Inside Colorado PERA Archives

Recap of PERA Board’s January 2026 Meeting

Posted on February 4, 2026February 4, 2026 by Kurt Sevits

The PERA Board of Trustees met on Friday, January 23 for the first regularly scheduled meeting of 2026.

Topics of discussion included PERA’s strategic plan and implementation progress, ongoing modernization efforts, and the 2026 legislative session and PERA-related bills.

Additional details, including meeting materials and a recording of the livestream, are available on the Board Meeting Archive page.

Strategic plan update

CEO/Executive Director Andrew Roth and Director of Strategy Annalise Anderson briefed Trustees on PERA’s progress toward implementing the organization’s three-year strategic plan.

2025 was the first year of work under the current plan, and staff accomplished 100% of all measures and targets that were included in the implementation plan for year one, Roth said.

For 2026, implementation will focus on building on the foundation put in place during 2025. That will include goals such as advancing data-driven decision making, continuing with modernization efforts, and building workforce resilience through staff development and succession planning.

Pension administration system modernization

Work continues on a long-term project to upgrade and replace many of the technology systems that enable the daily work of administering PERA benefits. That includes software and hardware related to managing member data, processing contributions, and paying benefits, among other functions.

Members of PERA’s leadership team, including Deputy Executive Director Sarah Wager, Chief Benefits Officer Patrick Lane, Chief Administrative Officer Jeremy Hill, and Chief Technology Officer Ryan Ericson updated Trustees on work completed so far and what’s ahead.

The project is still in an early phase, with much of the work focusing on assessing the current state of systems and data and establishing a roadmap and goals for the complicated, large-scale initiative. PERA has hired additional staff, including a Director of Modernization, to help with the project.

The modernization effort is expected to take many years to complete, and staff will continue to provide regular updates.

2026 legislative session

CEO/Executive Director Roth and Director of Public and Government Affairs Michael Steppat provided an update on the 2026 legislative session, which kicked off earlier this month.

At the time of the Board meeting, lawmakers had so far introduced three PERA-related bills: House Bill 1026 would make changes to PERA provisions related to purchasing service credit and increase access to PERAPlus plans, House Bill 1027 would allow executive directors of boards of cooperative services (BOCES) to return to work after retiring without a reduction in their PERA benefit, and House Bill 1062 would remove limits on state tax deductions for pension or annuity income.

Visit our legislation tracking article for the most recent information on these and any other PERA-related bills.

Steppat also briefed Trustees on other legislative proposals that may come up this session, including two options meant to reduce the likelihood of triggering the Automatic Adjustment Provision (AAP) that took effect with Senate Bill 200 in 2018.

Those proposals include providing PERA flexibility to allocate the State’s annual $225 million direct distribution to whichever division trust funds would help minimize the likelihood of triggering automatic adjustments and redirecting a portion of employers’ health care trust fund contributions to instead help pay off pension liabilities.

Market and portfolio update

Chief Investment Officer/Chief Operating Officer Amy C. McGarrity presented an overview of how financial markets fared in 2025. It was a positive year for stocks and fixed income investments, with global equities—particularly European and emerging markets equities—showing the strongest performance, McGarrity said.

While inflation remains slightly higher than the Federal Reserve’s target range, McGarrity said experts expect inflation to continue to normalize throughout 2026.

PERA does not yet have finalized investment performance data for the Defined Benefit Plan portfolio; that information will be available with the release of the 2025 Annual Comprehensive Financial Report in June.

Upcoming Board meetings

The Board’s regularly scheduled meetings for the rest of 2026 are:

March 20
June 25
September 23-25 (planning session and meeting)
November 20

For more information on Board meetings, including recordings and meeting materials, visit the Board and Leadership page.

School, State Higher Education Seats on PERA Board Up For Election in 2026

Posted on January 20, 2026January 20, 2026 by Kurt Sevits

Elections will be held to fill two seats on the PERA Board of Trustees in 2026.

Candidacy information is now available for the following seats:

School Division: one 4-year term to be filled by an active member currently employed in the School Division.
State Division (Higher Education): one 4-year term, to be filled by an active member currently working for a Higher Education employer in the State Division.

Note that both seats are open only to active members of those divisions; there are no retiree seats up for election this year.

Anyone interested in running for a seat on PERA’s Board must complete the online candidacy packet request. Candidacy packet requests can be made through February 27, 2026.

