In June, PERA released its 2022 Annual Comprehensive Financial Report (ACFR), which contains detailed information on PERA’s finances, investment performance, and funded status for the year ended Dec. 31, 2022.
The ACFR is a lengthy report with a large amount of information. To make it easier to digest, we’re highlighting some key facts and figures from the report to help those who want to know more about PERA’s finances.
This information is also available in an interactive format at copera.org/snapshot.
Plan assets and funding
As of the end of 2022, PERA manages an investment portfolio of $55.9 billion for the defined benefit plans and $5.1 billion for the defined contribution plans. The defined benefit assets are split between the five division trust funds from which PERA pays benefits: State, Local Government, School, Denver Public Schools, and Judicial.
Last year, 206,646 members across 410 employers were actively contributing to their PERA accounts. Member and employer contributions to PERA totaled approximately $3.4 billion.
Fifty-nine percent of PERA’s investment assets are managed in-house by PERA staff, at an annual savings of $60 million compared to external management. Those assets are spread across six asset classes: Global Equity, Fixed Income, Real Estate, Private Equity, Alternatives, and Cash.
RELATED: Asset Classes Explained
PERA’s funded status at the end of the year was 69.9%, up from 67.8% at the end of 2021. According to state law, PERA must reach 100% funded by 2048.
PERA paid a total of $5.2 billion in pension benefits to 135,485 retirees and beneficiaries in 2022, for an average monthly benefit of $3,238. The average age at retirement was 59.1 with 22.6 years of service credit.
PERA provides benefits to nearly 1 out of every 10 Coloradans who are current and former teachers, state troopers, snowplow drivers, corrections officers, and other public employees who provide valuable services to all of Colorado. Of the $5.2 billion paid last year, $4.5 billion went to 112,509 PERA retirees living in Colorado. That steady stream of income flows to every county in the state, providing stability to state, regional, and local economies.
Visit copera.org/snapshot for more details, including a county-by-county breakdown of benefits paid.
- Digital Snapshot
- 2022 Annual Comprehensive Financial Report (PDF)
- 2022 Popular Annual Financial Report (PDF)
- 2022 Actuarial Valuation (PDF)
Defined benefitA mandatory retirement savings plan in which a participant’s future benefits are known or can be calculated, but contributions are subject to adjustments. Defined contributionA voluntary plan in which participants can save pre-tax income for retirement. Contributions are “defined” by the employee, but the future benefit is not guaranteed. Private equityEquity capital that is not quoted on a public exchange. The majority of private equity consists of institutional investors and accredited investors who can commit large sums of money for long periods of time.Fixed incomeSecurities representing debt obligations and usually having fixed interest payments and maturities. Different types of fixed income securities include government and corporate bonds, mortgage-backed securities, asset-backed securities, and may also include money market instruments.Asset classA category of investments that share certain characteristics and exhibit similar patterns of return.Asset classA category of investments that share certain characteristics and exhibit similar patterns of return.