Category: Inside Colorado PERA

A closer look into PERA operations, administration, and the Board of Trustees

PERA Executives Provide Updates, Answer Questions at 2026 Virtual Town Halls

Posted on by Kurt Sevits

PERA’s executive leadership team hosted two Town Halls on Thursday, July 9 to provide updates on PERA and take questions from members and retirees.

CEO/Executive Director Andrew Roth was joined by Deputy Executive Director Sarah Wager, Chief Investment Officer/Chief Operating Officer Amy C. McGarrity, and Chief Benefits Officer Patrick Lane.

The executives provided updates on topics such as PERA’s annual financial reports, compensation for investment staff, the 2026 legislative session, and PERACare before taking questions.

We’re providing clips of some of the answers to participant questions here, and full recordings of each Town Hall are available at copera.org/townhall.

Why doesn’t the Annual Increase for retirees keep up with inflation?

It’s important to note the amount of PERA’s Annual Increase is set in statute and can only adjust up or down based on PERA’s funding progress—along with member and employer contributions—and cannot exceed 2% while PERA has unfunded liabilities.

However, Roth said he has been in conversation with legislators to explore potential options for providing relief to retirees without negatively affecting PERA’s financial position.

“I want you to know that we hear what you’re saying and we’re committed to listening so that I can carry this message to policymakers and to our advocacy groups to try and figure out ways to provide relief, if not in the short term then definitely in the near- to medium-term,” Roth said.

How does PERA decide what to invest in?

Chief Investment Officer/Chief Operating Officer Amy C. McGarrity called attention to PERA’s annual Investment Stewardship Report, which provides detail into how staff manage plan assets with a focus on financial sustainability. The report and an interactive dashboard with report highlights are both available online.

“Generally speaking, the Board determines the strategic asset allocation, so from there we have an investment team internally that implements that asset allocation,” McGarrity said. “They implement it at the asset class level, so all five of our asset classes have teams that are responsible for delivering on the Board’s expectations.”

What is PERA doing about the rising cost of health care?

“While PERA can’t directly control healthcare costs or guarantee that premiums will stay the same from year to year, we do work closely with our carriers and offer competitive plan options,” Chief Benefits Officer Patrick Lane said. “We negotiate as effectively as possible and provide clear information so you can choose the coverage that best fits your needs.”

PERA carefully selects carriers for PERACare plans based on their ability to deliver exceptional customer service, ensure continuity of care, provide strong provider networks, and offer reliable, easy-to-navigate coverage that meets the unique needs of our retirees. Health carriers for some PERACare plans will be changing for 2027.

Read more on changes coming to PERACare plans and carriers.

Does PERA face the same risk of insolvency that Social Security is facing in the near future?

Roth explained that PERA benefits remain secure and retirees do not have to worry about any reduction in benefits like what Social Security may be facing in the next decade without legislative reform.

“PERA, unlike Social Security, has to make sure that we have all of the money necessary to pay benefits for all members—active and retired—into the future,” Roth said. “Here at PERA, our benefits are rock solid. While we do have an unfunded liability, Senate Bill 18-200 has put us on a path and we are starting to make some real progress.”

As of December 31, 2025, PERA remains on track to reach full funding by 2048.

Is there a limit to how long I can receive a PERA benefit, or is it for life?

“One of the primary benefits of participating in a defined benefit pension plan like PERA is that we offer a guaranteed lifetime retirement benefit that you can count on,” Lane said. He went on to point out that a retiree can choose a joint-life benefit at retirement, which allows a spouse or other individual to continue the PERA retiree’s benefit after their death.

What is PERA’s stance on incentive pay for investment staff?

CEO/Executive Director Andrew Roth discussed PERA’s incentive pay program for investment staff, explaining that PERA’s approach to staff compensation follows best practices among public pension plans.

Roth said incentive pay is meant to attract and retain talent, motivate and incentivize performance, and maintain competitiveness in the market. Roth also mentioned research that demonstrates the value of providing incentive pay to drive results.