The PERA Board meets at least five times per year and is responsible for adopting the rules and policies for the administration of PERA. The Board comprises 16 Trustees, and PERA members and retirees directly elect 12 of them. The governor appoints three (with approval by the Senate), and the State Treasurer serves as an ex officio member. Elected Board members serve without pay, but are reimbursed for necessary expenses.

Ballots will be mailed in early May to active members in the School and State divisions.

The Board will announce the results of the election in June, and elected Trustees will begin their terms July 1.

Visit the Board election page for more information or to request a candidacy packet.

PERA Board Approves Interest Rate, Discusses Upcoming Legislative Session at November 2025 Meeting

Posted on December 2, 2025December 2, 2025 by Morgan

The Colorado PERA Board of Trustees met in Denver on Friday, November 21 for its final regularly scheduled meeting of the year.

Trustees voted to approve PERA’s 2026 operating budget, set the interest rate for member accounts, discussed the upcoming legislative session, and more. Additional details, including meeting materials and a recording of the livestream, are available on the Board Meeting Archive page.

Investment consultant decision

Earlier this year, the Board directed staff to request proposals from investment consulting firms as part of its regular review of third-party service providers. The Board’s Investment Committee interviewed three firms and the full Board voted to retain Aon, its current investment consultant.

The Board is responsible for overseeing PERA’s investment program and utilizes an investment consultant to provide research, analysis, and advice in areas such as investment strategy, asset allocation, and fund performance. The investment consultant also conducts periodic asset/liability analysis that informs PERA’s strategic asset allocation, performance benchmarks, and assumed rate of return.

Strategic plan update

PERA CEO/Executive Director Andrew Roth and Director of Strategy Annalise Anderson provided an update to the Board on the organization’s three-year strategic plan. As the first year under the plan winds down, Roth and Anderson said they expect to complete 100% of the plan’s measures and targets for 2025.

One of the main goals included in the plan is improving the customer and stakeholder experience, and Roth detailed much of the work he’s done over the past year, including meeting with lawmakers, holding in-person Town Halls to connect with members and retirees in Fort Collins and Pueblo, and increasing outreach to PERA-affiliated employers.

Leaders will begin working on an implementation plan for year two to help guide staff’s work throughout 2026, with regular updates continuing at future Board meetings.

Upcoming legislative session

Director of Public and Government Affairs Michael Steppat joined Roth to discuss the 2026 legislative session and some of the issues they expect state lawmakers to tackle.

Similar to the 2025 session, legislators will face the challenging task of cutting hundreds of millions in state spending to pass a balanced budget. While that won’t happen until the spring, Gov. Jared Polis has already submitted his proposed budget. The governor’s proposal calls for privatizing the state’s worker compensation insurance provider, Pinnacol Assurance, and reducing the amortization equalization disbursement (AED), a contribution that employers make to PERA, for employers in the State Division.

If Pinnacol were to become a private entity, it would have to disaffiliate from PERA and pay its portion of DB Plan liabilities, which are estimated to be approximately $300 million.

The proposed 1% reduction in the AED is estimated to reduce contributions to PERA by about $40 million over the next two years, adding up to about $180 million by the time PERA reaches full funding in 2048.

Steppat and Roth also discussed two legislative proposals that, if introduced and passed, could help reduce the likelihood of triggering automatic adjustments to PERA contributions and retiree annual increases in future years under the Automatic Adjustment Provision. Those proposals include providing PERA flexibility to allocate the State’s annual $225 million direct distribution to whichever division trust funds would help minimize the likelihood of triggering automatic adjustments and reallocating a portion of employers’ health care trust fund contributions to help pay off pension liabilities.

The 2026 legislative session begins on January 14, and PERA On The Issues will be closely tracking all PERA-related bills throughout the session.

2026 Board election

Two seats on the Board will be up for election in 2026: A School Division seat and a State Division seat to be filled by an employee of an institution of higher education.

Candidacy for the two open seats will open in early January, and active members in the School and State divisions will receive ballots in May.

Member contribution interest rate

Each November, the Board is responsible for setting the interest rate that applies to PERA DB Plan accounts for the upcoming year. If a PERA member leaves PERA-covered employment and requests a refund of their DB Plan account, they receive their contributions, the interest earned on that balance (compounded annually), and any applicable employer match. If that member keeps their account with PERA, the balance will continue to accrue interest and the member has multiple options upon reaching retirement eligibility, including choosing a lifetime monthly benefit.

The Board’s policy evaluates the interest rate as a component of members’ overall retirement benefit. After discussing the issue, Trustees voted to keep the interest rate at 3 percent for 2026.

