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Latest
PERA News
This section
contains current items of interest to PERA members and retirees and the
general public. For other news regarding PERA, you also may want to view
the PERA News Archives. Any questions or
comments regarding this information may be directed to PERA via e-mail.
Colorado PERA Issues Investment Consulting
Services RFP
Colorado PERA has issued an RFP for investment consulting
services. Those interested in submitting an RFP should
refer to the information below:
Investment Consulting Services RFP
Sample Consultant Services Agreement
2008 Comprehensive Annual Financial Report (CAFR) (the 2009 Comprehensive Annual Financial Report will be available in mid- to late August)
Statement of Investment Policy
PERA Law
PERA Rules
Statement by Colorado PERA Executive Director
Colorado PERA wishes to thank Denver District Attorney Mitch Morrissey for the quick and decisive action by his office in the recent arrest of Beth Roybal, a former PERA employee, for multiple counts of fraud. The alleged fraud was discovered internally by PERA personnel approximately one week earlier, and evidence was immediately provided to the District Attorney. Within hours, the Denver District Attorney's Office Economic Crime Unit was able to obtain a warrant for the arrest of Ms. Roybal and she was arrested on Monday, June 14. Charges were officially filed on June 18, for 19 counts of felony theft and 1 count of felony forgery. The investigation continues regarding the scope of the fraud and additional charges are possible. PERA will continue to work closely with the District Attorney’s Office in support of the prosecution.
PERA will defer to the Denver District Attorney’s Office regarding the release of any further information related to this case.
--Meredith Williams, Colorado PERA Executive Director
June 18, 2010
2:00 p.m.
Colorado PERA Hires New Director of Fixed Income Investments
Colorado PERA hired Mark Walter as the new director of fixed income investments. He began his new responsibilities in March.
Most recently, Walter worked as the senior director in Microsoft Corporations’ Treasury Group. He has a bachelor’s degree in Finance from the University of Colorado at Boulder and holds a Chartered Financial Analyst (CFA) designation.
Colorado PERA Testifies at Congressional Hearing
Gregory W. Smith, Colorado PERA Chief Operating Officer and General Counsel, testified at a hearing in Washington, D.C., on Wednesday, April 21. The hearing was held by a subcommittee of the U.S. House Committee on Financial Services. The Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises held this hearing on the subject of “Corporate Governance and Shareholder Empowerment." U.S. Representative Ed Perlmutter of Colorado is a member of the Subcommittee.
Below is the link to the Subcommittee's Web site to view the testimony.
http://www.house.gov/apps/list/hearing/financialsvcs_dem/hrcm_041410.shtml
Colorado PERA Board Re-Appoints Three Trustees, Senate Confirms Gubernatorial Appointment to Board
At its March meeting, the Colorado PERA Board of Trustees voted not to hold an election in 2010 for the three Trustee seats with terms that were set to expire on June 30, 2010. Each of the seats was uncontested. Mark Anderson, Carolyn Jonas-Morrison, and Scott Murphy will begin serving new four-year terms on July 1, 2010.
Anderson is elected by local government employees and has served on the PERA Board since 1993. He is currently the Board Chair. Jonas-Morrison is elected by state employees and serves as the Board’s representative from higher education. She has been on the Board since 2009. Murphy is elected by school employees and has served on the Board since 2005.
Additionally, Susan Murphy, a governor-appointed Trustee, was confirmed by the Colorado State Senate for a term that expires July 10, 2013. Ms. Murphy was originally appointed to the Board in February 2008.
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Gov. Ritter Signs Senate Bill 10-001
On February 23, 2010, Governor Bill Ritter signed into law Senate Bill 10-001 (SB 1), the legislative package to put Colorado back on track to being fully funded. The legislation includes the necessary provisions to ensure that PERA can provide retirement security not just for today’s retirees, but also for those members who may be just beginning their careers in public service or are yet to be hired. As SB 1 provides PERA long-term stability and sustainability, this solution requires a shared sacrifice from retirees, public employees, and public employers. Please see the Senate Bill 10-001 Web page for more information.
Updated Iran-Related Investment Policy Report
On January 18, 2008, the Colorado PERA Board of Trustees adopted the Colorado PERA Iran-Related Investment Policy. This policy outlines a phased strategy to address Colorado PERA’s direct public investments in foreign companies doing business in the Islamic Republic of Iran.
At the January 15, 2010, PERA Board Meeting, the PERA Board of Trustees approved the removal of the moratorium placed upon Bow Valley Energy Ltd. (Bow Valley), a former Canadian oil and gas company acquired by Dana Petroleum plc in 2009. This firm no longer meets the policy’s criteria prohibiting the acquisition of additional securities of the firm. In addition, the Board approved the removal of Petroleo Brasileiro S.A. (Petrobras) from its list of firms that meet the policy criteria.
As specified in Phase III of PERA’s policy, removal of moratorium companies requires 90-day advance notice before the effective date of any repeal of this moratorium to the public, the General Assembly, and the Governor. Since the letter to the General Assembly and Governor serves as that notice, the effective date of the repeal of the moratorium on Bow Valley will be April 16, 2010.
Iran-Related Investment Policy Report
Senate Bill 10-01 Introduced
Senate Bill 10-01, which contains the Colorado PERA Board of Trustees’ recommendation to the Colorado General Assembly, was introduced on January 13, 2010. The bill is titled “Concerning Modifications to the Public Employees’ Retirement Association Necessary to Reach a 100 Percent Funded Ratio Within the Next Thirty Years” and may be read here.
PERA Board of Trustees Endorse Senate President’s Legislative Proposal
On Thursday, January 7, the PERA Board of Trustees approved Senate President Brandon Shaffer’s recommended changes to the PERA Board’s legislative proposal. These changes to the original legislative proposal still accomplish the Board’s goal of reaching 100 percent funded levels for each of PERA’s divisions in 30 years.
These new recommendations comply with the Board’s previously determined principles of shared responsibility among members, retirees and employers, intergenerational equity, long-term sustainability, preservation of the defined benefit plan, and maintaining the same benefit structure for PERA’s different divisions.
The Board’s support of the Senate President’s bill is subject to review of the final legislation that will be introduced to the General Assembly early in the session that begins January 13. The bipartisan bill is slated to be introduced as Senate Bill 1 and will have Senator Josh Penry as a prime cosponsor along with other cosponsors.
Please see the table that outlines the Senate President’s recommended changes.
