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

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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.

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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.

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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.

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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.

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