2026 actuarial audit

In 2026, the Board will hire an outside firm to conduct its periodic actuarial audit. Such audits have been part of the Board’s governance practices since the 1980s, with audits taking place every four or five years. With the passage of Senate Bill 28 in 2025, the Board is now required by law to conduct actuarial audits every four years. The last audit took place in 2022.

The goal of the actuarial audit is to receive an independent assessment of PERA’s actuarial methods and assumptions and attempt to replicate the calculations of the Board’s actuarial consultant, Segal.

Staff will conduct a search for a third-party firm to conduct the audit in early 2026, with results expected by the Board’s November 2026 meeting.

2026 meeting dates

The Board concluded its business with a look at 2026’s meeting calendar. The following Board meetings are scheduled for the year:

January 23

March 20

June 25

September 23-26 (planning session and meeting)

November 20

For more information on Board meetings, including recordings and meeting materials, visit the Board and Leadership page.

Meet Trina Ruhland, Vice Chair of the PERA Board

Posted on October 14, 2025October 14, 2025 by Morgan

The PERA Board of Trustees gained a new Chair and Vice Chair in June, when then-Chair Taylor McLemore announced he would be leaving the Board. The Hon. Rebecca R. Freyre assumed the role of Chair and Trina Ruhland was elected Vice Chair.

Trina Ruhland joined the Board in 2022 and attended her first meeting as Vice Chair in September. We caught up with Ruhland to learn more about her and the experience she brings to the Board.

Tell us a little about yourself and your background.

My day job is as a deputy county attorney for Boulder County, which is a PERA member. I have a degree in mathematics from the University of Chicago, so I’ve always had a math-minded brain and a personal interest in finance, and I’ve always considered myself a fan of PERA. I first found out about PERA during my first job in law school with the Attorney General’s Office. I remember even then recognizing its value and thinking, “Wow, this is an amazing benefit.” I was excited to join Boulder County, and PERA benefits were a factor in my choosing to work there.

How has your career informed your work as a Trustee?

As an attorney for a local government, I have a direct view into the importance of good governance and public service as well as the impact a board can have on an organization and its stakeholders. I believe in the importance of good governance and careful long-term planning. I teach a class at the University of Colorado Law School every semester for law students interested in government service and am constantly reminded of the importance of government service for our community and society.

What are you most looking forward to as you step into a leadership role on the Board?

When it comes to PERA, the members are always at the forefront of my mind. I really look forward to having the opportunity to make sure every voice on the Board is heard, as well as supporting transparency for our members and other stakeholders.

What makes for an effective Trustee, in your eyes?

I think preparation is key to being a good Trustee. It’s important to have a foundational understanding of how pension funds work, and Trustees are expected to obtain a certain number of hours of education, both on the specifics of PERA and more generally about best practices among public plans like ours. I think effective Trustees are those who understand the Board’s role as an oversight board and understand the governance framework we have put in place. PERA is a long game—we’re not just making decisions for this year but for many years in the future—so we have to be very intentional with each of our decisions to keep the best interests of our members’ retirement security at the forefront.

What’s something you wish more people knew about the Board?

I want people to know how passionate the Board members are in making sure our members have secure retirements, and that their benefit is really our sole focus. Many of our trustees, myself included, are PERA members themselves. Each Trustee puts in a significant amount of time, work, and mental energy into the work of the Board, and I think that makes the organization stronger in ensuring our members have secure retirements.

To learn more about the PERA Board, visit our Board and Leadership page.

Recapping the PERA Board’s 2025 Planning Session

Posted on September 30, 2025September 30, 2025 by Morgan

The Colorado PERA Board of Trustees met in Colorado Springs for its annual September planning session that concluded with a Board meeting on Friday, Sept. 19.

The multi-day planning session is a valuable opportunity for Trustees to engage in more in-depth conversations and planning activities than a typical one-day meeting allows. Below is a summary of some of the highlights and important actions the Board took.

Actuarial modeling

A common activity for the Board during its annual planning session is actuarial modeling. System Actuary Koren Holden, Actuary Bill Detweiler, and the Board’s actuarial consultant, Segal, joined the Trustees to discuss theoretical scenarios and how they might affect the funding of the PERA Defined Benefit Plan. For example, if the investment portfolio experienced losses in future years, or state employment dropped significantly, those events could negatively impact the plan’s progress toward reaching full funding.

This process helps the Board assess the financial health of the trust funds and gauge the possibility of falling behind and triggering the Automatic Adjustment Provision, which automatically raises member and employer contributions and lowers retiree benefit increases based on the plan’s funding progress.

