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Colorado Judicial Retention Questions | CO Supreme Court & CO Court of Appeals

Written by Marek Bobik | Oct 29, 2026, 1:53:55 AM

This article provides an in-depth analysis of the Judicial Retention Questions on Colorado's November 3rd, 2026 Ballot, along with additional information on how Colorado's judicial system works. 

It does not suggest how Coloradans should vote; it provides information to help them cast informed votes.

Separate analysis of each one of Colorado's Amendments and Propositions is elsewhere on this website, starting with Amendment 81. The analysis of the rest of the judicial retainment questions will be published at a later date.

How the System Works:

No Campaign Finance: Colorado judges in retention elections do not have campaigns and do not raise or spend money. They cannot campaign or fundraise.

Merit Selection System: Established in 1966, Colorado uses a merit-based system where judges are nominated by nonpartisan commissions and appointed by the Governor, then face retention elections.

What Happens If Voted Out: If a majority votes "No," the judge leaves office at the end of their current term, creating a vacancy. The Governor then appoints a new judge from a list of 2-3 nominees provided by the appropriate judicial nominating commission.

Terms of Office:

  • Supreme Court Justices: 10-year terms
  • Court of Appeals Judges: 8-year terms
  • District Court Judges: 6-year terms
  • County Court Judges: 4-year terms

Important Concepts and Explanations

I included information and links to resources on key topics related to how our legal system works and description of the Colorado Legal Systems related to judgitial appointmetns.

Analysis of Individual Judges

I found it hard to find meaningful information about justices and judges, but I finally found it. I found reading through each judge’s rulings on notable cases is especially useful.

 

Additional Information about the Colorado Legal System

Additional Information about Topics Mentioned in The Article

 

PERA Board (Public Employees' Retirement Association)

WHAT IS PERA?

PERA stands for the Public Employees' Retirement Association of Colorado. It's the state's public pension system that provides retirement and other benefits to Colorado's public employees.

Established: 1931 by the Colorado state legislature (predating the federal Social Security Act of 1935 by four years)

Purpose: To provide pension benefits to state and local government employees. For most PERA members, PERA serves as a substitute for Social Security.

Legal Authority: Article 51 of Title 24 of the Colorado Revised Statutes

Size and Scope:

  • Serves over 620,000-700,000 current and former public employees
  • Covers employees from more than 400-500 government agencies and public entities
  • Manages approximately $65-68 billion in assets (as of 2025-2026)
  • One of Colorado's largest institutional investors
  • About 300 employees who invest money and deliver benefits

Mission: To provide retirement security for members while ensuring the long-term sustainability of the fund.

WHO DOES PERA COVER?

PERA is organized into five separate divisions:

1. State Division: Most state employees, including Judicial Department employees and independent judicial agencies (judges are in separate division)

2. School Division: Employees of all Colorado school districts (except Denver Public Schools, which has separate division)

3. Local Government Division: Employees of many municipalities and other local government entities

4. Judicial Division: Judges in Colorado's judicial system

5. Denver Public Schools (DPS) Division: Employees of Denver Public Schools (merged with PERA in 2010)

Each division's assets are held in separate trust funds.

THE PERA BOARD OF TRUSTEES

COMPOSITION

Total Members: 16 Trustees (as of June 1, 2026, following Senate Bill 26-151)

The Board consists of:

Elected Trustees (13 voting members):

  • 4 trustees from the School Division (elected by School Division members)
  • 3 trustees from the State Division (elected by State Division members)
    • At least one must be an employee of a state institution of higher education
    • At least one must NOT be an employee of a state institution of higher education
  • 1 trustee from the Local Government Division (elected by Local Government members)
  • 1 trustee from the Judicial Division (elected by Judicial Division members)
  • 2 retiree trustees (elected by PERA retirees)
    • One elected by retirees from Local Government, Judicial, or State divisions
    • One elected by retirees from Local Government, Judicial, or School divisions
  • 1 trustee from the Denver Public Schools Division (elected by DPS Division members and retirees) - NEW as of June 1, 2026
    • Previously was non-voting ex officio member
    • Senate Bill 26-151 made this a voting position effective June 1, 2026

Appointed Trustees (3 voting members):

  • 3 trustees appointed by the Governor and confirmed by the State Senate
  • Must be "public representatives" - NOT PERA members, inactive members, or retirees
  • Must have significant experience and competence in:
    • Investment management
    • Finance
    • Banking
    • Economics
    • Accounting
    • Pension administration
    • Actuarial analysis

Ex Officio Member (1 voting member):

  • Colorado State Treasurer (or his/her appointee)

Recent Change: As of June 1, 2026, the DPS Division representative changed from a non-voting ex officio member to a full voting member under Senate Bill 26-151.

