DU Strategic Issues Program December 16, 2010 Colorado PERA’s Mission Statement To promote long-term financial security for our membership while maintaining the stability of the fund. www.copera.org l 303-832-9550 l 1-800-759-PERA (7372) l 1301 Pennsylvania Street, Denver
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DU Strategic Issues Program December 16, 2010 Colorado PERA’s Mission Statement To promote long-term financial security for our membership while maintaining.
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DU Strategic Issues Program
December 16, 2010
Colorado PERA’s Mission StatementTo promote long-term financial security for our membership while maintaining the stability of the fund.
www.copera.org l 303-832-9550 l 1-800-759-PERA (7372) l 1301 Pennsylvania Street, Denver
Modifies annual increase or “COLA” Increases member/employer contribution rates Increases retirement age (Rule of 90 with minimum
age 60 for new hires in 2017) Includes funding corridor between 90 percent and
103 percent Actuaries state that projections show full funding
achieved under current assumptions
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PERA’s Economic Engine
$3 billion in benefits paid annually 93,000 retirees – 90 percent Colorado residents 2.7 percent of the State’s wage income 20,000 jobs created $2,885 average monthly benefit paid $186 million in State and local tax receipts
$315 million in Colorado investments One in 13 Coloradans is a PERA member
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Source: Pacey Economics Group
Benefit Recipients in ColoradoDecember 31, 2009 –72,998
Moffat194
Rio Blanco154
Garfield552
Mesa2,926
Delta702
Montrose794
San Miguel46
Dolores33
Montezuma457 La Plata
916
San Juan
8
Ouray70
Routt244
Jackson31
Larimer5,638
Weld3,877
Logan540
Sedgwick69
Phillips77
Morgan590
Washington105
Yuma220
Adams4,058
Arapahoe6,319
Kit Carson157
Cheyenne39
Kiowa39
Prowers317
Bent97
Baca96
Las Animas457
Lincoln126
Elbert276
El Paso8,884
Pueblo5,286
Otero514
Crowley85
Grand223
Boulder4,800
Eagle202
Pitkin86
Gunnison280
Saguache72
Archuleta136
Conejos225
Costilla91
Huerfano210
Custer111
Alamosa431
Rio Grande294
Mineral16
Hinsdale10
Fremont1,574
Park192
Teller367
Douglas2,360
Chaffee577
Lake111
Summ
it
170
Clear Creek175
Gilpin 64
Je
ffe
rso
n8
,961
Broomfield739
Denver5,209
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PERA Recipient Payments as a Percentage of Wage Income
Metro Denver: 1.9%
Northern Colorado:
4.9%
Eastern Colorado: 8.8%
Pueblo/Southern Mountains:
13.5%
Southwest Mountain:
4.7%
Western Colorado: 4.7% Mountain:
2.1%
San Luis Valley: 11.6%
Colorado Springs:
3.5%
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State of Colorado Total: 2.7%
Source: Pacey Economics Group, 2008 data
PERA’s DC Plans
Plan Who’s Eligible Participants(As of
September 30, 2010)
Assets(As of
September 30, 2010)
401(k) All PERA members and retirees
74,350 $1.78 billion
PERA DC State employees hired in 2006 or later
Community College employees hired in 2008 or later
3,355 $47 million
457 State employees and employees in some school districts