As of December 31, 2024, PERA remains on track to reach full funding, and adjustments are not needed this year or next year.

The Board also discussed the possibility of pursuing legislation that could help reduce the possibility of triggering automatic adjustments in coming years, as outlined in their presentation on a recent study about the Automatic Adjustment Provision and related impacts. We expect to have more information on any proposed bills closer to the start of the next legislative session in January.

Strategic plan update

Chief Executive Officer/Executive Director Andrew Roth and Director of Strategy Annalise Yahne provided an update on staff progress toward implementing PERA’s three-year strategic plan. The plan is a roadmap to strengthen the organization through stronger relationships with members and stakeholders, continued focus on funding, and modernizing technology.

Roth and Yahne walked through what the organization has accomplished so far this year, including building a dashboard to track progress, meeting with various member groups and other stakeholders, and completing a significant amount of groundwork for PERA’s long-term modernization project.

CEM Benchmarking report

The PERA Board receives a report every year from CEM Benchmarking that scores PERA on the quality and cost of services we provide to members and compares those factors to other public pension plans.

PERA earned a service score of 87 for 2024, compared to the peer median score of 81. CEM calculated PERA’s total administrative cost per member at $63, below the peer average of $71. Overall, the CEM report finds PERA provides a higher level of service at lower cost than the average pension plan.

CEM gave PERA particularly high scores in areas such as the accessibility of online services, speed of processing retirements, communications to members approaching retirement, and call wait times.

Health care update

Chief Benefits Officer Patrick Lane and Director of Insurance Jessica Linart discussed the PERACare health benefits program and the state of the health care market. The conversation covered legislative and regulatory changes at the federal level and other challenges that have affected plan premiums over the past decade.

PERACare staff review plan offerings every few years and plan to solicit bids from insurance companies for plan year 2027. Staff sent retirees a survey earlier this year, and the responses from that survey will help inform the selection process.

For more information on 2026 PERACare open enrollment, visit copera.org/peracare-open-enrollment-2026.

Market and portfolio update

Chief Investment Officer/Chief Operating Officer Amy C. McGarrity provided an update on conditions in the financial markets and the overall economy. McGarrity said while it’s been a strong year for public financial markets, there’s still a good deal of uncertainty due to factors such as volatility in the technology sector and the growth of artificial intelligence, geopolitical uncertainties, inflation, and tariffs and trade policy.

On interest rates, McGarrity said there is growing consensus it’s likely the Federal Reserve will cut rates again this year after a slight decrease earlier in September.

PERA benefit statistics

Lane again joined the Board to provide an update on business operations such as retirement processing and customer service interactions. He shared the following statistics, which provide a window into the volume of transactions PERA staff have processed so far in 2025:

5,419 new retirements across all five PERA divisions
2,404 individual counseling sessions with members nearing retirement
1,501 service credit purchases
135,300 phone calls to the Customer Service team
6:53 average call time
21,495 secure email interactions with members

Upcoming Board meetings

The Board’s last regularly scheduled meeting of 2025 is Friday, November 21.

The Board also approved its meeting schedule for 2026:

January 23
March 20
June 18
September 23-25 (planning session and meeting)
November 20

Details on upcoming Board meetings and materials from past meetings are available online.

How PERA’s In-House Investment Experts Reduce Costs, Add Value

Posted on August 19, 2025August 19, 2025 by Morgan

Colorado PERA manages a portfolio of $66.7 billion on behalf of more than 700,000 members and benefit recipients. It’s a big job that requires a high level of skill and expertise, and PERA’s in-house investment team has a wealth of experience that helps us save money while adding value for our members and retirees.

PERA’s approach to investment stewardship

At Colorado PERA, investment stewardship comprises four pillars that lay out our approach to managing plan assets:

Protect members’ interests by watching costs.
Integrate relevant factors into investment strategy.
Advocate for robust markets.
Evaluate exposures and recognize limitations.

We work every day to protect the retirement benefits our members have earned throughout their careers. One of the ways we do that is through low-cost, high-quality internal management of the majority of our investments.

Our team of more than 50 investment experts is highly skilled with extensive investment industry experience. That expertise reduces the need to use outside managers, minimizing plan expenses.

EXPLORE MORE: Investment Stewardship Digital Snapshot

Internal management reduces costs

Graphic explaining PERA's in-house investment expertise: 21 years average experience in investment management among internal investment experts; 61% of Total Fund managed in-house at a cost of ~0.05% of those assets; $70 million estimated annual savings due to internal investment management. — Click/tap to enlarge

As of the end of 2024, PERA managed 61% of all assets internally. By relying on our own staff, PERA maintains the flexibility to make investment decisions without paying high fees that often come with external management. PERA pays less than $4 for every $1,000 in the fund, saving an estimated $70 million annually in management fees that would have otherwise gone to outside experts.

