This week, the Colorado Office of the State Auditor and the Legislative Audit Committee released a report written by Pension Trustee Advisors (PTA). The study explored the role and variability of actuarial assumptions in projecting the most likely future funded status of the PERA Hybrid Defined Benefit Plans.
This week we got some good news. PERA is more efficient and costs less than other retirement plans! The Colorado State Auditor’s Office released an independent report that examined Colorado PERA’s retirement plan design and compared it to alternative public and private sector retirement savings options. The Auditor’s office teamed up with Gabriel, Roeder, Smith […]
On June 23 PERA released their Comprehensive Annual Financial Report, also known as the CAFR. The defined benefit plan has the most money it has ever had at $44.2 billion. In 2014, PERA distributed $3.9 billion to former public employees. Of that $3.9 billon, $3.5 billion went to Colorado retirees who spend those dollars here in Colorado helping to keep Colorado’s economy strong.
A new report was released in June by Colorado PERA, “Colorado PERA Economic and Fiscal Impacts”. The report, which was prepared by the economic and business analysis firm Pacey Economics, shows that distributions from Colorado PERA translate to $5.2 billion in economic output. This helps support more than 29,000 Colorado jobs annually.
NIRS research indicates that the best way for a state to address pension underfunding is to implement a responsible funding policy with full annual required contributions. The research reveals that West Virginia, Alaska and Michigan shifted from DB pension plans to DC individual accounts only to experience higher costs. Moreover, current financial data indicate that the DB to DC switch in fact worsened pension funding issues.
The Colorado Retirement Security Task Force bill creates a legislative task force that will make recommendations for increasing the number of Coloradans working in the private sector who have invested for their retirement and are enrolled in a retirement plan.