The 2023 Colorado General Assembly commenced January 9 and will continue for 120 days.
Below you’ll find summaries of proposed legislation affecting Colorado PERA. The status of each bill will be updated regularly.
Last updated: June 7, 2023
SB23-056
Compensatory Direct Distribution To PERA
Summary: Requires the state to make an additional payment to PERA in an amount equal to $35,050,000 that, along with the payment required under HB22-1029, is meant to fully recompense PERA for the cancellation of a previously scheduled July 1, 2020, direct distribution of $225 million. The source of funds identified for this payment is the balance of the PERA payment cash fund, with any remaining amount coming from the state’s general fund.
Sponsors: Sen. Chris Kolker, Rep. Shannon Bird
Status: Passed; Gov. Jared Polis signed into law on June 2.
SB23-016
Greenhouse Gas Emission Reduction Measures
Summary: Would require the PERA Board to adopt a proxy voting policy that ensures any voting decisions align with the state’s greenhouse gas emission reduction goals, as well as require PERA to include in its annual Investment Stewardship Report a description of climate-related investment risks, impacts and strategies.
Sponsors: Sen. Chris Hansen, Rep. Karen McCormick, Rep. Emily Sirota
Status: The Senate Finance Committee amended the bill Feb. 21 to remove the section pertaining to PERA’s proxy voting policy. Gov. Jared Polis signed the bill into law on May 11.
HB23-1092
Limitating Use of State Money
Summary: Would require PERA staff to make investment decisions solely on financial factors and would prohibit consideration of social, political, or ideological interests. The PERA Board opposes efforts to restrict PERA’s investment options or compel PERA to invest in a way that prioritizes a policy outcome over fiduciary duties.
Sponsor: Rep. Rod Bockenfeld
Status: Postponed indefinitely
SB23-104
Denver Public Schools Division Employer Contribution Reduction
Summary: Would reduce the employer contribution rate of the Denver Public Schools Division of PERA from 10.4% to 7.15% of salary. The PERA Board opposes reductions in contributions while PERA has unfunded liabilities.
Sponsors: Sen. James Coleman, Sen. Chris Hansen, Rep. Jennifer Bacon
Status: Postponed indefinitely
HB23-1144
Public Employees’ Retirement Association Defined Benefit Plan Payments To Ex-Spouse
Summary: This bill seeks to make changes in state law regarding the division of PERA Defined Benefit Plan benefits in legal separation or dissolution of marriage or civil union actions. Parties to these actions in Colorado may enter into an agreement allocating a portion of the PERA Defined Benefit Plan benefits to the retiree’s former spouse. The bill would terminate benefits to the former spouse of a PERA retiree if the former spouse remarries.
Sponsor: Rep. Regina English
Status: Postponed indefinitely
HB23-1176
PERA Defined Contribution Plan School Personnel
Summary: Would create a new “flexible defined contribution plan” for new members of PERA’s School and Denver Public Schools divisions. The plan would be separate from the existing PERA Defined Contribution (DC) Plan, which is available to State and Local Government division employees, and would offer members the ability to elect their contribution rates. The PERA Board opposes the bill as introduced because of the costs associated with the proposal and the inability for PERA to administer such a plan as written due to its failure to meet federal rules for governmental plans.
Sponsor: Rep. Don Wilson
Status: Postponed indefinitely
SB23-163
Colorado Parks and Wildlife Officers Classified As State Troopers
Summary: Would reclassify wildlife officers and parks and recreation officers employed by Colorado Parks and Wildlife as safety officers for the purpose of determining their PERA benefits.
Sponsors: Sen. Perry Will, Rep. Iman Jodeh, Rep. Mike Lynch
Status: Passed; Gov. Jared Polis signed into law on June 6.