“Internal management supports our ability to be agile in responding to market conditions while also saving PERA significant costs,” said Director of Fixed Income Keith Tayman.

Opportunities for cost savings can vary by asset class. For example, the team that manages the Global Equity portfolio—the largest of PERA’s asset classes—was an early leader in negotiating unbundled equity research and trading fees with broker-dealers. Strategies like that have helped PERA save 40% on annual spending with broker-dealers since 2011.

PERA’s investment team boasts an average of 21 years of experience. Such a high level of experience means staff can use their expertise and relationships with external managers to find additional opportunities for cost savings, such as negotiating lower fees.

“The long tenure of the Private Equity team positions PERA as a limited partner of choice,” said Private Equity Portfolio Manager Ryan Murphy. “Low turnover leads to stronger relationships with our partners. Stronger partnerships allow for preferred allocations and seats on advisory committees.”

PERA’s expertise in investment management is reflected in the inclusion of PERA staff in various industry organizations and advocacy groups. Our staff lend their knowledge and experience to groups such as the Council of Institutional Investors, Healthy Markets Association, the Public Company Accounting Oversight Board, and the Securities and Exchange Commission’s Investor Advisory Committee.

In addition to the PERA Defined Benefit (DB) Plan portfolio, investment staff also work to reduce costs in the PERA Defined Contribution (DC) Plan and the PERAPlus 401(k) and 457 Plans by increasing internal management of assets and negotiating lower fees with external managers. For example, since 2011, the all-in costs of the PERAPlus 401(k) Plan have decreased by 83%. Effective in 2025, participants pay a flat monthly fee of $1 per plan.

WATCH THE VIDEO: How Colorado PERA Invests for Long-Term Retirement Security

The value of a low-cost investment program

Investment income is the largest source of assets in the DB plan trust funds. Over the past 30 years, the portfolio has earned an annualized return of 8.4% and generated more than $88 billion for PERA members and retirees. Of every dollar a PERA retiree receives, 61 cents come from the investment income, while 39 cents come from contributions from members, employers, and the State.

A dollar bill showing the portion of PERA funding that comes from various sources: 61 cents from investment income, 23 cents from employer and non-employer contributions (including disaffiliations) and 16 cents from member contributions (including service purchases). — A visual representation of PERA funding sources.

As fiduciaries, every person on PERA’s investment staff is an expert committed to serving our members’ financial longevity. By working to reduce fees and other costs, the PERA investment team is able to keep more money available in the trust funds to invest on behalf of members. And that means a more secure, reliable retirement for Colorado’s public employees.

Learn more

A Closer Look at PERA’s 2024 Annual Report

Posted on July 22, 2025July 22, 2025 by Morgan

In June, PERA released its 2024 Annual Comprehensive Financial Report (ACFR), which contains detailed information on PERA’s finances, investment performance, and funded status for the year ended December 31, 2024.

The ACFR is a large report with a lot of information. We’re highlighting some of the key facts and figures from the report to make it easier to digest and to help those who want to know more about PERA’s finances.

A summary version of the ACFR is also available and you can explore highlights in an interactive format at copera.org/snapshot.

Plan Assets and Funding

2024 in review: $66.7 billion investment portfolio, 10.8% net rate of return, 219,204 active members, 412 employers, 57,232 PERACare participants, 69.2% funded status, 141,438 retirees and benefit recipients, $5.4 billion in annual benefit payments, $768.4 million invested in Colorado, 8.4% 30-year return. — Click or tap to enlarge

As of the end of 2024, PERA manages an investment portfolio of $66.7 billion for the defined benefit plans and $6.7 billion for the defined contribution plans. The defined benefit assets are split between five division trust funds from which PERA pays benefits: State, Local Government, School, Denver Public Schools, and Judicial.

The defined benefit trust funds saw a total of $12.4 billion in additions and $6.4 billion in deductions during 2024.

Across all five divisions, 219,204 members and 412 employers were actively contributing to PERA accounts. Member and employer contributions to PERA totaled more than $4.4 billion. Other additions included the State’s annual $225 million direct distribution and more than $96 million in service credit purchases.

Sixty-one percent of PERA’s investment assets are managed in-house by PERA staff, at an annual savings of $70 million compared to external management. Net investment income totaled more than $7.5 billion for the year.