That program is under review to ensure PERA is not an outlier among public pension peers, Roth said. Staff will present any proposed adjustments to the Board at its September planning session.

Town Hall recordings

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

PERA’s 2025 Annual Report by the Numbers

Posted on by Kurt Sevits

In June, PERA released its 2025 Annual Comprehensive Financial Report (ACFR), which contains detailed information on PERA’s finances, investment performance, and funded status for the year ended December 31, 2025.

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.

Explore an interactive version of this information and more at copera.org/snapshot.

Plan Assets and Funding

Colored squares showing highlights from PERA's annual report: $75.1B investment portfolio, 14.1% rate of return, 218,691 members, 145,554 retirees and benefit recipients, 69.1% funded ratio, $5.6B in annual retirement benefit payments, 8.1% return over 30 years, 56,109 PERACare participants, 414 PERA employers, $642.5M in Colorado-based investments.

As of the end of 2025, PERA manages an investment portfolio of $75.1 billion for the defined benefit plans and $7.6 billion for the defined contribution plans. The defined benefit portfolio includes the five division trust funds from which PERA pays benefits—State, Local Government, School, Denver Public Schools, and Judicial—as well as the health care trust funds, life insurance reserve, and direct distribution reserve.

The defined benefit trust funds saw a total of $15.9 billion in additions and $6.6 billion in deductions during 2025.

Across all five divisions, 218,691 members and 414 employers were actively contributing to PERA accounts. Member and employer contributions to PERA totaled more than $4.6 billion. Other additions included the State’s annual $225 million direct distribution and more than $92 million in service credit purchases.

Sixty-two percent of PERA’s investment assets are managed in-house by PERA staff, at a cost of $23.6 million compared to the estimated cost of $124 million to outsource that management. Net investment income totaled more than $10.3 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 69.1%. 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 $5.6 billion in pension benefits to 145,554 retirees and benefit recipients, for an average monthly benefit of $3,274. The average age at retirement was 59.5 with 22.2 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 $5.6 billion paid last year, approximately $4.8 billion went to more than 119,000 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.

Additional resources

PERA Board Releases Annual Report, Announces Election Results at June 2026 Meeting

Posted on by Kurt Sevits

The Colorado PERA Board of Trustees met on Thursday, June 25 for its third regular meeting of the year. The Board released PERA’s annual financial reports, announced the results of Trustee elections, and more.

Staff compensation review

At the Board’s Compensation and Budget Committee meeting, CEO/Executive Director Andrew Roth and Director of Human Resources Rebecca Harren discussed PERA’s total compensation philosophy and investment compensation philosophy, which have been under review since last year.

Roth said incentive pay for investment staff is meant to attract and retain talent, motivate and incentivize performance, and maintain competitiveness in the market. That program is under review to ensure PERA is not an outlier among public pension peers, Roth said. Staff will present any proposed adjustments to the Board at its September planning session.

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, 2025, PERA manages an investment portfolio of $75.1 billion for the defined benefit trust funds. The portfolio ended the year with a return of 14.1% net-of-fees. Over the past 30 years, the portfolio has earned an annualized return of 8.1%. As of the end of the year, the combined funded ratio for the defined benefit trust funds was 69.1%.

RELATED: Understanding PERA’s Unfunded Liability

Based on 2025’s financial results, adjustments via the Automatic Adjustment Provision will not be needed in 2027. 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 2027.

Visit copera.org/snapshot for an interactive look at ACFR highlights. You can also read the full ACFR or its shorter version, the Popular Annual Financial Report (PAFR).

Investment and market updates

Chief Investment Officer/Chief Operating Officer Amy C. McGarrity and the Board’s investment consultant, Aon, discussed investment performance and market conditions in 2025 and so far in 2026.

Aon said PERA’s investment portfolio continues to perform well relative to other public pension funds over short- and long-term time periods. PERA’s 2025 return of 14.1% was in the top 35% of the peer group of public funds, Aon said, and the 10-year annualized return of 9.5% is in the top 4%.