TERMS AND COMPENSATION

Term Length: Four (4) years

Compensation: Trustees serve without salary but are reimbursed for necessary expenses incurred in carrying out their duties

Elections: Elected trustees are chosen by members and retirees of their respective divisions

Officers: Trustees elect a Chairman and any other officers necessary for the Board to carry out its duties

CURRENT BOARD MEMBERS (2026)

Based on available information, current trustees include:

Chairman: Marcus A. Pennell (School Division)

  • First elected 2003
  • Elected as Chairman in 2020
  • Term expires: June 30, 2025

Other Members (partial list from available sources):

  • Julie Friedemann (Retiree representative) - Term expires June 30, 2025
  • Amy Grant (DPS Division) - Now voting member as of June 1, 2026; Term expires June 30, 2028
  • Timothy M. O'Brien (Retiree representative) - Term expires June 30, 2027
  • Hon. Rebecca Freyre (serves on multiple committees)
  • Eunice Botchway
  • Nate Geroche
  • Lisa Landis
  • State Treasurer (ex officio)

Note: Complete current roster with all 16 members' details available at copera.org/board-members

FIDUCIARY RESPONSIBILITIES

The PERA Board serves as the administrators and fiduciaries of PERA. This is a legally binding role with significant responsibilities.

Legal Obligation: Under Colorado law, Board members are legally obligated to act solely in the interests of PERA beneficiaries to:

  1. Provide pension benefits
  2. Defray reasonable expenses of pension administration

Fiduciary Duty: Trustees must carry out their functions solely in the interest of the members and benefit recipients and for the exclusive purpose of providing benefits and defraying reasonable expenses.

Three Basic Fiduciary Principles:

  1. Duty of Loyalty: Fiduciaries must act solely in the best interest of all PERA members and retirees, not their own interests or political considerations
  2. Duty of Care: Fiduciaries have an obligation to act prudently with the care, skill, and diligence that a prudent person would exercise
  3. Duty of Diversification: Fiduciaries must prudently diversify investments to minimize risk of large losses

Key Point: As fiduciaries, Trustees must pursue policies and make investment decisions that exclusively benefit all participants in the fund. They cannot favor one group over another or consider political or personal interests.

POWERS AND RESPONSIBILITIES

The PERA Board has extensive governance and oversight responsibilities:

A. RULEMAKING AND ADMINISTRATION

Required Duties:

  • Adopt and promulgate rules for the administration of PERA
  • Specify factors to be used in actuarial determinations or calculations
  • Develop PERA's strategic plan
  • Oversee benefits administration

Governance Structure:

  • Board establishes policy
  • PERA management staff implements policy and handles day-to-day operations
  • PERA is an instrumentality of the state but is not subject to administrative direction by any state department, commission, board, bureau, or agency
B. INVESTMENT OVERSIGHT

Investment Responsibility: State law gives the Board responsibility for the investment of PERA's funds and to establish policy guidelines for operations.

Investment Program Structure:

The Board:

  • Approves asset allocation across diverse public and private markets
  • Approves Statement of Investment Policy
  • Selects consultants and investment advisors
  • Oversees investment management structure and delegations made to PERA staff
  • Appoints and evaluates the Chief Investment Officer
  • Conducts asset/liability studies every 4-5 years to determine optimal investment mix

Asset Classes:

  • Global Equities (public stocks, both U.S. and international)
  • Fixed Income (bonds and debt instruments)
  • Private Equity (PERA has invested since early 1980s)
  • Real Estate (commercial properties including data centers, apartments, offices, retail, hotels)
  • Opportunity Fund (special situations)

Internal Management: PERA manages approximately 61-75% of assets internally (particularly Global Equity and Fixed Income), saving approximately $65-70 million annually compared to external management costs.