PERA’s funded status at the end of the year – or the percentage of money PERA currently has on hand to pay all benefits earned to date – was 69.2%. While that represents a slight drop from the year before, PERA remains on track to meet its funding goals.

Benefits Paid

PERA paid a total of $5.4 billion in pension benefits to 141,438 retirees and benefit recipients, for an average monthly benefit of $3,264. The average age at retirement was 59.3 with 22.3 years of service credit. The remaining $1 billion in deductions included health care benefits and insurance premiums, member account refunds, and administrative expenses.

PERA provides benefits to nearly 1 out of every 10 Coloradans who are current and former teachers, State Troopers, snowplow drivers, correction officers, and other public employees who provide valuable services to all of Colorado. Of that $5.4 billion paid last year, approximately $4.6 billion went to more than 115,000 PERA retirees living in Colorado. That steady stream of income flows to every county in the state, providing stability to state, regional, and local economies.

Visit copera.org/snapshot for more details, including a county-by-county breakdown of benefits paid.

More Information

PERA Executives Give Updates, Take Questions at 2025 Town Halls

Posted on July 9, 2025July 9, 2025 by Kurt Sevits

PERA’s executive leadership team hosted two Town Halls on Tuesday, July 1 to provide updates on PERA and take questions from members and retirees.

CEO/Executive Director Andrew Roth was joined by Chief Investment Officer/Chief Operating Officer Amy C. McGarrity, Chief Benefits Officer Patrick Lane, and Chief Administrative Officer Jeremy Hill.

Below are clips of some of the executives’ answers to participant questions.

Full recordings of each Town Hall are available at copera.org/townhall.

How did PERA’s investment portfolio perform in 2024?

McGarrity highlighted PERA’s financial results from 2024, as reported in the recently released 2023 Annual Comprehensive Financial Report (ACFR).

“For the year ended December 31, 2024, PERA’s investment portfolio earned a return of 10.8% net-of-fees,” McGarrity said. “The value of the total defined benefit fund was $66.7 billion and our funded status was 69.2%.”

Based on 2024’s financial results, PERA remains on track to meet its funding goals. That means there will be no adjustments to contribution rates and all eligible benefit recipients will receive a 1.0% increase this July and most, if not all, will receive 1.0% in July 2026.

View more highlights from the 2024 ACFR at copera.org/snapshot.

If PERA’s investments earned positive returns in 2024, why aren’t retirees getting a bigger Annual Increase?

Roth acknowledged that the 1% Annual Increase retirees have received in recent years has been a challenge and reiterated that while PERA has unfunded liabilities, the Annual Increase is limited under state law to keep the plan on track to full funding.

“The good news is because we’re having strong investment returns, there is no decrease to the Annual Increase,” Roth said.

What will happen to my PERA benefits if there’s a recession?

“First and foremost, nothing happens to the benefits that are being paid,” McGarrity said, affirming that PERA would continue to pay earned benefits if there were a downturn in the economy.

As far as PERA’s portfolio is concerned, McGarrity said that because PERA is invested in the markets, it would likely experience the effects of a recession. However, the Board’s focus is on achieving returns over the course of decades, regardless of what happens in any one year.

“That’s really why the Board underscores a strategic approach and remains invested in the asset classes across the markets through various environments in order to achieve our very long-term objectives,” she said.

Does the repeal of the Windfall Elimination Provision and Government Pension Offset through the Social Security Fairness Act mean PERA members have to start contributing to Social Security?

“The short answer is no changes that resulted from the Social Security Fairness Act will impact PERA members with regard to their contributions,” Roth said, adding that PERA serves as a substitute for Social Security for most members, and a person’s PERA benefit is never affected by any other benefit they may receive.

PERA members who were previously affected by WEP or GPO will no longer see reductions in their Social Security benefits since those two provisions have been repealed.

For more information on the Social Security Fairness Act, visit ssa.gov.

What can retirees expect for PERACare plans in 2026?

“We will continue to offer the same plans and carriers for our Medicare and pre-Medicare offerings in the 2026 plan year,” Lane said. “We’re still in the process of finalizing premium information, but we do expect premiums to go up across the board next year, so I want to be very transparent about that.”

Lane added that while PERA does its best to negotiate competitive rates with PERACare carriers, there are many factors that affect premiums and other health plan costs, such as rising costs for services and prescription drugs and regulatory changes at the federal level.

We’ll have more information on 2026 PERACare premiums in the fall.

How do I know when I can retire and how much my monthly benefit will be?