Board of Trustees Election Slated–Candidates Sought
In May 2010, Colorado PERA will hold an election for seats on the Board of Trustees for the following positions:
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One Local Government position |
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One School position |
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One State position in higher education |
Candidacy packets will be available January 4, 2010, and may be obtained by writing to:
Colorado PERA
Internal Audit Division
1301 Pennsylvania Street
Denver, CO 80203-5011
To be placed on the ballot, a candidate must fulfill the requirements explained in the candidacy packet. Requests for candidacy packets should include the name, Social Security number, PERA Division of membership, mailing address, daytime telephone number, and signature of the candidate. Members from the State Division who are interested in being a candidate should also indicate whether they are a member of the PERA Defined Benefit Plan or the PERA Defined Contribution Plan.
The Board of Trustees meets at least five times per year and is responsible for adopting the rules and policies for the administration of PERA. Elected Board members serve without pay, but are reimbursed for necessary expenses.
PERA members from the Local Government, School, and State Divisions will be sent ballots in early May. Returned ballots must be postmarked by May 31, 2010.
PERA will be holding elections for the seats currently held by Mark Anderson from the Local Government Division, Scott Murphy from the School Division, and Carolyn Jonas-Morrison from the State Division (Higher Education), whose terms expire June 30, 2010. Each seat is for a four-year term.
Effect of Legislative Recommendation on Colorado PERA Membership
Colorado PERA has created a chart that briefly outlines the effect of the 2010 legislative recommendation on the various segments of PERA's membership.
PERA Plan Delivered to Governor and Legislature
On November 2, Colorado PERA met with the Legislative Audit Committee of the Colorado General Assembly. PERA's Executive Director, Meredith Williams, addressed the Committee regarding PERA's 2010 legislative recommendation.
Summary of Colorado PERA's Legislative Recommendations for 2010 (Supplemental Information Provided to the Legislative Audit Committee and Legislators)
Letter to Governor Ritter
Presentation to the Legislative Audit Committee
Summary of Board Recommended Legislation in 2010
Timeline for Development of PERA's Comprehensive Legislative Proposal
Actuarial Projection Charts for 2007 and 2008 Valuation Results for State, School, Local Government, and Judicial Divisions
Actuarial Projection Charts Illustration PERA Board's Recommendations for the 2010 Legislative Session for State, School, Local Government, and Judicial Divisions
Letter Dated October 13, 2009, from Cavanaugh Macdonald Consulting, LLC, Stating that Certain Pieces of the Legislation Cannot be Priced to Determine the Financial Impact
Certification Letter Dated October 27, 2009, from Cavanaugh Macdonald Consulting, LLC, Stating that the PERA Board's Proposal is a Sound Actuarial Response to PERA's Current Financial Situation
PERA's Summary Annual Financial Report for the Fiscal Year Ended December 31, 2008
Presentation to the PERA Board on June 19, 2009, by Cavanaugh MacDonald, LLC, Summarizing Their Report of the Actuarial Valuation of PERA as of December 31, 2008
Colorado PERA's Economic & Fiscal Impacts: A Study Measuring the Economic and Fiscal Impacts of PERA's Benefit Payments to Colorado Recipients and Providing a Description of PERA Members (Active and Benefit Recipients), Prepared by the Pacey Economic Group—August 2009
PERA Contact Information
Aurora and Bennett Meetings for October 29, 2009, Canceled
Colorado PERA's meetings scheduled for October 29, 2009, in Aurora and Bennett are canceled due to a continuing winter storm which may produce additional significant snow accumulations and hazardous driving conditions.
AURORA
The Colorado PERA Benefit Information Meeting and PERA 401(k) Meeting were scheduled for 5:00 p.m. and 7:30 p.m. at the Aurora Public Schools District Administration Building, 1085 Peoria Street, Aurora, CO 80011.
BENNETT
The Colorado PERA Group Workshop and Benefit Information Meeting were scheduled for 4:30 p.m. and 6:30 p.m. at the Bennett High School, 615 7th Street, Bennett, CO 80102.
The decision to cancel the meetings was made in the best interests of the safety of Colorado PERA staff and members who would have to travel to the meetings. We regret any inconvenience caused by this cancellation. Please check the PERA Web site’s Meeting and Appointment Scheduler for future meeting dates in Aurora and Bennett.
For answers to questions, please contact the Colorado PERA Customer Service Center at 1-800-759-7372 or 303-832-9550.
Palmer Lake and Castle Rock Meetings for October 28, 2009, Canceled
Colorado PERA's meetings scheduled for October 28, 2009, in Palmer Lake and Castle Rock are canceled due to a dangerous winter storm forecast to have significant snow accumulations and hazardous driving conditions.
PALMER LAKE
The Colorado PERA Retirement Process Meeting and PERACare Informational meetings were scheduled for 4:30 p.m. and 6:30 p.m. at The Inn at Palmer Divide, 443 Hwy 105, Palmer Lake, CO 80133.
CASTLE ROCK
The Colorado PERA Group Workshop and Benefit Information Meeting were scheduled for 4:30 p.m. and 6:30 p.m. at the Comfort Suites, 4755 Castleton Way, Castle Rock, CO 80109
The decision to cancel the meetings was made in the best interests of the safety of Colorado PERA staff and members who would have to travel to the meetings. We regret any inconvenience caused by this cancellation. Please check the PERA Web site’s Meeting and Appointment Scheduler for future meeting dates in the Palmer Lake/Monument area and in Castle Rock.
For answers to questions, please contact the Colorado PERA Customer Service Center at 1-800-759-7372 or 303-832-9550.
Colorado PERA Board of Trustees’ Legislative Recommendation
Proposed legislative package returns the retirement plan to long-term sustainability for 438,000 current and former Colorado public employees
Addressing the plan’s long-term sustainability now is necessary.
Even in light of the recent upturn in the markets, projections show that the Colorado Public Employees’ Retirement Association (PERA) cannot invest its way out of the situation created by the worst economic downturn since the 1930’s. PERA’s investments would have to earn nearly 60 percent in 2009 to return PERA to pre-recession funded levels. Additionally, legislation passed in 2009 requires the Board by November 1 to “submit specific, comprehensive recommendations to the General Assembly regarding possible methods to respond to the decrease in the Association’s (PERA’s) assets…and to ensure that each division of the Association will become and remain fully funded.”
The Board of Trustees sought input in developing its recommendation to the Legislature.