Investment Income: Over the past 30 years, PERA's investments have generated more than $82-88 billion in investment income, making it the largest source of funding to the pension (larger than employee and employer contributions combined).

Recent Performance: 7.8% annualized 10-year net return (as of recent reports)

C. ACTUARIAL OVERSIGHT

Board Responsibilities:

  • Approve funding policies
  • Approve actuarial assumptions and methodologies
  • Appoint, evaluate, and terminate the pension actuary
  • Perform annual sensitivity analysis to determine whether actuarial assumptions are meeting targets (codified by Senate Bill 18-200)
  • Report findings annually to:
    • Governor
    • Joint Budget Committee
    • Legislative Audit Committee
    • House and Senate Finance Committees
D. WHAT THE BOARD DOES NOT DO

Important Limitation: The PERA Board does NOT set:

  • Contribution rates (how much employees and employers pay into the system)
  • Benefit amounts (how much retirees receive)

Why: PERA is established in state law, so only the Colorado Legislature with the Governor's approval can make changes to contribution rates, benefits, or other structural requirements for any PERA division.

The Legislature sets the benefit structure; the Board administers it and invests the assets.

E. BOARD COMMITTEES

The Board operates through several standing committees:

Standing Committees (as of January 2026):

  • Audit Committee
  • Benefits Committee
  • Compensation and Budget Committee
  • Governance Committee
  • Investment Committee

Each trustee serves on multiple committees, ensuring comprehensive oversight.

F. OVERSIGHT OF STAFF

Chief Executive Officer/Executive Director:

  • Board selects and oversees the Executive Director
  • Executive Director reports to the Board
  • Executive Director responsible for implementing Board policy and managing day-to-day operations

Chief Investment Officer:

  • Reports regularly to Board on investment matters
  • Leads in-house investment team of over 50 investment professionals
  • Manages portfolio and supports entire investment program

Staff: PERA employs approximately 300 people total who invest money and deliver benefits

GOVERNANCE STRUCTURE

PERA's Independence

PERA is an instrumentality of the state of Colorado but operates with significant independence:

  • Not subject to administrative direction by any state department, commission, board, bureau, or agency
  • Board governs PERA by establishing policy
  • Management implements policy and manages operations
Legislative Oversight

While PERA operates independently, it remains accountable to the Colorado Legislature:

Reporting Requirements:

  • PERA regularly reports to various legislative committees
  • State Auditor conducts annual financial audit
  • Board must provide annual sensitivity analysis report (per SB 18-200)

Pension Review Commission:

  • Standing legislative interim committee
  • Reviews PERA's operations and finances
  • Can receive investment information from PERA Board during executive session

Legislative Authority:

  • Only Legislature can change benefits, contribution rates, and certain investment parameters
  • Legislature passed major reforms in 2010, 2018, and other years
Internal Controls and Auditing

Internal Controls:

  • Internal auditor employed by the PERA Board
  • Reports directly to Board (not management)

External Controls:

  • Independent auditor overseen by Office of the State Auditor
  • Joint Finance Committee oversight pursuant to SMART Act

RECENT REFORMS AND CHANGES

Senate Bill 18-200 (2018)

Major pension reform legislation that:

  • Increased contribution rates
  • Adjusted benefit calculations
  • Codified annual sensitivity analysis requirement for Board
  • Enhanced reporting requirements
  • Created Pension Review Subcommittee
Senate Bill 26-151 (2026)

Signed into law May 28, 2026; most provisions effective July 1, 2026:

  • Changed DPS Division board member from non-voting to voting (effective June 1, 2026)
  • Affiliated DSST Public Schools with PERA's DPS Division
  • Maintains 16-member board size

BENEFITS ADMINISTERED BY PERA

Under Board oversight, PERA provides:

Primary Benefit: Defined Benefit (DB) Plan - hybrid plan where benefits are based on a formula set by law

  • Lifetime retirement benefits
  • Based on years of service and final average salary

Additional Benefits:

  • Survivor benefits
  • Disability benefits
  • Good portability provisions between divisions

Optional Plans:

  • PERAPlus 401(k) Plan (voluntary savings)
  • 457 Deferred Compensation Plan
  • PERACare (health benefits for retirees)
  • Life insurance programs

Defined Contribution Option: Some newer members have access to a Defined Contribution plan option

QUALIFIED STATUS

PERA is a "qualified" retirement plan under Internal Revenue Code (IRC) Section 401(a), providing tax advantages to participants.