“The PERA mobile app is a really valuable tool to help you through this process,” Lane said. “It has calculators, it can help you determine your dates for eligibility to receive benefits, and it can help you go through some hypothetical scenarios that would help you gain a better understanding of your retirement.”

Lane also pointed out other tools and resources that are available on PERA’s website, including highest average salary tables, webinars, and educational videos.

Town Hall recordings

For full recordings of both Town Halls, visit copera.org/townhall.

PERA Board Releases Annual Report, Announces Election Results at June 2025 Meeting

Posted on July 9, 2025July 9, 2025 by Morgan

The Colorado PERA Board of Trustees met on Friday, June 27. The Board released PERA’s annual financial reports, announced the results of Trustee elections, and more.

Annual Comprehensive Financial Report

At its June meeting every year, the PERA Board approves the release of the Annual Comprehensive Financial Report (ACFR) for the previous calendar year. The report contains detailed information on PERA’s financial health, operations, and membership.

As of December 31, 2024, PERA manages an investment portfolio of $66.7 billion for the defined benefit trust funds. The portfolio ended the year with a return of 10.8% net-of-fees. Over the past 30 years, the portfolio has earned an annualized return of 8.4%.

As of the end of the year, the combined funded ratio for the defined benefit trust funds was 69.2%. While that’s a slight decrease from the year before, it’s well within the expected range of volatility.

Based on 2024’s financial results, adjustments via the Automatic Adjustment Provision will not be needed in 2026. That means there will be no adjustments to contribution rates and all eligible benefit recipients will receive a 1.0% increase this July and most, if not all, will receive 1.0% in July 2026.

The ACFR and a summary version, the Popular Annual Financial Report (PAFR), are available online, and an interactive version with report highlights is available at copera.org/snapshot.

Board election results

Another important item the Board completes at its June meeting is releasing the results of Trustee elections. This year, elections were held to fill five seats on the Board:

School Division: Trustees Marcus Pennell and Eunice Botchway were each reelected to 4-year terms and Tonya J. Thompson was elected to a 1-year term.
State Division: Maruti D. Moré was elected to a 4-year term.
Retiree: Tina Mueh was elected to a 4-year term.

Elected Trustees began their terms on July 1.

In addition to the above election results, the Trustees voted to elect Trina Ruhland as Vice Chair of the Board. Trina Ruhland fills the role that was vacated by Hon. Rebecca R. Freyre, who assumed the role of Chair to replace outgoing Chair Taylor McLemore.

Legislative update

Director of Public and Government Affairs Michael Steppat joined CEO/Executive Director Andrew Roth to discuss the recently concluded legislative session. In total, legislators introduced 657 bills over the course of four months, 476 of which passed and were signed into law.

Four of those enacted bills related to PERA. They modify things such as Board terms and meeting rules, the timing of some PERA reports, the employer contribution rate in the Denver Public Schools Division, and funding for voter-approved Proposition 130.

Steppat also briefed the Trustees on upcoming legislative hearings that PERA staff will attend as part of the State’s regular review and oversight of PERA. While the Pension Review Commission and Pension Review Subcommittee won’t be meeting this summer as usual due to a bill pausing interim committee activity, PERA staff will appear before the Legislative Audit Committee in August and the Joint Budget Committee sometime in the fall.

In addition, PERA is awaiting the results of an independent study comparing the cost and effectiveness of the PERA Defined Benefit Plan to alternative plan designs. We expect to receive that study this summer.

Investment performance update

Chief Investment Officer/Chief Operating Officer Amy C. McGarrity and the Board’s investment consultant, Aon, discussed financial markets and economic conditions in 2024 and so far in 2025.

While markets started 2024 with strong positive returns, the second half of the year saw increased volatility, with fixed income and real estate assets in particular struggling to make up losses. In PERA’s portfolio, strong returns from global equities were a major factor in our 10.8% overall return. According to Aon, PERA’s portfolio performed better than 85% of public pension funds in its peer group in 2024, and the 10-year return of 8.3% was better than 95% of the peer group.

In the first quarter of 2025, uncertainty around federal trade policy contributed to market downturns, particularly in global equities. Since then, markets have largely recovered, with both equities and bonds up for the year so far, Aon said.

The PERA Board’s strategic asset allocation and focus on long-term performance has paid off, according to Aon, allowing PERA to beat its benchmark returns over the course of multiple decades.

What’s next?

A recording of the Board meeting and accompanying materials are available at copera.org.

The Board’s next regularly scheduled meeting is the annual planning session from September 17 to 19.

