CO SB214

State Personnel Director must submit a total compensation study including retirement benefits to the Governor and Joint Budget Committee by January 15, 2015, and every eighth year thereafter.

State Personnel Director shall contract with a third-party compensation consulting firm with actuarial expertise to compare total compensation costs and values against similar workforce structures in private companies and other states.

State Auditor shall retain a nationally recognized actuarial firm by October 31, 2014, to conduct comprehensive studies comparing the current hybrid defined benefit plan design to alternative plan designs, with reports due July 15, 2015 and December 1, 2015.

Public Employees' Retirement Association must provide access to official member information and data under confidentiality agreements with the third-party consulting firms.

$125,000 appropriated to the Department of Personnel and $375,000 appropriated to the Office of the State Auditor for fiscal year 2014-15 to cover vendor contract expenses.