SB 25-147

Senate Bill 25-147 modifies how the Public Employees' Retirement Association (PERA) is managed in Colorado. It limits board members’ terms to two consecutive four-year periods, with exceptions for the state treasurer and former trustees who can rejoin after a break. The bill also requires PERA’s board meetings to follow open meeting laws starting January 1, 2025, ensuring transparency by posting agendas, public participation guidelines, past meeting records, and financial information online. This means that the board's operations will be more transparent and accessible to the public, affecting how PERA trustees manage retirement funds for Colorado’s public employees. Since it has been signed into law, these changes are now in effect or scheduled to take place as specified.

Official Summary

Section 1 of the act defines the board of trustees of the public employees' retirement association (board) as a local public body for purposes of the open meetings law. Section 2 limits the terms of both elected and appointed members of the board to not more than 2 consecutive 4-year terms; except that the state treasurer is not subject to the 2-term limit. A former trustee who has served 2 consecutive terms may be reelected or reappointed to the board after not serving on the board for a period of at least one term. Section 2 also clarifies how such term limits apply in the case of a vacancy appointment. Section 3 requires the board, on and after January 1, 2025, to conduct its meetings in accordance with the open meetings law as a local public body and requires the board to post and regularly maintain and update the public employees' retirement association's (association) website with information including: The notice with specific agenda information, if available, for the board's next public meeting; The policy for and process by which a member of the public may participate in any public meeting of the board; A link or other means of public access to the records of past public meetings of the board; and The official email address of the board. Section 3 also requires that, on or before January 1, 2026, and on or before January 1 of each calendar year thereafter, the board post certain financial information of the association on the association's website. Section 4 clarifies that, while the board may delegate any of its responsibilities, duties, and powers to the executive director of the association or other designated agents, the board retains authority and responsibility for the management of the association and all its statutory duties and powers through a specified existing administrative process. (Note: This summary applies to this bill as enacted.)

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