State Sen. Romer announces Denver mayoral bid

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State Sen. Chris Romer says he will resign his Senate seat at the end of the year to run for Denver mayor.

The Denver Democrat, the son of former Gov. Roy Romer, made the announcement Tuesday after a meeting with business leaders. They discussed the economy and the city’s role in the economic recovery.

Others who’ve joined the race including city council members Doug Linkhart and Michael Hancock, city employee Danny Lopez and James Mejia, executive director of the Denver Preschool Program.

Mayor John Hickenlooper was elected governor Nov. 2. He plans to stay on the job until his Jan. 11 inauguration to avoid a special election. Deputy Mayor Bill Vidal will become acting mayor until the regular election in May.

One Response to State Sen. Romer announces Denver mayoral bid

  1. What was Romer’s involvement with the DPS bonding fiasco?

    Is this Huffington Post article correct?

    http://www.huffingtonpost.com/christopher-scott/chris-romer-and-the-1-bil_b_631535.html

    The DPS pension debt financing scheme that was much too risky for a public entity, linked to interest rate swaps, albeit quite lucrative for the securities firms involved.

    The DPS plan irresponsibly continues the underfunding of the state’s pension, PERA. Currently, DPS is paying only 1.4 percent of salary into the PERA pension, contributing to a legacy of underfunding ($2.7 billion in the last seven years according to PERA’s actuaries), and running up the tab for future taxpayers.

    Simply matching the funding level of the PERA School Division is not laudable, the School Division has been underfunded for the last seven years. Both the DPS and School Division funded levels will crater when last session’s “pension reform bill” (COLA theft bill, SB1) is ruled unconstitutional. It appears that no one in the state has read the pension case law.

    The members of the Legislature would have benefitted immensely by reading the relevant case law on defined benefit pensions, or the excellent pension law summary by Professor Amy Monahan at the University of Minnesota School of Law (a copy is available on-line, Google it, then click on “one-click download.”) Read this paper and you will be among a handful of people in the state with a grasp of the contractual nature of DB pension obligations. It also appears that no one read the Colorado Attorney General’s opinion stating that retiree benefits are inviolate. When SB1 is struck down by the courts, and the DPS pension burden skyrockets, we’ll all have to remember to act surprised. I fully expect PERA’s administrators to feign surprise.

    Look at the results of the historic pension underfunding in Illinois and New Jersey. In Colorado we have opted to follow their example, and will ultimately pay the piper. In defined benefit plans, plan sponsors bear investment risk, plan beneficiaries bear no investment risk. Otherwise, we would call them VARIABLE benefit plans.

    Also see David Milstead’s excellent analysis of the DPS bonding situation at this link on
    statebillnews:

    http://www.statebillnews.com/?s=Milstead

    Algernon Moncrief
    December 1, 2010 at 9:38 am