McGarrity addressed the recent SpaceX initial public offering (IPO), which drew widespread attention due to its record-breaking valuation and questions around corporate governance. McGarrity said PERA did not directly participate in the IPO, but she expects PERA to gain exposure to SpaceX stock through index investments. Other large players in the artificial intelligence field, including OpenAI and Anthropic, are also preparing for significant IPOs.

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 two seats on the Board:

  • School Division: Tonya J. Thompson was reelected to a 4-year term.
  • State Division: Chad Marturano was elected to a 4-year term.

Thompson is the General Counsel for Harrison School District 2 and has been on the PERA Board since July 2025.

Marturano is the Vice President and Chief Financial Officer for the University of Colorado System. He fills a seat held by Lisa Landis, whose term expired June 30.

Trustee terms began July 1.

Legislative update

Director of Public and Government Affairs Michael Steppat joined CEO/Executive Director Andrew Roth to discuss the recently concluded legislative session.

Legislators passed six PERA-related bills this session, covering topics such as purchasing service credit, access to the PERAPlus 401(k) and 457 plans, and giving PERA flexibility in allocating the State’s annual $225 million direct distribution.

READ MORE: Legislature Passes Six PERA-Related Bills During 2026 Session

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 for the second summer in a row due to legislative cost-cutting measures, PERA staff will appear before the Legislative Audit Committee in August and the Joint Budget Committee sometime in the fall.

Modernization update

Director of Modernization Faheem Naushad provided the Trustees with an update on the long-term project to upgrade and replace many of the technology systems the enable the daily work of administering PERA benefits, collectively known as PRISM (Pension Resource & Information Services Manager).

The project, which is expected to take years to complete, is still in an early stage. Current work includes establishing the project roadmap, phases, milestones, and long-term budget needs.

Staff will continue to provide updates at future Board meetings.

What’s next?

The PERA Board plans to hold two more regularly scheduled meetings in 2026. Those dates are:

  • September 23 to 25 (planning session and meeting)
  • November 20

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

2026 Virtual Town Halls Set for July 9

Posted on by Kurt Sevits

This year’s virtual Town Halls with PERA executives will take place on Thursday, July 9.

PERA holds Town Halls each year after the release of the Annual Comprehensive Financial Report (ACFR), which contains details on the Plan’s finances and membership for the previous calendar year. The PERA Board of Trustees will release the 2025 ACFR at its June 25 meeting.

There will be two Town Halls on July 9—one for retirees and one for active members—and both will be virtual with the option to participate online, on the phone, or on social media. PERA executives will be taking questions live during both events.

Event details

Date: Thursday, July 9

How to participate

Both Town Halls are open to anyone who would like to participate, but the content of each will be tailored to its respective audience.

If you’re unable to attend either event, recordings will be available on our website afterward.

For more information or to submit a question in advance, visit copera.org/townhall.

Understanding PERA’s Unfunded Liability

Posted on by Kurt Sevits

Colorado PERA provides lifetime retirement income to the state’s public employees and that poses a unique challenge: Estimating the cost of member benefits for many years into the future and ensuring the plan has enough money to pay them.

In discussions about how PERA is doing in that regard, the term “unfunded liability” often comes up.

It’s a term that isn’t always well understood, but examining a plan’s unfunded liability and the factors behind it can provide members and other stakeholders with a better sense of the plan’s financial footing and its future.

What is unfunded liability?

Unfunded actuarial accrued liability (UAAL)—or simply unfunded liability—is a common term used in funding for public pension plans. It refers to the gap between the amount of money a plan has in its trust funds and the value of current and future benefits members have earned to date.

In other words, UAAL is like a debt owed to members. The liability is the money the plan will eventually have to pay, and the portion that isn’t covered by current plan assets is considered “unfunded.”

Unfunded liability can be a helpful tool for measuring a pension plan’s financial health. While many plans carry some level of unfunded liability, UAAL that continues to grow can be a sign of underlying issues that may jeopardize the financial sustainability of the fund, such as inappropriate actuarial assumptions or insufficient contribution levels.

