00 copay each year + $8,000.00 for surgery + 20% for everything else. Have been working 110’s for 3 years to pay for medical costs, ironically sick the whole time.
Pera wants the medical insurance to be high. That way you go else where to get your health insurance, and they get to keep the money that suppose to be subsidize for your insurance through the state. I wonder how much money they get to keep by doing this?
Hi Glenn,
PERA’s Insurance team is actively engaged with PERA’s insurance carriers, as well as community organizations in efforts to achieve better quality and lower cost for our retirees. We also know that healthcare and prescription costs continue to rise for our retirees as well as for people across the entire country. However, we do want to assure you that PERACare always offers the lowest possible premium for the plans in the PERACare program – they are never artificially inflated to deter retirees from enrolling.
Losing the $225M that the state agreed to put toward our pension plan becoming better funded was the result of PERA agreeing to that legislation back in 2018. The PERA Board and leadership knew going in to this that it was always contingent upon the ability of the State budget to fund it. 2020 was certainly an anomaly and State legislators could not have anticipated the looming state budget crisis that could have occurred during the negative economy as a result of COVID. Having said that, I agree that new found money or state budget surpluses should definitely be used to pay back the $225M owed to PERA.
And a footnote to Mr. Segul who said “what do you expect from the Democrats”. Unfounded partisan comments are just that, unfounded partisan lies. He should know that the Democrats in the state legislature have been fighting numerous Republican attacks to defund and weaken our pension plan for decades. That comment is not intended to be partisan, just the facts. This comment is from a former PERA Trustee who knows how the sausage is made.
Happy to see you aren’t being partisan.
Can you give specifics of when either party attempted to defund our pension plan over the past two decades?
Thanks
Do your own homework, it is a matter of clear public record that the Republicans have been trying to privatize public employment for decades.
Also, Republicans are responsible for introducing and passing the outrageously unfair WEP, Democrats fought against it.
Either the State pays back the 225 million now or they will have to pay even more when PERA does not get fully funded in the time they have projected back in 2018 when us retirees had to pay a cut to out COLA. This means the tax payers of Colorado will have to pay more once PERA goes bankrupt because PERA is not able to take the 225 million and invest it in profitable companies unlike what the State legislature is attempting to do by requiring PERA divest in fossil fuel, a very profitable industry home to Colorado and high paying Colorado jobs!
Since you know the facts so well maybe you should be watching something besides CNN , perhaps FOX NEWS, to get the truth of what’s happening in this country.
I would like an update the WEP Elimination bill please.
Hi Jennifer,
The bill was referred to the House Ways and Means Committee but has not had a hearing or vote. You can track it here if you’d like: https://www.congress.gov/bill/117th-congress/house-bill/82/all-actions?overview=closed#tabs
Thank you for this link. Even though the WEP is a Federal law it is so unfair and hurts a lot of employees who had social security taken out of non-State employment earlier in their careers before becoming a State employee. It hurts single , widowed employees especially who need their full earned social security benefit desperately. For the Federal government to take half of money we put into Social Security and earned the required quarters this is just theft on our backs. Many people get two retirements from Military & private companies! We should NOT be penalized! We NEED PERA to at least STRONGLY ADVOCATE for us please! I realize this is not a State law but it affects too many PERA retirees! People who worked 30 years or more in social security are not affected by the WEP but a lot of us did not work 30 years before State employment but DID get the required amount of earned quarters to get social security but when WEP takes HALF of it is unconscionable
Please don’t just settle for an “update” on the bill, Jennifer. Contact your representative/congressperson and ask them to cosponsor H.R. 82. So far, only one Colorado representative has done so. There’s no reason why they wouldn’t or shouldn’t.
I keep wondering and watching this as well
Yes!!! I still can’t believe that the seven years I worked before PERA and the 12 years I’ve worked after PERA doesn’t calculate for me exactly the same way it does for everyone else. This is robbery from those who dedicated their lives to public service. IT MUST BE REMOVED!!!!!
Has anyone who has written a comment checked with the governor’s office or a state representative to find out the status of this? Maybe we all should.
Hi Mary,
Can you clarify which issue/bill you’re referring to? We’d be happy to provide more information if we can.
WEP elimination requires congressional action because it is a federal, not a state, law.
HR 82, Social Security Fairness Act of 2021, was introduced on 1/4/2021 to repeal the WEP/GPO. To date, it does not have any Colorado co-sponsors.
