Colorado PERA Vision and Mission Statements

Vision

To become the retirement plan of choice for all Colorado public employees.

Mission

To promote long-term financial security for our membership while maintaining the stability of the fund.

Guiding Principles:

• We will deliver quality customer service, sound investment decisions, operational efficiency, educational programs, competitive plan design, and actively participate in legislative issues that affect our organization.

• All activities undertaken will adhere to the guiding principles of customer focus, ethical conduct, accountability, excellence and ongoing process improvement.

Colorado PERA Overview

About PERA

PERA provides retirement and other benefits to the employees of more than 400 government agencies and public entities in the state of Colorado. PERA is the 21st largest public pension plan in the United States.

Established by State law in 1931, PERA operates by authority of the Colorado General Assembly and is administered under Title 24, Article 51 of the Colorado Revised Statutes. In accordance with its duty to administer PERA, the Board of Trustees has the authority to adopt and revise Rules in accordance with state statutes. (View PERA Law and PERA Rules.) 

Its membership includes employees of the Colorado state government, public school teachers in the state, many university and college employees, judges, many employees of cities and towns, state troopers, and the employees of a number of other public entities. More information on the PERA membership is available on the Colorado PERA Members and Benefit Recipients by County fact sheet.

PERA is a substitute for Social Security for most of these public employees. Benefits are pre-funded, which means while a member is working, he or she is required to contribute a fixed percentage of their salary to the retirement trust funds. This percentage is 8 percent for most members. The employer also contributes a percentage of pay to the trust fund.

The trust funds are then invested by PERA under the direction of a board of trustees. PERA's investment strategy uses actuarially established investment objectives with long-term goals and policies. 

PERA's Board of Trustees are fiduciaries and are held to a high standard of prudence in investing the trust funds. By State law, the management of the public employees' retirement funds are vested in PERA's 16-member Board of Trustees. As a result of legislation enacted in 2006, the State Auditor ex officio position was eliminated effective January 1, 2007. In addition, on July 1, 2007, the number of member-elected Trustees was lowered to 11, by replacing three previously elected Trustees with three Governor-appointed Trustees approved by the Senate. In May 2009, with the signing of SB 09-282, a Denver Public Schools Division member was added as a non-voting ex officio seat. The Board also includes four members from the School Division; three members from the State Division; one member from the Local Government Division; one Judicial Division member; two PERA retirees; and the State Treasurer as an ex officio member.

There are approximately 230 staff members responsible for the day-to-day operations of PERA. This staff manages the investment process, administers the payment of benefits, and provides other support services.

* Division Trust Funds Only - Does Not Include Defined Contribution Plans

A Brief History

Founded by the state Legislature in 1931, the Association initially provided retirement benefits to state employees only and was called the State Employees’ Retirement Association (SERA). By the end of its first 10 years, SERA had more than 4,000 members, 112 retirees, and more than $1,000,000 in assets. In 1943, legislation renamed the organization the Public Employees’ Retirement Association (PERA) and allowed cities, school districts, and colleges to join.

For the first 20 years, investments were limited to United States Government Bonds or Colorado state, school or municipal bonds. Rates of return averaged 2.75 percent. Members and employers each contributed 5 percent of salary.

By the end of 2010, the fund had over $38* billion in assets available for benefit payments, with 201,095 active members and 94,017 benefit recipients. PERA now maintains a diversified portfolio of investments, while adhering to a long-term, strategic asset allocation policy.

* Division Trust Funds only; does not include defined contribution plans.