In August, the PERA Board conducted a series of eight Listening Tour meetings around the state, seeking input from PERA members, retirees, and the general public about options to return the plan to long-term sustainability. The goal of the Listening Tours was to be both informative about the challenges facing PERA and receptive to the opinions and concerns about various potential recommendations.
As the planning process for developing a recommendation progressed, the Board established a guiding framework of values to guide its decisions. Those values include shared responsibility among members, retirees and employers, intergenerational equity, long-term sustainability, preservation of the defined benefit plan, and maintaining the same benefit structure for PERA’s different divisions. In addition, the recommendations are designed to have little or no short-term impact on member behavior.
As a first step toward achieving these goals, in September the Board adopted a more conservative assumed rate of return (8 percent down from 8.5 percent) and the goal of a 30-year amortization period, meaning that the trust funds would be on track to be fully funded within three decades. Previously, the PERA trust funds would have needed up to 60 years to be fully funded.
The PERA Board’s package of recommendations offers a prudent course of action.
On October 16, the PERA Board voted unanimously to submit recommendations to the Colorado General Assembly for consideration in the 2010 Legislative Session. The recommendations are designed to return PERA to long-term sustainability.
Because this is a package of interdependent elements, it is important that all the recommendations be viewed together as a complete proposal rather than separate options that can be considered in isolation. Changes to one part of the proposal could jeopardize the viability of the entire package.
The package is known for short as “2/2/2 Plus” in reference to the three main elements:
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A 2 percent increase in the AED |
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A 2 percent increase in the SAED |
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A 2 percent cap on the Cost of Living Adjustment (COLA) for all retirees, members, and inactive
members |
“Plus” refers to the necessary additional provisions that supplement those three key elements guaranteeing
amortization of the unfunded actuarial accrued liabilities and maintaining full funding.
Recommended changes for PERA retirees:
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Reduce the Cost of Living Adjustment (COLA) to an amount equal to the CPI-W with a cap of 2
percent, effective on the date the bill becomes law. The COLA effective date would be changed to
July for all members. |
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Require retirees who return to work to make employee contributions at the same rate as all
members working for that employer. Such contributions shall not accrue a benefit and shall not be
deposited into the member account. |
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Prevent retirees who suspend their benefit and return to work from increasing their highest average
salary and building additional service credit into the original retirement benefit. Retirees working
after retirement, who elect to suspend their benefit, shall be entitled to an additional benefit
segment upon re-retirement based upon years worked and salary earned during the period of
suspension, if greater than one year. |
Recommended changes for active and inactive PERA members:
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Continue to escalate the Supplemental Amortization Equalization Disbursement (SAED), beginning
in 2014, for a total increase of up to 2 percent beyond the current rate schedule. Currently, the
SAED is 1 percent and will increase by 0.5 percent per year through 2013, to the existing 3 percent
cap. The total amount of the SAED in 2017 would equal 5 percent. The Local Government Division
and Judicial Division SAED would be frozen at the 2010 level (1.5 percent). The SAED is, to the
extent permitted by law, to be funded by monies otherwise available for employee wage increases. |
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Change the current 3-year highest average salary (HAS), with a base year, to a 5-year HAS with a
base year, including an 8 percent spike cap. This change is applicable to members not eligible to
draw a benefit (full or reduced service retirement) on the effective date of the statute. There is no
change to the unique statutory HAS for the Judicial Division. |
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Require all members with a retirement effective date of January 1, 2011, or later to receive benefits
for a full calendar year prior to being eligible to receive a COLA. |
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Require members to earn 5 years of service credit prior to being eligible for the 50 percent match.
Current members with less than 5 years of earned service credit will be considered vested for the 50
percent match on all contributions earned through the effective date of the statute, but must reach
5 years of earned service credit to be eligible for the 50 percent match on contributions earned after
the effective date of the statute. |
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Revise the existing early retirement reduction factors to reflect actuarial cost. This revision would
ensure that the early retirement benefits shall not be greater than the actuarial equivalent of a full
service retirement at the earliest date of retirement eligibility. This change will apply to all persons
not eligible to draw a benefit on the effective date of the statute. |
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Modify the age and service credit requirements for members who do not have five years of service
credit to a minimum retirement age of 60 with 30 years of service credit. This Rule of 90 would apply
until age 65, at which time a member would be able to retire with any amount of service credit.
Eligibility for reduced retirement will not change in order to avoid a negative impact on retiree access
to PERACare (retiree health insurance). The age and service differential available to State Troopers
compared to non-State Troopers will not change from the existing statutory provisions. |
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Repeal the current statute providing that any members who began PERA membership on or before
December 31, 2006, and who terminated PERA membership with at least 25 years of service credit,
would have their retirement benefits increased by the COLA that would have been granted to the
account if a retirement benefit had been paid since the date of termination of membership. This
change would apply to members not eligible to draw a benefit on the effective date of the statute. |
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Repeal the current statute providing that any inactive member who began PERA membership on or
before December 31, 2006, will, upon his or her retirement, receive a payment of retirement
benefits retroactive to the date on which he or she first reached age and service eligibility for
retirement. Retirement benefits will be paid no earlier than the first day of the month in which the
member reaches age and service eligibility and submits a written retirement application. This
change would apply to members not eligible to draw a benefit on the effective date of the statute. |
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Reduce the COLA to an amount equal to the CPI-W with a cap of 2 percent for all active and
inactive members. Therefore, they would be impacted like all current retirees. |
Recommended change for PERA employers:
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Continue to escalate the Amortization Equalization Disbursement (AED), beginning in 2013, for a
total increase of up to 2 percent beyond the current rate schedule. Currently, the AED will increase
by 0.4 percent per year through 2012, to the existing 3 percent cap. The total amount of the AED in
2017 would equal 5 percent. The Local Government Division and Judicial Division AED would be
frozen at the 2010 level (2.2 percent). |
Future Adjustments Based on Funding Status:
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Adjust the COLA cap automatically based upon the year-end actuarial funded status of the plan.
Once the total fund reaches a funded status of 110 percent, the COLA cap will increase by a
designated amount, and subsequently, if the funded ratio of the total fund falls below 90 percent,
the COLA cap will decrease by a designated amount. These increases and decreases will occur each
year that the total funded status of the plan reaches 110 percent or drops below 90 percent. The
COLA cap will not decrease below 2 percent. |
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Mandate an automatic decrease in AED and SAED contributions to a division when the division’s
year-end actuarial funded ratio reaches 110 percent, and subsequently, if the funded ratio of the
division subsequently falls below 90 percent, the contributions will increase. These decreases and
increases will occur each year that the division’s funded status reaches 110 percent or drops below
90 percent. The AED and SAED contribution rates will not exceed 5 percent each. |
PERA executive staff will conduct a series of Shareholder Meetings across the state for all retirees and members beginning on October 20. Details of the Board’s proposal will be discussed. For a complete list of meetings, please click here.