Please contact your congressional representative and ask them to support the bill.
Good news Marie… One Colorado representative, Ed Perlmutter, has cosponsored H.R.82. But you’re absolutely right. Every single PERA retiree should contact their representative and ask them to support this bill.
Hi Marie, Yes you’re correct about this being federal legislation… and for the record Congressmen Perlmutter, Polis (when in Congress), Tipton (yes a Republican, replaced by a whack-job) have supported such federal legislation in the past. Representatives Neguse (D-Boulder) & Crow (D-Aurora) ought to be supporters (I just haven’t kept track), but both Buck and Degette repeatedly ignore us! There’s probably another Representative, who’s name and significance escapes me, but he’s probably against us… oh yea, Lamborn (R-Colo. Spgs.), a district with lots of PERA members who should ride him hard for support and not accept any waffling (same for Ms. Degette, D-Denver)! If the Social Security Fairness Act ever gets to the Senate, then I’m sure it will be a full court press to get Colorado’s so-called Democratic Senators to sign on… but we can always hope.
Wow! here we go. The republicans this, the democrats that. Quit bickering and get a life. Neither party is working for us and that folks is THE fact, and why is the pera board not demanding the 225mil, be put in the pera fund????? By the way is the 225mil, for this year going to other pet projects also????? Polis! must be held accountable for this money he promised. and quit playing with our future!!!!!
The bill to divest Pera from any hydrocarbon related companies is, perhaps not the dumbest bill encountered (although it comes strikingly close), but it is so hyper-political and nonsensical that it defies logic. It is a stark example of the economic ignorance of politicians. Would that the public could have an honest debate about issues like this.
HB21-1246 This bill is absolutely one of the worst examples of sound fiduciary policy for any size intuitional investor! As stewards of PERA members’ monies, the Board of Trustees, Staff and Legislators should NOT engage in policies that limit the opportunities that the markets provide. The Legislators that have authored and others that support such a policy should stick to managing their own pass book savings account. A passbook savings account maybe too involved for them. This bill is a demonstration of the lack of basic understanding of economics and institutional investing. This policy will not change the demand / market for such products and will negatively impact PERA’s well-being. Negative impact policies are not found in the definition of a “FIDUCIARY”!
This is a very Foolish bill.
I agree
I agree wholeheartedly!
I agree and just emailed the Bill’s sponsors the following (also copying the House Committee members):
————
HB 21-1246
Dear Representative Sirota and Senator Jacquez Lewis,
You both have a lot of nerve injecting your obvious personal social agendas (i.e. climate change) into PERA. I am about to be a PERA retiree and want to be sure that PERA survives. Almost every year or two or three, politicians (Democrats and Republicans alike) constantly introduce bills attacking PERA’s funds. I am so sick of it and your Bill is just another unjustifiable blatant attempt to do the same. What makes your attempt worse is that it has nothing to do with improving the financial health of PERA. To say that I am angry is an understatement.
Personally, I have no problem with trying to clean up our environment and “make a difference,” as the case may be. However, such efforts should have absolutely NOTHING to do with PERA. “Colorado state law outlines the fiduciary responsibility that all PERA Trustees have: to carry out their functions solely in the interest of members and benefit recipients and for the sole purpose of providing benefits and defraying reasonable expenses incurred in performing such duties. This means that all Trustees, regardless if they are elected, appointed, or ex officio, serve as fiduciaries who protect the assets of the PERA trust funds.” (https://www.copera.org/sites/default/files/documents/serving.pdf). Your Bill completely interferes with that statutory mandate. Here’s an idea….let PERA do its job.
Divesting from your targeted fossil fuel companies may result in a loss of positive financial returns thereby hurting the market value of PERA’s investments and exacerbating PERA’s current unfunded liability status. Free market forces have already caused fossil fuel companies to adapt to cleaner technologies over recent years. At present, there is absolutely nothing illegal about PERA investing in fossil fuel companies, especially if doing so is in the best financial interest of PERA. Instead, your Bill is simply a judgmental, “holier than thou,” personal social agenda statement. Nothing more, nothing less.
I hope you will reconsider and withdraw your Bill and focus on other legislative ideas (e.g. tax incentives) to effectuate your social agenda.
Amen!!!
Well said. Unfortunately, it is going to a take continuous fight.
