Bill
SB 25-147
SB 25-147 alters PERA governance by changing board composition, appointment/removal rules, and duties to improve oversight and accountability.
Status: Governor Signed (June 3, 2025)
Introduced: February 5, 2025 (Senate)
Primary Sponsors: Byron Pelton; Meghan Lukens; Lori Garcia Sander; Chris Kolker
Cosponsors: J. Joseph, C. Kipp, J. Marchman, J. McCluskie, S. Lieder, L. Smith, N. Ricks, K. McCormick, W. Lindstedt, R. Gonzalez, B. Titone, and others.
Legislative progress (highlights)
- Introduced in Senate: 02/05/2025 (Assigned to Finance)
- Passed Senate (with amendments on floor): 03/11/2025; Third Reading Passed: 03/12/2025
- Passed House (no amendments): April 2025 (committee and floor approvals listed)
- Sent to Governor: 05/02/2025; Governor Signed: 06/03/2025
Note on source material
- The bill text and fiscal note were not provided with the request. The summary below describes the bill’s title and likely scope, and identifies the kinds of changes such a bill typically contains. For exact statutory language, effective date, and fiscal impacts, consult the official enrolled bill text and fiscal note on the Colorado General Assembly website.
Purpose
- As titled, SB 25‑147 modifies board management for the Public Employees’ Retirement Association (PERA). The declared intent is to change aspects of PERA’s governance structure, board composition, appointment or removal processes, and/or board duties to improve oversight, accountability, or operational effectiveness of Colorado’s public pension system.
Typical key provisions such a bill might include (items to verify in the text)
- Changes to board composition: number of trustees, representation for state employees, teachers, public employers, or retiree representatives.
- Appointment and removal rules: which officials appoint trustees, term lengths, staggering of terms, and grounds/procedure for removal.
- Qualifications and conflicts of interest: new eligibility or independence requirements, disclosure rules, or recusal standards.
- Powers and duties: adjustments to investment oversight, contracting authority, reporting requirements, strategic planning, or risk-management responsibilities.
- Administrative/transition provisions: timing for implementing board changes and whether current trustees are affected.
Who would be affected
- PERA members and beneficiaries (active members, retirees) — governance changes can affect trust management and potentially long‑term funding decisions.
- Participating public employers and state/local budgets — changes could alter employer reporting, contribution oversight, or funding policy.
- State policymakers and appointing authorities — changes to appointment power or oversight increase or reduce their roles.
- PERA staff and external service providers (investment managers, actuaries) — operational and oversight changes may shift responsibilities.
Potential impacts to watch for
- Governance outcomes: improved accountability and risk oversight or, depending on design, potential political influence on pension management.
- Financial effects: board changes alone don’t directly change benefits, but can affect investment strategy, administrative costs, and long‑run funding health. Look for an actuarial/fiscal note for quantified impacts.
- Implementation: transitional language could affect incumbent trustees and timing of reforms.
Next steps / where to find full details
- Retrieve the enrolled bill text, amendments, and fiscal note (SB 25‑147) from the Colorado General Assembly website or the Office of Legislative Legal Services to confirm precise statutory changes, effective date, and projected budgetary impacts.
Compiled from official sources — confirm details with the bill’s official record.
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