To read the Board motion click here.
Upcoming Hearing on Colorado PERA Rules
Each year, Colorado PERA has the opportunity to update the administrative regulations that guide how PERA law is applied in practice. The process for updating the Rules provides for public comment on the proposed changes. The Public Hearing on PERA’s proposed changes to its Rules will take place on November 20, 2009, during the monthly PERA Board of Trustees Meeting held at 1301 Pennsylvania Street in Denver. If you would like to comment on these proposed Rules changes, please plan on attending the hearing on November 20. You can review information on attending Board meetings on the Board of Trustee meeting page.
Summary of Proposed Rules
Legislative Development Update
At its annual planning session held September 16-18, the PERA Board of Trustees discussed possible changes to contribution rates and benefit provisions to restore the long-term sustainability of the trust funds. Legislation passed in 2009 requires the Board to “submit specific, comprehensive recommendations to the General Assembly regarding possible methods to respond to the decrease in the Association’s (PERA’s) assets…to decrease the amortization period of each division…and to ensure that each division of the association will become and remain fully funded” by November 1, 2009.
The Board reviewed actuarial projections under a variety of scenarios, and will study additional projections at its October 16 meeting. The Board expects to finalize its recommended package of legislation at that meeting.
As noted at the Listening Tour meetings, without increases in contributions or reductions in the growth of benefits, some divisional trust funds are projected to run out of assets within 20 years. The Board reviewed the options for changes that were presented at the Listening Tour meetings, as well as the input received from members, inactive members, retirees, and the public. The Board has asked PERA staff and the actuaries to study possible packages in which responsibility for the burden for putting PERA back on the path to actuarial soundness would be shared by employees, employers, and benefit recipients.
Other changes may be considered by the Board at its October 16 meeting. It should be emphasized that the Board has made no decisions on a legislative proposal to date. The Board is committed to recommending a proposal that would result in 100 percent funding for each divisional trust fund based upon a 30-year amortization period. The Board also discussed triggering mechanisms that would adjust contribution rates and benefit levels based upon funding levels.
The Board formally adopted an 8 percent assumed rate of return (down from 8.5 percent). Actuarial projections will be based on these parameters. Details of the Board’s proposal will be the topic of the Shareholder Meetings that begin in late October.
Colorado PERA Listening Tours Presentation
The presentation given by PERA at the eight Listening Tours is available online for viewing.
Colorado PERA Announces Staff Changes
Colorado PERA named new executives and new directors in anticipation of the retirement of its chief operating officer later this year. In addition, PERA’s general counsel, Greg Smith, is now also the chief operating officer.
The following changes were made:
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Ron Baker was named PERA’s chief technology officer. Baker was formerly the director of application development and has worked at PERA for 15 years. |
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Donna Trujillo was named chief benefits officer. Trujillo was previously director of PERA’s operations support division. She has worked at PERA for 20 years. |
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Katie Kaufmanis retained her title as director of communications but she now reports directly to PERA’s executive director, focusing on external communications. The former communications division was split into two divisions: field education services and member publications. Katie has worked at PERA for eight years. |
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Dennis Gatlin was named director of field education services. He was previously a manager for the same group and has worked at PERA for nearly 22 years. |
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Madalyn Knudsen was named director of member publications. She was previously a manager for the same group. Madalyn has worked at PERA for 14 years. |
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Rich Krough was named director of application development. He has worked at PERA for seven years. |
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Aubre Schneider was named director of operations support. She was previously a manager in the operations support division. Aubre has worked at PERA for seven years. |
The reorganization is effective immediately but is in anticipation of chief operating officer David Maurek’s retirement later this year. Maurek will be working on a variety of special projects before his retirement.
Colorado PERA Hires New Director of Legal Services
Colorado PERA named Luz Rodriguez as its director of legal services.
Most recently, Rodriguez worked at PERA managing the retiree payroll team. She has worked at PERA since 1996. Rodriguez holds a bachelor’s degree in accounting from the University of Colorado Denver.
Rodriguez replaces Diane Ahonen who retired earlier this year.
Colorado PERA to Provide Live Webcast of Listening Tour Hearing on Legislative Proposals
On Tuesday, August 11, Coloradans will be able to log on to a live webcast and view a public hearing to be held by the Colorado Public Employees’ Retirement Association (PERA) to discuss strategies to ensure the retirement plan’s long-term sustainability.
The first-ever live webcast by PERA is designed for PERA members, retirees, legislators, and the public. It comes in response to strong interest in PERA’s Listening Tours, which will be held in eight cities around Colorado this month.
Viewers can watch the webcast by visiting www.copera.org and following the link on the home page. The live webcast will run on August 11 from 6:00 to 8:00 p.m., providing a video stream of the hearing, which is being held at the PPA Event Center at 2105 Decatur Street in Denver. Seating is limited so the webcast provides a viable live alternative for interested parties.
Webcast viewers and other visitors to the PERA Web site at www.copera.org will be able to complete an online survey to share their views with PERA. That survey will be available during and after the live webcast. The webcast also will be available at www.copera.org for later viewing.
“PERA is soliciting input from its members, retirees, and others and conducting extensive financial analyses to help shape legislation it will propose for consideration in the 2010 session of the Colorado General Assembly,” said PERA Executive Director Meredith Williams.
“That proposed legislation will be designed to address the impacts of the difficult economic conditions in a comprehensive and long-term manner. The goal is to create a fair and reasonable proposal for public employees, retirees, and citizens of Colorado,” Williams added.
“Although we’re hosting a total of eight Listening Tour hearings around Colorado this month, the webcast will provide one more way to participate,” Williams said.
In November, PERA’s Board of Trustees directed staff to review all alternatives to improve PERA’s financial health. Since then, the staff and Board have worked intensely to gather extensive data and conduct complex analyses so the Board will have the information needed to make well-considered decisions moving forward.
“We take our fiduciary duty to protect the best interests of PERA’s beneficiaries very seriously,” said Williams. “We need to hear from them directly to present alternatives and understand which options they would like us to consider.”
