HB 10-1153 Summary

• Restructures the Public Employees' Retirement Association (PERA) board of trustees from 15 members to ensure a non-PERA member majority, addressing conflicts of interest where board members make decisions affecting their own benefits.

• Increases governor-appointed trustees from 3 to 8 total (with 5 additional appointments on or after January 1, 2011), all required to have expertise in investment management, finance, banking, economics, accounting, pension administration, or actuarial analysis.

• Reduces elected member positions from PERA divisions and retirees by phasing them out as terms expire: reduces state division from 4 to 1 member (who must be a state trooper), school division from 5 to 2 members, local government from 2 to 1 member, retirees from 2 to 1 member.

• Maintains the state treasurer position and one ex officio trustee from Denver public schools division.

• Requires the legislative service agencies to conduct a post-enactment review five years after the bill becomes effective using criteria from the legislative declaration regarding board independence and investment protection.