June 21, 2024

The Colorado PERA Board of Trustees today approved the release of PERA’s 2023 Annual Comprehensive Financial Report (ACFR). The ACFR contains detailed information on PERA’s finances, investment performance, membership, and funded status for the 2023 calendar year.

PERA’s investment portfolio ended the year with a positive return of 13.4% net-of-fees compared to its benchmark’s return of 14.4%. The defined benefit trust funds were valued at $61.5 billion with a combined funded ratio of 69.6%. Over the past 10 years, PERA’s investments have earned an annualized return of 7.8% net-of-fees while the benchmark earned 6.9%.

PERA remains on track to reach its goal of full funding by 2048. Therefore, automatic adjustments to the Plan based on that funding progress will not be necessary as established in statute. Contributions from members, employers, and the state will remain the same for the next year, as will annual benefit increases paid to retirees.

“Nearly 700,000 of Colorado’s current and former public employees rely on PERA for retirement security, and the information contained in the ACFR speaks to the competency and excellence of the PERA Board and staff tasked with administering tens of billions of dollars in retirement and other benefits,” said CEO/Executive Director Andrew Roth, who began his tenure as PERA’s eighth Executive Director in May. “I look forward to helping this important organization continue its long legacy of service to its members and move its mission forward.”

PERA also released the 2024 Investment Stewardship Report, which details how PERA’s investment staff serve as stewards of Defined Benefit Plan assets. The report provides insight into PERA’s strategic asset allocation, investment philosophy, and commitment to long-term financial sustainability.

In response to legislation passed in 2023, this year’s Investment Stewardship Report includes new insights into how PERA considers risks and opportunities related to climate change. Notably, the report builds on previous years’ disclosures at the portfolio level and broadens its focus to capture the ways in which PERA considers climate-related risks to the organization.

In addition to the ACFR and Investment Stewardship Report, PERA released the Economic and Fiscal Impacts report from Boulder-based Pacey Nehls Economic Consulting, which shows PERA retirement benefits continue to be an important and stabilizing factor in the state and local economies. In 2023, PERA paid $4.56 billion in benefits to 114,432 retirees living in Colorado, resulting in $7.1 billion in total economic output and supporting 28,525 jobs in the state. In addition, retirees paid nearly $382 million in state and local taxes on those benefits, which supports schools, roads, and other important services. The Economic and Fiscal Impacts report is available online here.

The ACFR is available online at copera.org and an interactive snapshot of report highlights is available at copera.org/snapshot. 

The Investment Stewardship Report is available online at copera.org/investment-stewardship and an interactive snapshot of report highlights is available at copera.org/stewardship-snapshot. 

Colorado PERA provides retirement and other benefits to nearly 700,000 current and former teachers, State Troopers, corrections officers, snowplow drivers, and other public employees who provide valuable service to all of Colorado. PERA is a vital and stable contributor to Colorado’s economy, distributing $4.56 billion in 2023 to more than 114,000 retirees who live in Colorado.