How Colorado PERA Invests for Long-Term Retirement Security

Posted on June 24, 2025June 26, 2025 by Kurt Sevits

With over $65 billion under management, our investment team plays a critical role in PERA’s long-term stability and our ability to pay members’ earned benefits throughout their retirement.

This highly skilled team manages a diverse portfolio designed to achieve long-term gains through investments that span decades. A thoughtful, strategic approach ensures we can continue to meet member needs for many years to come.

Strategic asset allocation

The structure of PERA’s investment program is determined by the PERA Board of Trustees. Every four or five years, they complete what’s known as an asset/liability study. This study considers expected market returns for the next 30 years and balances them against PERA’s future liabilities and cashflow needs to create a mix of investments that is expected to produce returns over the long term.

Determining this asset allocation is one of the most important decisions the PERA Board makes, and it is the greatest single factor in PERA’s long-term investment returns. Once the Board determines this strategic asset allocation, it is up to PERA staff to implement it.

Asset classes

It can be helpful to think of the various asset classes as blocks that build upon one another and work together to produce the expected rate of return in the long run. Each block has an important role to play in the portfolio.

Global Equities: The Global Equities asset class includes stock holdings in publicly traded companies. It’s the largest piece of the PERA portfolio and the primary driver of returns in the long run; if Global Equities are having a good year, there’s a high likelihood the overall PERA portfolio will have a good year, too.

The global equity portfolio is well-diversified across developed and emerging countries and all sectors and company sizes. It’s a large portfolio that holds over 7,000 individual stocks, including major companies such as Apple, Microsoft, and Amazon.

Fixed Income: The role of Fixed Income, our second-largest asset class, is to provide diversification and liquidity while reducing portfolio volatility. The Fixed Income portfolio includes investment-grade bonds in all the major sectors—Treasuries, mortgage-backed securities, and corporate bonds—as well as some smaller sectors like asset-backed securities, government-related securities, and commercial mortgage-backed securities.

Fixed income assets are generally less volatile than equities and provide a predictable source of income, which can reduce overall risk in the portfolio.

Private Equity: Private Equity involves investing in companies that are typically not listed on a public stock exchange and are therefore not available to smaller individual investors. That can include venture capital (funding early-stage companies like startups), growth capital (funding businesses that are at or near profitability), and buyouts (larger transactions involving more mature and proven businesses to fund a change in ownership, promote growth, and provide money for acquisitions).

PERA has been investing in Private Equity since the early 1980s and was one of the first state pension funds to invest in this asset class. Over the decades, PERA has invested in a variety of companies that members use every day, including social media and entertainment companies, software and technology companies, wineries, restaurants, and clothing companies.

Because of private equity’s illiquid and opaque nature and higher management fees, the role of Private Equity in the PERA portfolio is to earn returns above that of Global Equities.

Real Estate: The Real Estate portfolio invests in a wide range of commercial real estate, which can include data centers or distribution warehouses, apartments, office space, retail space, or hotels. It invests primarily in the United States but does have some holdings throughout the world.

The role of real estate is to be a source of alternative income, such as monthly rental payments, in addition to steadily growing in value over time and reducing the impact of potential losses in other asset classes.

Alternatives: The alternatives asset class is where we put attractive investments that don’t fit into other traditional asset classes. Those can include assets like timberland, river barges, music royalties, renewable energy, toll roads, and lending to privately owned companies. Because alternatives don’t move in tandem with traditional stocks and bonds, these investments help reduce overall volatility in the portfolio.

Cash: PERA does not have a strategic asset allocation to cash, but because we pay over $350 million a month in benefits, it’s important to make sure we have the cash on hand to make those payments and also fund investments.

MORE: Defined Benefit Plan Assets

Internal asset management

PERA’s investments are managed by a staff of over 50 in-house investment experts. We’ve been managing assets internally since the 1970s and currently manage around 75% of the Global Equity asset class internally and 100% of the Fixed Income class. Not only does this give us significant control over these assets, but it also saves PERA members a great deal of money: Over the past five years, PERA saved at least $300 million using our in-house investment experts compared to having those assets externally managed.

We’re proud to be one of the most cost-effective public plans in the United States.

Investing for the long term

Regardless of internal or external management, all portfolios and asset classes are held to the same high standards. Those standards have served us well over the long term, as our 30-year annualized return is over 8% net-of-fees, and our 10-year net-of-fees return consistently ranks in the top 10% of our peer group universe.

Thanks to our Board and investment team’s strategic approach to asset allocation, Colorado PERA is well-positioned for long-term success, and our returns over our nearly 100-year history reflect that.

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