The Colorado General Assembly wrapped up its legislative work in May, but there’s still plenty of activity happening at the State Capitol.
Every year in between legislative sessions, PERA appears before various legislative committees that oversee PERA and its financial health. It’s an important part of the ongoing review and oversight of PERA and an opportunity to engage with the legislators who can have a direct impact on PERA and its members.
While lawmakers won’t be introducing bills between now and January, they may begin work on new PERA-related legislation they intend to introduce in the next session.
Here’s a look at what to expect this summer and into the fall.
Pension Review Subcommittee
The state legislature created the Pension Review Subcommittee in 2018. It’s a subcommittee of the Pension Review Commission, which oversees PERA and the state’s police and firefighter pensions. The Pension Review Subcommittee is charged with reviewing PERA’s financial health and making recommendations to the larger Commission. The Subcommittee comprises four state lawmakers as well as 10 appointed members of the general public with financial experience or knowledge.
The Subcommittee held its first meeting of the year on July 17. Interim Executive Director and Chief Investment Officer Amy C. McGarrity and Public and Government Affairs Manager Michael Steppat gave the Subcommittee an update on PERA’s 2022 financial results and answered questions from Subcommittee members.
The Subcommittee may continue to hold meetings throughout the interim period, with PERA to provide information and answer questions as needed.
Legislative Audit Committee
The Legislative Audit Committee is next up, with a meeting scheduled for Aug. 7.
Every year, the state hires an independent auditor to audit PERA’s financial data and internal controls of the most recent Annual Comprehensive Financial Report. The outside auditor will present its findings at the Legislative Audit Committee’s meeting. PERA staff will join PERA’s actuarial consultants at the meeting to discuss the plan’s finances and answer any questions.
Pension Review Commission
PERA also appears before the Pension Review Commission in between legislative sessions. The Commission has the responsibility of overseeing PERA and proposing legislation that could affect the plan and benefits. For example, the Pension Review Commission drafted bills in recent years to make up the state’s missed 2020 payment of $225 million to PERA.
In addition to the various interim oversight committees, the legislature’s Joint Budget Committee and House and Senate Finance Committees hold annual meetings to discuss PERA’s finances. Those meetings are expected to take place prior to and immediately following the start of the next General Assembly, respectively.
PERA On The Issues will be following the various interim activities and reporting on any noteworthy developments. Be sure to subscribe to our biweekly newsletter to stay updated