It was tried with tobacco stocks many years ago, guess what, you can’t punish companies by not buying their stocks. It just makes an opportunity for other investors.
Thanks for your comments.
Why can’t the $115 subsidy be portable for retirees to apply to any medical plan?
Why can’t retirees be offered the same premium cost for dental plans as employees?
As a PERA retiree now living in North Carolina, I wondered how NC recently was able to announce that for the 2021 year, its state retirees will receive a 2% COLA. Despite COVID-19. Presumably, the money is there for folks who often worked in less-than-favorable circumstances to qualify. Our Governor Cooper has asked for a 10% increase for teachers’ salaries. The outcome of this request is unknown as of today.
The articles I read are despicable. Our board needs to step up and defend our investments. What is this about not investing in fossil fuels?
Agreed. You need to email the Bill’s sponsors and copy the entire House Finance Committee….as I already did. The hearing on the Bill is April 19th
Pera has not defended retirees in the past. Lots of broken promises. No reason to think they will now.
Unfortunately “some” PERA members (current and retired) actually BELIEVE this is needed to combat “climate change.” For “true believers” it doesn’t matter the fiscal impact thought I would wager they will be the FIRST to complain about reduction in benefits IF this legislation were actually passed. Thank goodness, it was TABLED for the foreseeable future. BUT BE WARE, they likely will return to try, try again.
Can someone please explain SB 21-228 (PERA Public Employees Retirement Association Payment Cash Fund) fully?
It seems there is $380M being put aside from this year’s budget, with $225M being paid to PERA on 7/1/22 (next year!).
What happens to the balance ($155M)?
What is being paid on 7/1/21 to make up for not paying $225M on 7/1/20 (last year due to COVID)?
Couldn’t the balance just be paid to PERA now to make up for last year (and apparently this coming fiscal year’s) missed payment?
Will retirees be getting a cost of living this year because groceries and other services prices have gone up a lot and we need an answer at least
I have the same question Tom. Why not use the balance to partially fund the $225 M in FY 2021?
C’mon PERA Board & Staff (PERA B.S.) – Time for PERA B.S. to update this P.O.T.I. site!
The wacky divestment bill (HB-1246) has been postponed indefinitely! Now if PERA B.S. will just quit funneling unearned investment and lobbying fees to Wall & 17th Streets! If the green machine is so adamant that fossil fuels are a poor invest in financial terms alone, then do everybody a favor and proposed legislation that rewards or fires PERA B.S. on the basis of performance.
Now if the legislators would just get the dead-beat state to pay its bills and pony up on all the employer contributions they’re in arrears to the pension fund.
Here’s a link to a typical pro-capitalism at any cost news outlet on the status of HB-1246 (Caution: The pro-capitalistic stance is for fossil fuels because most capitalists love dirty money, while at the same time they could care less if PERA goes broke, because they generally hate government and the poor folks who were employed by the state) – https://www.bizjournals.com/denver/news/2021/04/20/colorado-legislature-pera-divestment-fossil-fuels.html
I politely expressed my opinions on the divestiture issue to the 2 sponsoring legislators. Unfortunately, I never received a reply. This seems to be the standard now……….don’t reply to constituents.
You need to call your congress people and ask them to sign on to repeal the WEP/GPO–(Social Security Fairness bill). So far only Perlmutter has done so.
Bennet-202 224 5852
Hickenlooper-202 224 5941
Degette-202 225 4431
Neguse-202 225 2161
Boebert-202 225 4761
Buck-202 225 4676
Lamborn-202 225-4422
Crow-202 225-7882
Each call takes only a few minutes. Their office staff keep track of why constituents are calling. Stop wishing and start dialing!!
I don’t know why that everywhere we have responsibility areas, as we get older, perhaps not as physically fit, slower in many ways, every single day it seems we are faced with outrageous amounts of changes, new rules, regulations, never with a simple-to-understand explanation, no assistance offered to help us comply with all the legalese we have just had dumped in our laps, etc. I had to drop my PERA retirement health insurance because the premiums and co-pays were insane. Fair prices are a thing of the past, it seems, in every aspect of life. So sad.
?
I appreciate PERA continuing efforts to eliminate WEP. When a spouse dies, the surviving spouse can keep only one Social Security account even though most expenses remain the same. Two thirds of any PERA retirement is deducted from that single Social Security.
