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October 20, 1999
For Immediate Release
REORGANIZATION COMING TO
DPS EMPLOYEES' PENSION AND BENEFIT ASSOCIATION
On January 1, 2000, a new state law will launch a new era for the governance structure of the $2.2 billion Denver Public School Employees' Pension and Benefit Association.
An 11-member Board of Trustees will replace the present 16-member Retirement Board, which served in an advisory capacity to the Denver Board of Education. Under the new structure, the Board of Trustees will have legal responsibility for all key functions related to the retirement plan.
The change is one of many designed to adhere to the Uniform Management of Public Employee Retirement Systems Act (UMPERSA).
The new Board of Trustees will include two retired members elected by the retired employees; two members appointed by the Board of Education; six elected active employees; and one member designated as a recognized expert in pension administration or investment matters, appointed by the Board of Trustees.
The current Retirement Board will be evaluating applications submitted by November 15th for the position of recognized expert. A decision will be made by January, 2000.
The Denver Board of Education will continue to have responsibility for Retirement Plan design and funding. It will no longer have any responsibility for investments or
administration.
Alan Belstock, Executive Secretary of the DPSEPBA, said employees and retirees alike should expect the same level of continued service and support following January 1. "We are confident that these changes will provide for a smooth and efficient operation of our organization for many years to come," he said.
For more information, please call the Retirement Office at 303-813-4650.
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