3/1/17 UPDATE: House State Affairs Committee postponed indefinitely (PI) the bill on a 6-3 vote, killing the bill.
2/22 UPDATE: The House State Affairs Committee will hear HB 1114 on March 1st at 1:30 pm. Click here to email the committee members.
HB 17-1114 is sponsored by Representative Justin Everett (R-Jefferson County ) and Senator Jack Tate (R- Arapahoe County). The bill has been assigned to the State, Veterans and Military Affairs committee in the House. The hearing has been scheduled for February 15, 2017 at 1:30 pm.
Secure PERA Position: Opposed
You can read the bill in its entirety by clicking here.
Currently, law provides that all information contained in records of members, former members, inactive members, and benefit recipients, as well as records of participants in PERA defined contribution plans, be kept confidential by PERA. HB 1114 bill would create an exception to current law and require PERA publicly disclose ALL information to the Treasurer – currently Walker Stapleton.
Information could include all of the following: the member’s name, each position held during employment with a PERA employer, the annual salary paid for each position, the employer and employee contributions paid on that salary, age of retirement, Highest Average Salary, and amount of any benefits paid. He could even access your social security number and address.
CCRS opposes this bill, as releasing this information would not serve any purpose to help secure PERA.
- The PERA Board of Trustees under current law it owes the duty of confidentiality to all members.
- As fiduciaries, the Board of Trustees must act in their best interests of its members. It is highly questionable as to how releasing members’ records to the Treasurer severs the members’ best interests.
- PERA already provides far more detailed information related to plan sustainability in the annual actuarial valuation which is contained within the Comprehensive Annual Financial Report (CAFR). The CAFR and the annual actuarial valuation are formally presented to the Joint Legislative Audit Committee of the General Assembly each year.