HB11-1008 Summary

• Restructures the Public Employees' Retirement Association (PERA) board of trustees from 15 to 15 members, increasing governor-appointed trustees from 3 to 8 (with 5 new appointments after January 1, 2012) to create a non-member majority.

• Reduces elected member positions: state division from 4 to 1 (must be a state trooper), school division from 5 to 2, local government division from 2 to 1, and retiree positions from 2 to 1; retains state treasurer and judicial division representative positions.

• Requires all 8 governor-appointed trustees to have significant experience in investment management, finance, banking, economics, accounting, pension administration, or actuarial analysis; limits no more than 4 from same political party.

• Allows current trustees to complete existing terms; eliminates positions only as they become vacant to phase in the new composition gradually.

• Mandates a post-enactment review by legislative service agencies 5 years after the act becomes law to evaluate implementation.