By the end of 2016, PERA’s unfunded liability had grown large enough that it prompted recommendations from the PERA Board of Trustees and responsive action from the Colorado General Assembly. Senate Bill 200, enacted in 2018, included various reforms designed to pay down PERA’s unfunded liability with the goal to fully fund the Defined Benefit Plan within 30 years, and PERA continues to make progress toward that goal.

The history of PERA’s unfunded liability

Bar chart showing changes in PERA's funded percentage from 2000 (105.2%) to 2024 (69.2%).
Click or tap to enlarge

At the end of 2000, PERA was over 100% funded. That means the plan’s trust funds—which contain all the money that comes into the plan (including investment earnings) and from which the plan pays benefits—held more than what was needed to pay all earned benefits to date. By the end of 2016, the funded percentage had fallen below 60%, driving the Board’s recommendations and the bipartisan efforts of the General Assembly to pass Senate Bill 200 in 2018. By the end of 2024, PERA had improved its funding level to 69%, while also mitigating risk through the adoption of more appropriate economic and demographic assumptions over this eight-year period.

While various factors have contributed to the increase in PERA’s unfunded liability over the past two and a half decades, three of those factors have had the largest impact:

  1. Assumption changes aimed at better reflecting reality: To ensure PERA’s projections are as accurate as possible, the Board regularly reviews and adjusts its actuarial assumptions—which include things like the expected lifespan of the retiree population and expected salary trends in public employment—through a process known as an actuarial experience study. Over the years, adjustments to assumptions resulting from these studies have gone both ways, with some changes reducing liabilities and other changes increasing liabilities. Certain adjustments, such as lowering the portfolio’s assumed rate of return and the adoption of generational mortality, are more impactful than other assumption changes and resulted in a net growth in PERA’s unfunded liability.
  2. Plan experience worse than expected: Actuarial assumptions help pension plans like PERA make projections about the cost of benefits decades into the future. When reality differs significantly from expectation—for example, shifts in demographics and salaries for public employees—they affect the projections for how much money PERA will need to have on hand to pay retirement benefits.
  3. Investment returns worse than expected: PERA’s investment portfolio has performed well relative to benchmarks over the long term, but investing in the markets exposes the portfolio to risks; like any investor, PERA is not immune to the effects of major market downturns. For example, the dot-com bubble in the early 2000s and the 2008 financial crisis led to unprecedented losses in financial markets. These major events resulted in negative investment returns far beyond general expectations.

When it comes to reducing PERA’s unfunded liability, the largest factor has been changes to plan provisions, such as the reforms included in Senate Bill 1 in 2010 and Senate Bill 200 in 2018. Those reforms include higher contributions from working members and their employers, an annual $225 million direct distribution from the State, lower annual increases for retirees, and increased age and service requirements for a full retirement benefit, all of which have helped put the plan on more solid financial footing.

PERA’s enhanced contribution structure, which better ensures sufficient funding to support current benefit accruals, is a key element to maintaining PERA’s sustainability. Strong investment returns on those contributions also make a difference. When the portfolio achieves a return that’s better than the assumed rate of return, that investment income increases the value of plan assets and reduces the unfunded liability. PERA’s assets have grown faster than liabilities over the past decade, and that trend is expected to continue.

Chart showing changes in private sector retirement plan participation from 1979 to 2023
Click or tap to enlarge

Getting PERA to full funding

Unfunded liabilities don’t accrue overnight, and it can take many years to eliminate that debt. PERA’s goal is to reach full funding by 2048, and as of the date of our most recent Annual Comprehensive Financial Report, we remain on track to meet that goal.

A meter demonstrating PERA's progress toward funding, with the needle in the green "on schedule" zone.

The Automatic Adjustment Provision automatically adjusts, as necessary, member and employer contributions, retiree benefit increases, and the State’s annual $225 million direct distribution to PERA, based on funding progress. This mechanism helps ensure we don’t fall behind on the target of achieving full funding by 2048.

