Tag Archives: Statutory Trustee

Walker Stapleton, Colorado State Treasurer v. Public Employees Retirement Association, 2013 COA 116 (Aug. 1 2013)

“Politics is the art of looking for trouble, finding it everywhere, diagnosing it incorrectly and applying the wrong remedies.” – Groucho Marx. Walker Stapleton, Colorado’s Treasurer and statutory trustee to the Public Employees’ Retirement Association (PERA), sued for unfettered access to members’ records. The trial court denied his request because it was not for the purpose of providing benefits to members. The Court of Appeals rejected Stapleton’s argument that the common law allows a trustee unfettered access to trust records, because CRS 24-51-207 (PERA’s standards of conduct statute) limits trustees to carrying out functions (1) only when solely in the interest of members, and (2) for the exclusive purpose of providing benefits. The court noted, however, that Stapleton may seek access in the future, as long as consistent with a fiduciary purpose.


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