(1) The trustees shall elect from
among themselves a chairman and any other officers as may be necessary for the
board to carry out its duties and responsibilities.
(2) (a) The board shall set the time and place for meetings, and conduct
those meetings in accordance with part 4 of article 6 of this title 24.
(b) For purposes of part 4 of article 6 of this title 24, the board is a local
public body, as defined in section 24-6-402 (1)(a)(I).
(3) No vote of the board shall take place without a quorum present.
(4) The board shall appoint and set the compensation for an executive
director to administer the association.
(5) The board shall adopt and promulgate such rules for the administration
of the association and to specify the factors to be used in actuarial determinations
or calculations required by this article. All rules shall be promulgated in accordance
with the provisions of section 24-4-103, and such rules shall be consistent with the
provisions of this article or other provisions of law.
(6) The board shall submit to and the state auditor shall conduct or cause to
be conducted financial and performance audits of all financial transactions and
accounts kept by or for the association in a manner consistent with the
requirements set forth in section 2-3-103, C.R.S.
(7) (a) The board or its designated agent shall submit an annual actuarial
valuation report to the legislative audit committee and the joint budget committee
of the general assembly, together with any recommendations concerning such
liabilities that have accrued.
(b) In the annual actuarial valuation, the board shall first determine the total
aggregate actuarial funded ratio of the association, apply the adjustments pursuant
to section 24-51-1009.5, and then determine the actuarial funded ratio of each
division separately.
(7.5) (a) The board or its designated agent shall perform an annual sensitivity
analysis to determine when, from an actuarial perspective, model assumptions are
meeting targets and achieving sustainability. In furtherance of making this
determination, the board or its designated agent shall examine the data that the
association currently collects. The board or its designated agent shall deliver an
annual report detailing the findings of the analysis to the office of the governor, the
joint budget committee, the legislative audit committee, and the finance
committees of the senate and the house of representatives, or any successor
committees.
(b) For purposes of the analysis required by subsection (7.5)(a) of this
section, the association shall provide access to official member information and
data under a confidentiality agreement with its designated agent, if applicable.
(8) The board or its designated agent shall prepare and transmit annually a
report to the governor regarding the policies, financial condition, and administration
of the association.
(9) The board shall obtain, and the association shall pay for, insurance or
shall self-insure against liability which arises out of, or in connection with, the
performance of duties by any trustee or employee of the association.
(10) The board shall perform all duties imposed on it by law, including but not
limited to administering the provisions of the DPS plan for qualifying DPS members.
The board shall not be liable for actions of members that do not comply with court
orders.
(11) The board shall be immune from claims arising from the enforcement
and implementation of laws regarding the consolidation or merger of retirement
plans under its administration that are made a part of the association.
(12) Beginning with the actuarial experience study of the association that the
board conducted in the 2024 calendar year, and every four years thereafter, the
board shall conduct or cause to be conducted an actuarial experience study of the
association. In addition, beginning in the 2026 calendar year, and every four years
thereafter, the board shall conduct or cause to be conducted a periodic actuarial
audit of the association. The board shall ensure that the periodic actuarial audit of
the association conducted in the 2026 calendar year and every four years
thereafter pursuant to this subsection (12) takes into consideration the results and
findings of the most recent actuarial experience study of the association that was
conducted pursuant to this subsection (12).
(13) (a) On and after January 1, 2025, the board shall post on and regularly
maintain and update the association's website to include, in a downloadable format
for free public access, the most current information concerning the following:
(I) The notice, with specific agenda information, if available, including any
available presentations and other documents that might be considered at the next
public meeting of the board as required by subsection (2) of this section;
(II) The policy for and process by which a member of the public may
participate in each public meeting of the board;
(III) A link or other means of public access to the records of prior board
meetings; and
(IV) The official email address that the board uses to send communications
to each board member.
(b) On or before January 1, 2026, and on or before January 1 of each calendar
year thereafter, the board shall post on the association's website the association's
most current financial information as follows:
(I) The annual compensation amount paid to each employee of the
association;
(II) The amount and method of calculation of each annual bonus awarded to
each employee of the association;
(III) The total annual amount of money paid by the association to third-party
service providers;
(IV) The total annual amount of money expended by the association for
travel costs incurred by members of the board, including both elected trustees
reimbursed by the association pursuant to section 24-51-203 (6) and appointed
trustees compensated by the association pursuant to section 24-51-203 (7);
(V) The total annual amount of money expended by the association for travel
costs incurred by the executive director of the association and any other individual
holding an executive position with the association;
(VI) The association's annual budget;
(VII) The association's annual audited financial statements;
(VIII) The association's salary schedules or policies; and
(IX) The association's actual expenditures, including actual salary
expenditures and actual benefit expenditures reported by job category.
(c) Notwithstanding any other provision of this section, this subsection (13)
does not require the board to report or otherwise disclose personal information
relating to payroll, including payroll deductions or contributions, or any other
information that is confidential or otherwise protected from disclosure pursuant to
state or federal law.