The PERA Board of Trustees also plays an important role. While Trustees can’t control factors such as inflation, public employee salaries, or the number of plan participants, the Board regularly monitors and adjusts the factors in its control, such as actuarial assumptions, the amount of risk in the investment portfolio, and plan costs.

Reducing the unfunded liability is a challenge, but it’s an important one to tackle. Through a combination of sensible policy updates, good plan governance, and fiduciary care, PERA is making progress toward full funding and a more secure future for Colorado’s retired public employees.

FURTHER READING:

PERA Board Discusses Legislation, Funding at March 2026 Meeting

Posted on by Kurt Sevits

The Colorado PERA Board of Trustees met in Denver on Friday, March 20.

The Board’s agenda included discussions and action items related to Board elections, the 2026 legislative session, PERA funding levels, and more.

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

Board election update

Elections for open seats on the Board are held each May, and Trustees approved the list of candidates and voted to proceed with elections for two open seats this year:

  • 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.

Ballots will be mailed in early May to active members in the School and State divisions. Voting will be available by paper ballot, phone, and online via the election website or the Colorado PERA mobile app and member portal.

The Board will announce the results of the election at its June 25 meeting.

2026 legislative session

CEO/Executive Director Andrew Roth and Director of Public and Government Affairs Michael Steppat provided the Board with an update on the 2026 legislative session, which began in January and will continue through mid-May.

As of the meeting date, legislators had introduced four PERA-related bills and one resolution. Two of those bills have passed: House Bill 1027 allows executive directors of boards of cooperative services (BOCES) to return to work after retiring for unlimited amounts of time without facing a reduction in their PERA benefits, and House Bill 1146 allows approved facility schools—which serve students whose needs aren’t being met in a regular classroom—to apply for affiliation with PERA to provide retirement benefits to their employees.

Senate Joint Resolution 016, which recognizes the importance of retirement security, encourages workers to seek out financial education to improve their retirement readiness, and highlights the importance of lifetime income options in the PERA Defined Contribution Plan and PERAPlus 401(k)/457 Plans, has also passed.

House Bill 1026 remains under consideration. That bill would allow PERA members to purchase a limited amount of service credit for periods of unemployment and also require all PERA-affiliated employers to offer the voluntary PERAPlus 401(k) and 457 plans, in both pre-tax and Roth options, to their employees.

MORE INFO:

Overview of PERA’s unfunded liabilities

To better understand the context and history of PERA’s unfunded liabilities—i.e., the gap between the amount of money in the division trust funds and the value of current and future benefits owed to PERA members—the Board engaged in discussions with consulting firms Segal, Aon, and Ailman Advisers.

While various factors have contributed to changes in unfunded liabilities over the past two and a half decades, the session centered on factors that have had the largest impacts and included a review of which factors the Board can and cannot control.

Unfunded liabilities pose a challenge to many public pension plans, but PERA is on a path to full funding by 2048. As of Dec. 31, 2024—the date of our most recent Annual Comprehensive Financial Report—we remain on track to meet that goal.

Market and portfolio update

Chief Investment Officer/Chief Operating Officer Amy C. McGarrity presented information on financial market performance so far in 2026. Oil and commodities have been strong performers year-to-date while other asset classes, such as global equities, have been largely flat or negative.

McGarrity also discussed the impact of the conflict in Iran, which has disrupted the supply of oil and other resources since the beginning of March. That conflict has affected markets around the world, McGarrity said, introducing significant uncertainty and volatility across various sectors.

The PERA Board determines PERA’s strategic asset allocation, which is the most significant factor influencing long-term investment performance and asset volatility. Maintaining a disciplined approach helps ensure PERA can meet its obligations throughout market cycles.

2026 meeting dates

The PERA Board plans to hold three more regularly scheduled meetings in 2026. Those dates are:

  • June 25
  • September 23 to 25 (planning session and meeting)
  • November 20

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

Recap of PERA Board’s January 2026 Meeting

Posted on 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.

READ MORE: What to Expect from Colorado’s 2026 Legislative Session

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 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 by Kurt Sevits

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 by Kurt Sevits

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.