Welcome to Colorado PERA—DPSRS Materials
On Tuesday, August 4 and Thursday, August 6, PERA representatives met with DPSRS retirees and active members. The following materials were provided to attendees:
Membership Portability Provisions for DPSRS/PERA Merger
Welcome to PERA for DPSRS Retirees
Welcome to PERACare for DPSRS Retirees
Welcome to PERA for DPSRS Active Members
No October "Planning for Medicare" Meeting
The monthly Planning for Medicare meeting scheduled in October will not be held. Retirees can get this same information by attending a PERACare Open Enrollment meeting at many locations around the state in October. The PERACare Open Enrollment meetings also offer an opportunity for retirees to learn about changes to PERACare coverage for 2010.
The Planning for Medicare meetings will resume on November 10, 2009, at 10:30 a.m. at The Pointe in Westminster. Please check the Colorado PERA Web site Meeting and Appointment Scheduler for additional details about Planning for Medicare meetings.
PERA Meets with Legislative Audit Committee
On July 13, Colorado PERA staff met with the Legislative Audit Committee to review the annual financial audit and to provide information to elected officials about the funded status of the PERA trust funds. The following information was distributed to the Committee:
Legislative Audit Committee presentation
2008 Comprehensive Annual Financial Report
2008 Summary Annual Financial Report
Colorado PERA Members and Benefit Recipients County fact sheet
Timeline
A series of public meetings will be held around the state in August. These “Listening Tours” are designed for the PERA Board of Trustees to gather member and public input to help shape legislation it will propose for consideration in the 2010 session of the Colorado General Assembly. All benefits are being evaluated for recommended changes, within the parameters of law, using a balanced approach to sharing responsibility for returning PERA to sustainability.
Listening Tours Schedule
Meetings will be held from 6:00 p.m. to 8:00 p.m.
Colorado Springs
Wednesday, August 12
Doubletree Hotel—World Arena
Pueblo/Teller/Park Rooms
1775 East Cheyenne Mountain Boulevard
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Fort Morgan
Wednesday, August 26
Morgan Community College
Bloedorn Lecture Hall, Aspen 200
920 Barlow Road
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Denver
Tuesday, August 11
PPA Event Center (near Invesco Field)
Aspen Room
2105 Decatur Street
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Grand Junction
Tuesday, August 18
Clarion Inn
Mt. Garfield Room
755 Horizon Drive |
Durango
Wednesday, August 19
Doubletree Hotel
Mesa Verde/La Plata Rooms
501 Camino del Rio
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Greeley
Tuesday, August 25
Island Grove Regional Park Events Center
Event Center Conference Room
425 N. 15th Avenue |
Fort Collins
Monday, August 24
Lincoln Center
Columbine Room
417 West Magnolia Street |
Pueblo
Thursday, August 13
Pueblo Convention Center
Fortino Grand Hall C – East
320 Central Main Street |
PERACare 2010 Update
PERA periodically surveys the health care marketplace and requests proposals from carriers qualified to work with the PERACare program. During the bid process this year, over 20 bids were received and reviewed to select the vendors who would best help us meet our goals of affordability and health management. PERA is pleased to announce that all of the current vendor partners (Anthem Blue Cross & Blue Shield, Kaiser Permanente, Rocky Mountain Health Plans, Secure Horizons, CIGNA Dental, and VSP) have been selected to continue their participation in the PERACare program. In addition, PERA has selected Delta Dental of Colorado to offer a second Dental PPO option which will be available in January 2010.
PERACare open enrollment is October 1 through November 15, 2009. Detailed information will be posted on the PERA Web site on September 15. (Benefit recipients currently enrolled in PERACare will be mailed information about open enrollment in mid-September.)
401(k) and DC Plan Blackout Period Ends
The blackout period for former State DC Plan and State 401(a) Plan members has ended. The blackout period was scheduled to end on Monday, July 13. Members whose State DC Plan or State 401(a) Plan was transferred to PERA on July 1, can now direct investments, take distributions, or exercise other rights normally available under the Plan.
Colorado PERA Announces Board Election Results
Colorado PERA members re-elected Scott Noller, Maryann Motza, and
Carole Wright and elected Carolyn Jonas-Morrison and Marcus Pennell to the 16-member Board of Trustees.
Noller and Pennell were elected to School Division seats, Motza and Jonas-Morrison to State Division seats, and Wright to a Retiree Division seat. Noller, Pennell, Motza, and Wright will serve four-year terms. Jonas-Morrison will serve a one-year term.
In the School Division election, a total of 17,502 votes were cast. Noller received 5,882 or 33.6 percent of the votes cast. Pennell received 4,675 or 26.7 percent of the votes. In the State Division election, 5,023 votes were cast. Motza received 59.6 percent of the votes cast; Jonas-Morrison received the remainder. In the Retiree Division, Wright received nearly 66 percent of the 17,762 votes cast.
Noller is an Assistant Principal in Colorado Springs School District #11 and has served on the Board since 2001.
Pennell is a physics teacher in the Jefferson County School District. He previously served on the Board from 2003 to 2007.
Motza is the Social Security Administrator for the State of Colorado and has been a member of the PERA Board since 2005.
Jonas-Morrison is the Dean of the Math and Technology Division at Pikes Peak Community College.
Wright is a retired teacher from Aurora Public Schools and has served on the Board since 2005.
By State law, the management of the Public Employees’ Retirement Association is vested in the Board of Trustees while the General Assembly sets contribution rates and benefit levels.
In May 2009, the Denver Public Schools Division seat was added to the Board with the passage of Senate Bill 09-282. Andrew Raicevich was appointed to fill the seat, effective May 21, 2009, as a non-voting ex officio member. He is a retired Assistant Superintendent from Denver Public Schools and his current term expires December 31, 2009.
In addition to the DPS seat, the Board is composed of 15 other Trustees, including three Governor-appointed Trustees and the State Treasurer who serves as a voting ex-officio member of the Board.
Colorado PERA Adds Fort Morgan to Listening Tours
Fort Morgan has been added to the Listening Tours Schedule in August. Please review the Schedule of Listening Tours for more information.
Colorado PERA Life Insurance Open Enrollment Extended
The life insurance open enrollment period has been extended until June 15 this year due to a delay in mailing life insurance open enrollment materials to Colorado PERA members. Members may enroll online using a PERA PIN or by completing and returning the paper enrollment forms to Unum by June 15, 2009.
If you do not enroll during an annual open enrollment period, you may apply for coverage at any time while you’re an active PERA member, but evidence of insurability will be required.