KEY STATISTICS (2025-2026)

  • Total assets under management: ~$65-68 billion
  • Members and beneficiaries served: 620,000-700,000
  • Contributing employers: 400-500 government agencies and entities
  • PERA employees: ~300
  • Investment professionals: 50+
  • 30-year investment income: $82-88 billion
  • 30-year benefit distributions: $97+ billion
  • Internal management savings: $65-70 million annually
  • Colorado investments: ~$789 million invested in Colorado economy

CONTACT INFORMATION

Colorado PERA

SUMMARY

The PERA Board of Trustees is a 16-member governing body with fiduciary responsibility for managing Colorado's largest public pension system. The Board consists primarily of elected members representing different PERA divisions, plus gubernatorial appointees with investment expertise and the State Treasurer. While the Colorado Legislature sets contribution rates and benefit levels, the Board has full authority over investments (managing ~$67 billion), administration, and actuarial assumptions. Board members serve four-year terms without compensation and must act solely in the interest of PERA's 620,000+ members and retirees. The Board's investment program has generated over $88 billion in the past 30 years, making investment income the largest source of pension funding.

Sources Consulted:

  • Colorado PERA official website (copera.org)
  • Colorado Legislature documents and fiscal notes
  • PERA Governance Manual
  • Investment Stewardship Reports
  • Senate Bill 26-151 (2026)
  • Senate Bill 18-200 (2018)
  • Colorado Revised Statutes Article 51 of Title 24

Learn more:

Res Gestate

Res gestae (Latin for "things done") was a common law evidentiary doctrine that allowed prosecutors to introduce evidence of a defendant's other acts, crimes, or misconduct that were not charged in the case, as long as those acts were considered "incidental to" or "part of the transaction" of the charged crime.

The doctrine was based on the idea that criminal events don't occur in a vacuum on a "sterile stage," and that jurors needed context to fully understand what happened. The theory was that certain uncharged acts were so closely connected in time and circumstances to the charged crime that they formed part of the same criminal episode and were necessary to tell the complete story.

The res gestae doctrine has deep roots in American and English common law:

In its more modern form in Colorado, res gestae had been part of Colorado jurisprudence for over 90 years:

  • Early 20th century: Abshier v. People, 289 P. 1081, 1088 (Colo. 1930) held that evidence of a defendant's other crimes was admissible because the offenses were "indivisibly connected"

By the late 20th and early 21st centuries, Colorado courts defined res gestae evidence as:

"Matter incidental to the main fact and explanatory of it, including acts and words which are so closely connected therewith as to constitute a part of the transaction, and without knowledge of which the main fact might not be properly understood." (Woertman v. People, 804 P.2d 188 (Colo. 1991))

More specifically, courts held that res gestae evidence:

  1. Is generally linked in time and circumstances with the charged crime
  2. Forms an integral and natural part of an account of the crime
  3. Is necessary to complete the story of the crime for the jury
  4. Helps provide "a full and complete understanding of the events surrounding the crime and the context in which the charged crime occurred"

(People v. Quintana, 882 P.2d 1366, 1373 (Colo. 1994))

Colorado adopted the Colorado Rules of Evidence (CRE) in the 1970s, including:

  • CRE 404(b): Prohibits the prosecution from introducing evidence of a defendant's "other crimes, wrongs, or acts" to prove the defendant has bad character or a propensity to commit crimes (with certain exceptions for proving motive, opportunity, intent, plan, knowledge, identity, or absence of mistake)
  • CRE 401-403: General rules governing relevance and balancing probative value against prejudice