The state spends millions on stupidity such as studies for a high speed service train from Pueblo or Colorado Springs to Boulder but can’t pay PERA the money it is suppose to pay. Plus they borrowed from PERA and don’t repay it. Shows they want money in their pockets.
This is the same state that is writing off $64M in FRAUDULENT unemployment claims during COVID????? (per channel 4— 5/11/21)
any collection agency in the state would take on these collections on a contingency basis, yet the state says it would cost too much to collect!
Update on efforts to repeal GPO/WEP:
GOOD NEWS:
1. House Bill H.R.82 now has 142 cosponsors with 104 Democrats and 38 Republicans currently signing on in support. It is definitely getting bipartisan support, and the number of cosponsors grows each time I look at it. You can find more information about this Bill at https://www.congress.gov/bill/117th-congress/house-bill/82/cosponsors?searchResultViewType=expanded
2. There has now been a GPO/WEP repeal Bill introduced in the Senate. S.1302 already has 28 cosponsors with 23 Democrats, 4 Republicans and 1 Independent Senator signing on in support. To see this Bill, check out https://www.congress.gov/bill/117th-congress/senate-bill/1302/cosponsors?searchResultViewType=expanded
As you all know, some Bills don’t stand a chance of getting passed because of party or personal opposition by a (often slight) majority of legislators. The two Bills mentioned above do not fall into that category. These are the types of Bills that are ‘sleepers.’ They often languish in a huge stack of legislation not out of any specific dislike by legislators, but because they don’t command enough attention. That is where you come in. If each one of you called (preferably) or wrote to your representatives (You only need to contact one Senator and one Congressperson.) and explained (briefly is fine) why you would like them to cosponsor these bills, there’s a very good chance that these Bills can be passed and sent to the President for his signature. He has already stated that he would sign any GPO/WEP repeal Bill.
(BTW, Congressman Perlmutter and Senator Bennett have already cosponsored these Bills.) Please contact your representatives and ask them to cosponsor these Social Security Fairness Bills also. Thanks to Pam Arnold for sharing these phone numbers:
Senator Hickenlooper – 202 224 5941
Congress members who have not yet signed on to support retired public servants:
Degette-202 225 4431
Neguse-202 225 2161
Boebert-202 225 4761
Buck-202 225 4676
Lamborn-202 225-4422
Crow-202 225-7882
You can also reach your congress members via email/message at: https://www.congress.gov/members?q={%22congress%22:117}&searchResultViewType=expanded
Here’s a web page to contact Senator Hickenlooper: https://www.hickenlooper.senate.gov
A phone call AND a web/email contact would be ideal.
Thank you – it would be nice if PERA sent out an email with this information to ALL PERA members – then we could make sure many more people are calling and emailing
I totally agree Laura!! We could definitely use more support from PERA. This is an issue that would not cost them anything but would directly benefit a high percentage of PERA recipients.
Update #2 to GPO/WEP Repeal Progress: More Good News!!!
Thank you to those of you who contacted Congressman Joe Neguse. Your contact paid off. He just signed on as a cosponsor to H.R.82. Colorado now has two congressmen and one Senator cosponsoring the repeal of GPO/WEP. This proves that our representative truly WILL listen and support us if enough of you contact them.
Every time I look at the congressional cosponsors list, the number goes up. This could really happen in 2021, but ONLY IF YOU ALL CONTACT YOUR CONGRESSIONAL REPRESENTATIVES AND SENATOR HICKENLOOPER.
BTW, the cosponsor count for Congress is now up to 146. Remember, President Biden WILL sign this when it makes it to his desk. He has already pledged to do that. Please look at the information in the above update for contact information. Then call AND write your representative. This is truly a bipartisan Bill, so make sure to reach out to your representative no matter whether they are Republican or Democrat. We are getting support from both sides of the aisle.
Thanks again to those of you who have made contact with your representative. It is paying off!!!
To see the PERA Board be proactive on the repeal of GPO/WEP issue would be much appreciated.
Why was the state allowed to take money from the retirement funds if it was a private corporation it would be up for stealing!! When are the extensive funds going to be returned??? PERA recipients have the right to know! We’ve already SAVRD OUT STATE FROM CLOSING ITS DOORS YEARS AGO AND CURRENTLY IT COST US DAYS YEARS OF HAS TIME AND WE NEVER GOT IT ADDED BACK TO OUR SERVICE RECORDS NOW TBIS?! Answe us when and how does the state intend to pay its retirees back??