The Colorado PERA Board of Trustees approved a motion on Friday, June 19, to release the 2019 Comprehensive Annual Financial Report (CAFR). The CAFR includes information about PERA’s investment performance for the 2019 calendar year and the funded status of the plan.
Legislation that affects calculations in the report has recently been sent to Governor Polis for his signature. PERA will release the final CAFR document, along with the 2019 Popular Annual Financial Report and an interactive digital overview, after the Governor makes his decision. A draft version of the CAFR is available here.
“The CAFR is a cornerstone of PERA’s commitment to transparency,” said Ron Baker, PERA’s Executive Director. “It contains an in-depth look at our performance, operations, and membership. One thing the various statistics can’t capture, however, is the invaluable role our members play in communities across Colorado—a fact that is especially apparent in 2020. Serving these members is at the core of what we do, and we take our role as stewards of their retirement funds seriously.”
The year ending December 31, 2019, was a positive year for PERA. The total fund’s investment portfolio returned 20.3%, net of fees. At the end of the year, the fund had a fiduciary net position of $51.7 billion, compared to $44.9 billion the year before.
The Colorado General Assembly passed major PERA reform legislation in 2018 to help ensure the fund’s stability over time and put PERA on a path to full funding by 2047. That legislation, Senate Bill 18-200, made reforms to the plan that included increases in contributions and modifications to benefits that were phased in over time.
The projected number of years for each division to reach full funding as of December 31, 2019, is listed below:
|
Division Trust Fund |
Projected Years to Full Funding |
|---|---|
|
State |
22 |
|
School |
24 |
|
Local |
14 |
|
Judicial |
12 |
|
Denver Public Schools |
11 |
The CAFR reflects information at a single point in time—December 31, 2019—and does not reflect any impact of the COVID-19 pandemic on PERA. Financial results for 2020 will be calculated as of December 31, 2020, and will be released in June 2021.
