For more than three decades running, PERA has received recognition every year for excellence in annual financial reporting.
Most recently, the Government Finance Officers Association of the United States and Canada (GFOA) awarded PERA with the Certificate of Achievement for Excellence in Financial Reporting for its 2021 Annual Comprehensive Financial Report (ACFR). This is the 37th year in a row PERA has received the award.
The ACFR contains detailed information about PERA’s finances, funding progress, membership, and benefits. The PERA Board releases the report every summer to keep members, retirees, lawmakers and other stakeholders informed about the state of the Defined Benefit Plan trust funds, health care trust fund, Defined Contribution Plan assets, and other aspects of PERA’s financial health.
The Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting. To receive the award, a plan must publish an easily readable and efficiently organized ACFR. The report must adhere to generally accepted accounting principles as well as meet certain legal requirements.
The GFOA also presented PERA with an Award for Outstanding Achievement for its 2021 Popular Annual Financial Report (PAFR), which is a summary of the information in the ACFR. It’s the 20th consecutive year PERA has received that award.
The Award for Outstanding Achievement represents a significant achievement by the plan, according to GFOA. To receive the award, a report must be reviewed by judges who evaluate the report on reader appeal, understandability, distribution methods, creativity, and other elements.
“It is an honor to be recognized as meeting the program’s high standards,” said Catherine Maninger, PERA’s Director of Accounting. “Communicating important financial information clearly and transparently to our stakeholders is a top priority for PERA.”
PERA staff are in the process of preparing the ACFR and PAFR for the year ended Dec. 31, 2022. Both reports will be released at the PERA Board’s June 16 meeting.
Click here for more information on PERA’s financial reports.
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.