Retirement woes could be on the horizon for some Coloradians
Colorado’s largest public pension plan lost $13 billion in one year, or 30 percent of its assets’ value. Managers say painful changes are needed to help the organization meet its obligations to retirees.
The Colorado Public Employees Retirement Association is paying nearly $2.7 billion in benefits each year while collecting $1.3 billion in contributions.
The executive director of PERA says he’s asked the staff to put a price on every possible change, including changing retirement ages and altering benefit formulas.
PERA has at least 431,000 members and beneficiaries. Changes would require legislative approval.
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