Colorado PERA is committed to transparency in everything we do and that’s especially true in communicating the financial status of the plan to our membership, our employers, elected officials, the media, and the public.
Each year, independent auditors hired by the Office of the State Auditor conduct a review of PERA’s financial status and fiscal controls, reporting the results to the Legislative Audit Committee (LAC) of the Colorado General Assembly. For the second year in a row, auditors found no significant deficiencies or material weaknesses in PERA’s financial reporting or controls.
The 2012 audit, presented on July 16 to the LAC, was conducted by KPMG and overseen by the State Auditor’s Office.
PERA sets a high standard for managing the assets and administering benefits for our 500,000 members and retirees. This is reflected in our Mission Statement and Guiding Principles, and as the KPMG audit demonstrates, it is a standard we consistently meet. We hold assets in trust for our members and we take seriously the responsibility of providing a stable and secure retirement for Colorado’s public employees.
PERA’s Comprehensive Annual Financial Report, which includes audited financial statements, has served as the model for the industry and has won the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officer’s Association (GFOA) for 27 consecutive years. The Summary Annual Financial Report, which is mailed to all members and retirees, has received this recognition for 10 consecutive years. The Summary Annual Financial Report contains easy to read information about PERA’s investments, funded status, and the economic impact of paying $3.2 billion in retirement distributions to retirees who call Colorado home.
More information on PERA’s annual financial audit is available in the KPMG audit report.