Upcoming Hearing on Colorado PERA Rules
Each year, Colorado PERA has the opportunity to update the administrative regulations that guide how PERA law is applied in practice. The process for updating the Rules provides for public comment on the proposed changes. The Public Hearing on PERA’s proposed changes to its Rules will take place at 10:30 a.m. on June 19, 2009, during the monthly PERA Board of Trustees Meeting held at 1301 Pennsylvania Street in Denver. If you would like to comment on these proposed Rules changes, please plan on attending the hearing on November 21. You can review information on attending Board meetings on the Board of Trustee meeting page.
Summary of Proposed Rules
Long-Term Care Insurance Enrollment Period Begins
Colorado PERA is pleased to announce that its long-term care insurance program is now available through MetLife (Metropolitan Life Insurance Company). MetLife is a recognized leader in the long-term care insurance industry and has consistently earned high marks from insurance industry rating agencies for financial strength and claims-paying ability.
PERA has negotiated an initial offering period (open enrollment) through October 31, 2009, for active members. The initial offering extends through October to accommodate members such as school employees who are not at work during the summer months.
Eligible employees applying on or before October 31, 2009, can take advantage of easier health qualifications by answering only five health questions on the application.
Retirees, inactive members, and family members of members and retirees are also eligible to apply for long-term care insurance with MetLife. Applications can be made at any time. A simplified underwriting process applies, and rates are discounted.
To help educate PERA members and retirees about long-term care insurance, PERA has selected Long Term Care Financial Partners (LTCFP) as its educational partner. LTCFP will be presenting a comprehensive educational program to help PERA members and retirees understand their options and determine if long-term care insurance should be a part of their own financial plans.
Note that PERA members and retirees with existing long-term care policies, purchased either through PERA’s program or individually, may want to attend an educational seminar and/or meet with an LTCFP representative. LTCFP can help compare the existing policy to options now available through MetLife. No existing policies can be automatically transferred to MetLife, but new policies could be purchased to replace existing policies.
For more information, interested PERA members and retirees may—
Colorado PERA and the Denver Public Schools Retirement System
Senate Bill 09-282 establishing the Denver Public Schools Division at PERA effective January 1, 2010, was signed by Governor Ritter on May 21, 2009. We will be posting more information over the coming weeks and months and other written communications are also being developed. Denver Public Schools Retirement System (DPSRS) has posted responses to frequently asked questions on their Web site. That information is available here: www.dpsrs.org/docs/PERAMerger/MERGERFAQS052109.PDF
See the April issue of PERA’s Legislative Update for more information.
Colorado PERA Shareholder Meetings
Similar to town-hall meetings, PERA executives will again travel around the State during the months of October and November to present information to PERA’s “shareholders” and the public about current PERA issues as well as review PERA’s financial position. After a briefing about PERA, a question-and-answer session will follow.
View the 2009 Shareholder Meeting Schedule
Colorado PERA and Placement Agents
Colorado PERA has received several inquiries from our membership and from media asking about the use of placement agents in the investment process. News about public pension funds in other jurisdictions in which placement agents used fees paid to them to contribute to political campaigns has been prominent in the national press lately, so we would like to explain how the process works at Colorado PERA.
While placement agents are used in the private equity and real estate asset classes at PERA, PERA does not hire nor pay placement agents. PERA does not pay placement agents to find investment opportunities and operates under an open door policy in which any investment manager can present investment ideas to PERA staff. Where PERA has made investments in which placement agents were used by the investment manager or general partner, PERA requires these fees to be disclosed.
PERA’s established governance and investment processes protect PERA from situations like the ones being reported in the news.
Colorado PERA Listening Tours Schedule
Colorado PERA Trustees and executives will travel throughout Colorado during August to get member, retiree, and the public's input on a legislative proposal to ensure PERA's sustainability.
Schedule of Listening Tours.
Colorado PERA Hires New Director of Internal Audit
Colorado PERA hired David Mather as the new director of internal audit.
Most recently, Mather worked at Jefferson Wells in Denver as the engagement manager in internal audit and controls. Prior to that, he was the finance audit director at American Capital in Bethesda, Maryland.
Mather replaces John Spielman who retired in 2008.
PERA Meets with Legislative Audit Committee – April 2
On April 2, Colorado PERA met with the Legislative Audit Committee of the Colorado General Assembly. PERA's Executive Director, Meredith Williams, addressed the Committee regarding PERA's plan for developing legislation in 2010. PERA gave the Committee copies of planned 2009 Actuarial, Benefit, and Investment Studies; a timeline for the development of the 2010 legislation; and a schedule of 2009 Board meetings, listening tours, and shareholder meetings. PERA also responded to questions from legislators.
Colorado PERA Responds to Media Inquiry on Employee Compensation
Colorado PERA is frequently asked to provide information on issues that appear in the national media to lend a local perspective to what’s happening in other places. As the news of investment incentives paid to large companies’ employees has been in the national media so much recently, Colorado PERA was contacted to provide information on incentive payments made to PERA employees.
For some background, in 2003, the Colorado PERA Board of Trustees approved a Total Compensation Philosophy Statement that guides how PERA employees are paid. The Board’s statement recognizes that PERA’s employees are PERA’s primary asset and the principal source of PERA’s competitive advantage. Base pay for PERA employees is determined by using surveys of the market's average pay for similar jobs – much like PERA employers such as the State, school districts, and local units of government establish salaries for their employees.
Colorado PERA has 252 staff positions, of which, approximately half are eligible for some type of incentive payment. These eligible staff are investment professionals and other administrative and operational directors, managers, supervisors, and technicians.
On behalf of our membership, PERA directly manages over 60 percent of investments using in-house investment professionals. By using this approach, PERA saves over $20 million in investment management fees for the stock and bond portfolios per year. PERA investment staff are required to exceed Board-established benchmarks in order to be eligible to receive an incentive. PERA outperformed these market benchmarks by $252 million in 2006 and $493 million in 2007. A key component of investment professional compensation is performance incentive pay. Accordingly, in 2006 and 2007, PERA’s investment professionals exceeded the Board established market benchmarks and became eligible for incentive pay.
Total investment performance incentives paid for 2006 and 2007 performance was $540,000 and $722,000, respectively. Incentives are paid over a two-year period and ranged from a high of $66,371 to a low of $2,888 and averaged $12,860 for the 21 employees eligible for these incentives in 2006. In 2007, 25 PERA investment employees were eligible for incentive pay and received payments ranging from $70,413 to a low of $3,895. These incentives averaged $14,443. Again, these payments were made over two years. Investment incentives do not exceed a maximum of 35 percent of base salary. For every dollar of investment performance incentives paid, PERA’s investment professionals added $467 in 2006 and $683 in 2007.
