Details of ‘lavish’ contract for pension program chief held under wraps

From The Gazette (Colorado Springs): Details of a proposed new compensation package for the head of Colorado’s employee pension program won’t be made public until after the board votes on the new salary and benefits Wednesday, but one source close to the contract says it’s “lavish.”

State Treasurer Walker Stapleton, who has an automatic seat on the board because of his elected position, called in an email to his fellow board members for the contract and the negotiations to be made public to protect the interests of all PERA stakeholders, including taxpayers.

“More transparency will result in a compensation package that is both fair for PERA employees and palatable to PERA members and taxpayers, who at the end of the day are the ultimate investors in this plan,” Stapleton wrote.

Maryann Motza, chairwoman of the Public Employees’ Retirement Association, said she thinks it would be presumptuous to release a copy of the recommended contract before the full board has had a chance to consider it and vote.

“Otherwise I think it would look like the board is rubber stamping what the committees have done,” Motza told The Gazette Monday night. “I feel strongly that until the board acts we are required to actually wait.”

The Gazette requested a copy of the proposed contract for Greg Smith, who has been the executive director for three years, but was told it won’t be available until after the board votes on Wednesday. Smith’s current base salary is $328,335, according to PERA.

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