HB 11-1248 Summary

• Increases appointed governor-selected trustees on the Public Employees' Retirement Association (PERA) board from 3 to 6 members, with 3 additional appointments required on or after January 1, 2012.

• Reduces elected member representation by decreasing state division seats from 3 to 2, school division seats from 4 to 3, local government division seats from 2 to 1, and retiree seats from 2 to 1.

• Requires at least one elected trustee each from the state and school divisions to be at least 15 years from retirement eligibility when beginning their first term.

• Mandates that appointed trustees have significant experience in investment management, finance, banking, economics, accounting, pension administration, or actuarial analysis, with no more than 3 of 6 from the same political party.

• Requires a post-enactment review by legislative service agencies five years after the act becomes effective to assess implementation of the board composition changes.