PERA also benchmarks the performance of managerial, professional, and technical staff. Over 80 employees are eligible for performance incentive pay. PERA has contracted with an independent third party specializing in benchmarking administrative costs and service quality for defined benefit pension plans worldwide. The firm, Cost Effectiveness Management Benchmarking Inc. (CEM Benchmarking) is the world’s leader in measuring and benchmarking service performance and the cost value of that service for both public and private pension systems. In 2007, (the last period available for analysis) Colorado PERA ranked first within the entire universe of 77 leading international defined benefit pension systems in terms of value, quality of service, quality, and overall cost for these services. PERA is a high quality, low cost provider of retirement services. PERA had adjusted costs that were 34 percent below the median cost of the universe. If PERA’s expense structure mirrored the median plan, PERA’s costs would have been approximately 50 percent higher or $8.5 million more.
Incentives paid to PERA’s managerial, professional, and technical staff totaled $477,061 for 2006 and $535,452 for 2007. Incentives ranged from a high of $48,806 to a low of $1,000 and averaged $7,228 for the 66 of 78 eligible staff who received them for 2006. For 2007, 72 of 84 of eligible staff received incentive pay and were awarded payments ranging from $53,399 to a low of $1,000. These incentives averaged $7,437.
With the Board’s focus on the current economic conditions and the corresponding impact on the PERA trust fund, the Board has directed PERA staff to take steps to address the changing circumstances we all face. Accordingly, there will be no 2008-related performance incentives paid in 2009.
Colorado PERA is sensitive to the issue of employee compensation and we realize that these are difficult economic times for our members, retirees, employers, and taxpayers of the State of Colorado. We will continue our work as a prudent steward of the retirement dollars for our membership, now over 430,000 strong.
New Tax Withholding Tables
New federal tax withholding tables will be in effect starting with the April benefit payments to PERA benefit recipients. The new tables, prescribed by the Department of the Treasury, reflect changes resulting from the American Recovery and Reinvestment Act of 2009, and will likely reduce the amount of federal income tax withheld from PERA benefit payments.
These new tables will result in less withholding because they reflect one of the key provisions of the economic stimulus package, namely the “Making Work Pay” tax credit. Taxpayers can receive this benefit through a reduction in the amount of income tax that is withheld from their paychecks; however, pension plan distributions (from public or private plans) are not considered to be earned income for purposes of qualifying for the new “Making Work Pay” credit. This may result in too little money being withheld from a PERA benefit payment.
All PERA benefit recipients are encouraged to review their April 2009 year-to-date federal income tax withholdings to determine if the amounts being withheld going forward need to be modified.
Benefit statements will be sent to all PERA benefit recipients in April since benefit amounts will be changing as a result of these new tax withholding tables.
Please review the Taxes on PERA Benefits booklet for more information and which also includes a PERA Withholding Preference Form to change withholdings from PERA benefits. PERA retirees and benefit recipients with a PERA PIN, may change withholdings online through the secured pages of the PERA Web site.
(PERA is providing this for information purposes only. Please consult a tax adviser for information specific to your situation.)
Colorado PERA Cancels Meetings
Colorado PERA's meetings scheduled for March 26, 2009, in Colorado Springs are canceled due to a blizzard warning issued by the National Weather Service with predictions of snowfall accumulations up to 15 inches and hazardous driving conditions for the next 24 hours. The Colorado PERA Group Workshop and Purchasing Service Credit meeting were scheduled for 4:30 p.m. and 6:30 p.m. at the Hilton Garden Inn, 1810 Briargate Parkway, in Colorado Springs. The decision to cancel the meetings was made in the best interests of the safety of Colorado PERA staff and members who would have to travel to the meeting. We regret any inconvenience caused by this cancellation. Please check the PERA Web site’s Meeting and Appointment Scheduler for additional meeting dates in the Colorado Springs area. For answers to questions, please contact the Colorado PERA Customer Service Center at 1-800-759-7372 or 303-832-9550.
PERA Denver Office Relocation Update
Effective Monday, March 30, 2009, Colorado PERA's Denver office will be located at 1301 Pennsylvania Street. The new location is one block east of PERA's current location at 1300 Logan Street. PERA's mailing address remains the same: 1300 Logan Street, Denver, CO 80203 or PO Box 5800, Denver, CO 80217. Deliveries (FedEx, UPS, etc.) after March 30 should be sent to 1301 Pennsylvania Street, Denver, CO 80203. A map of PERA's new location is available.
PERA Meets with Legislative Audit Committee – March 17
On March 17, Colorado PERA met with the Legislative Audit Committee of the Colorado General Assembly. PERA meets with various committees of the General Assembly throughout the year, and the meeting with the Legislative Audit Committee was an opportunity for PERA to provide responses to questions from elected officials and to update the committee on the overall status of PERA.
Meredith Williams, PERA’s executive director, outlined PERA’s progress on the development of a plan to address the downturn in the economy and the resulting impact on the PERA trust fund. He noted that the actuarial valuation of assets and liabilities to determine what PERA’s funded status was underway. The PERA Board, staff, and actuaries will use this information to build a comprehensive package to propose to legislators for the 2010 session. Requesting legislation during the 2009 session would be premature since any changes contemplated would be based on incomplete information.
For more details on the information presented to the Legislative Audit Committee, please review the presentation.
Colorado PERA Retirees Strengthen Colorado Economy
Colorado PERA announced new research data that shows state and local government retirees support $3.7 billion in total economic output in Colorado, according to a study released by the National Institute on Retirement Security (NIRS).
The study, “Pensionomics: Measuring the Economic Impact of State and Local Pension Plans,” finds that state and local pension funds in Colorado and other states paid a total of $2.55 billion in benefits to Colorado residents in 2006.
Colorado PERA is the state’s largest retirement plan, with over 430,000 members and retirees. A large majority of those members and retirees participate in the plan’s defined benefit program, included in the NIRS study.
The report also finds that expenditures from state and local pension benefits supported 24,101 jobs in Colorado that paid $1.5 billion in wages and salaries and $549 million in federal, state, and local tax revenues.
In Colorado, each dollar “invested” by Colorado taxpayers in state and local pension plans supported $7.00 in total economic activity in the state.
“The NIRS study demonstrates the significant stabilizing force of public pension plans in Colorado and across the nation,” said Meredith Williams, executive director of Colorado PERA.
“This study measures the magnitude of the ‘multiplier effect’ of Colorado’s public pensions across the state’s economy,” said Ilana Boivie, NIRS policy analyst and report co-author. “The multiplier effect occurs because one retiree’s spending in Colorado becomes another person’s income,” she said.
“In a time when many retirees who are dependent on 401(k) savings have to cut back on spending or even re-enter the job force, pension benefits provide a critical and steady infusion of cash into Colorado’s economy. Like the NIRS study shows, our retirees receive a modest benefit, on average, of $2,700 per month. But this benefit reverberates throughout our state, creating jobs and benefitting all of Colorado,” Williams said.
Colorado PERA Hires Deputy Chief Investment Officer
Colorado PERA hired David L. Bomberger as its new deputy chief investment officer, a new position. He began his new responsibilities in March.
Most recently, Bomberger worked for the Nebraska Investment Council as the State Investment Officer. He has more than 30 years of investment experience.
Bomberger earned a bachelor of science degree in business administration from the University of Nebraska in 1977 and a master’s degree in business administration from the University of Nebraska in 1980. He holds the designation of Chartered Financial Analyst (CFA).
“I am excited to join the Colorado PERA team. I am confident that my previous public and private plan sponsor experience will allow me to contribute to the Colorado PERA team. My family and I are looking forward to experiencing all that Colorado has to offer,” said Bomberger.
Why PERA Will Seek Legislation in 2010
PERA believes it is in the best interest of both its members and the state’s taxpayers to work towards proposing legislation in the 2010 legislative session to address the dramatic decline in the PERA investment portfolio. PERA has been working and will continue to work intensively in the meantime to put the necessary pieces in place to ensure that PERA’s 2010 legislative recommendation addresses the situation in a comprehensive and effective manner.
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PERA needs a complete picture of its assets before recommending any changes. Complete, audited information on the value of all of PERA’s investments, including assets such as real estate and private equity, will not be available until the end of May. This timing is normal for the receipt of this information each year. |
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PERA needs to have a complete picture of how any changes would impact its bottom line before recommending a specific course of action. PERA’s actuaries are currently “pricing” every component of the benefit structure of PERA. This process will be concluded in the next several months and involves a comprehensive review of all of PERA’s 431,000 members’ currently earned and benefits owed going forward (also called liabilities). To assist the Board in determining which changes to recommend, a model will be built to analyze the interaction and total impact of individual benefit changes on PERA’s funded status. |
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Together these tools will allow PERA’s Board of Trustees to propose a complete package for the 2010 legislation session rather than taking piecemeal approach that would lead to PERA returning annually to the General Assembly to seek legislation tweaking particular aspects of the system. |
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Because the stakes are so high it’s imperative that we do everything in our power to get it right. The comprehensive proposal for legislative action in 2010 will be based on accurate calculations and on a complete picture of how the changes will impact PERA’s funded status and its members. |
Brief History of PERA
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Established in 1931, before Social Security. |
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Serves as a retirement plan as well as a replacement for Social Security. Provides survivor and disability benefits in addition to a retirement benefit that averages $2,777 per month. (Most PERA members do not receive Social Security because they do not make Social Security contributions during the years they work for a PERA employer.) |
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Covers state government employees, all school district employees except Denver, judges, State Troopers, and many employees of local government. Membership at the end of 2008 was more than 430,000, which included currently contributing employees, employees who have left PERA-covered jobs, and retirees. |
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In addition to replacing Social Security, PERA serves as a retirement account for covered employees. A secure retirement is like a three-legged stool: Social Security, an employer pension or retirement account, and personal savings. PERA serves as the first two legs of this stool. |
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PERA was funded at above 100 percent at the end of only two years: 1999 and 2000. |
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Employer contribution rates were lowered when PERA reached fully funded status, saving public employers in Colorado millions of dollars. |
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Legislation passed in 2004 and 2006 will gradually restore contribution rates and these additional contributions come not only from employers (called the AED), but also employees (called the SAED). |
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In 2008, PERA paid $2.6 billion in retirement benefits and withheld $42.5 million for Colorado taxes. |
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All benefit provisions and contribution rates are contained in state law; the PERA Board of Trustees cannot change benefits or contribution rates. |
Interest Rate Change
At the November 21, 2008, Board meeting, the Colorado PERA Board of Trustees set the interest rate on member contributions to 3 percent compounded annually effective January 1, 2009. The interest rate is set by the PERA Board and is subject to change annually.
PERA Meets with Elected Officials
On January 5, Colorado PERA met with the Joint Budget Committee (JBC) and on January 14, the Joint House and Senate Finance Committee of the Colorado General Assembly. These meetings with elected officials occur every year and give PERA the opportunity to provide responses to questions from JBC members and to update both committees on the overall status of PERA.
Meredith Williams, PERA’s executive director, outlined PERA’s plan going forward which includes an actuarial valuation of assets and liabilities to determine what PERA’s funded status was at the end of 2008. The PERA Board, staff, and actuaries will use this information to build a comprehensive package to propose to legislators for the 2010 session. Requesting legislation during the 2009 session would be premature since any changes contemplated would be based on incomplete information.
With the worldwide decline in the financial markets, like other investors, the value of PERA’s assets has declined. However, perspective on the magnitude of the decline has been missing from recent media reports on the health of PERA. The portfolio’s preliminary, unaudited return for 11 months ended November 30, 2008, was negative 24.8 percent. For comparison purposes, the S&P 500 index was down 37.7 percent, and the Wilshire 5000 declined 38.3 percent during this same time frame. What is yet unknown is the value of PERA’s non-publicly traded assets such as private equity and real estate. Only after PERA’s holdings in these asset classes are audited and compared to what PERA owes in current and future benefit payments, will a complete picture of PERA’s funded status be known. This comparison of assets to liabilities is performed every year and results are mailed to members and retirees in the Summary Annual Financial Report in late June.
As 2009 progresses, work will continue to determine what potential changes to contributions and to the future accrual of benefits might be feasible and necessary for the Legislature to consider in 2010. PERA members and retirees will be kept informed of any proposed changes via Web site postings and information in the Member and Retiree Reports.
For more details on the information presented to elected officials in January, please review the presentations below.
JBC presentation
Joint House and Senate Finance Committee presentation
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