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Working Together for Your Future

For the year ended December 31, 2025

Colorado PERA provides retirement and other benefits to more than 730,000 current and former public employees who provide valuable service to all of Colorado.

732,169
Members
14.1%
2025 Return
$5.6B
Benefits Paid

Roughly 1 in every 10 Coloradans is a PERA member.

Andrew Roth

Message from the CEO/Executive Director.

PERA's Digital Snapshot contains highlights for the year ended December 31, 2025. I encourage you to explore this interactive overview to gain a better understanding of PERA's membership, funding, investments, economic impact, and more.

The strong performance of PERA's investment portfolio in 2025 kept us on track to meet our long-term funding goal. That means there will be no automatic adjustments to contribution rates or annual benefit increases in 2027. All eligible benefit recipients will receive a 1.0% increase in July 2026 and most, if not all, will receive 1.0% in July 2027.

I am deeply proud of PERA's dedicated employees as we deliver on our long-term commitment to ensure a stable, secure retirement for Colorado's hardworking public workforce. With a strategic approach and a strong sense of mission and vision, we're working together for your future.

Andrew Roth Chief Executive Officer/Executive Director

2025 in Review.

As of December 31, 2025

Investment Portfolio · Fair Value

75.1 Combined Investment Fund

Net Rate of Return

14.1 Annualized, time-weighted, and net of external management and custody fees.

Members

218,691 Actively contributing to PERA

Retirees & Benefit Recipients

145,554 Receiving a benefit payment from PERA

Funded Status

69.1 Division Trust Funds

Annual Retirement Benefit Payments

5.6 Payments to PERA retirees and benefit recipients

30-Year Rate of Return

8.1% Annualized, time-weighted, and net of external management and custody fees.

Total Covered Participants

56,109 PERACare Health Benefits Program

PERA Employers

414 Affiliated Employers

Colorado-Based Investments

642.5 Companies, partnerships & assets

Investments.

PERA's investment strategies reflect our mission, by promoting long-term financial security for our membership while maintaining the security of the fund.

Investing for the Long Term.

PERA invests its assets Items such as cash and investments that are held for the purpose of paying and administering benefits. for the sole benefit of its members and believes that the most effective and efficient long-term strategy is to invest in a broad array of asset classes . Investment portfolio income is a significant source of revenue for PERA. Earnings from this portfolio have generated over $94 billion in investment income in the last 30 years.

Because PERA benefits are payable over decades, the fund is broadly diversified within and across all asset classes to limit volatility and maximize returns.

Rates of Return Over 10 Years.

Assumed Rate of Return 7.25%
2025 Return 14.1%
Policy Benchmark Return 16.3%

Asset Allocation.

The graph below shows the percentage of PERA's investments by asset class.

Colorado-Based Investments.

PERA has a diversification of Colorado investments within its investment portfolio.

Total Colorado-Based $642.5M

Investment Fees.

PERA combines internal and external management to ensure its investment program produces competitive performance at a low cost. PERA spends 33.1 basis points on total asset management, which is less than one-half of one percent of total assets to manage a multi-billion dollar portfolio that is responsible for generating returns used to provide retirement income to hundreds of thousands of PERA members.

Internal & External Management

248.5

Assets Managed In-House

62

Cost of PERA Internal Management

23.6

Estimated Cost
To Outsource

124.0

Basis Points of Total Assets Spent on Management

33.1

Funding.

It is both PERA's goal and a requirement of state law to bring the plan to full funding, which benefits PERA's membership and Colorado taxpayers with a stronger, more stable retirement fund.

Projected Years to Reach Full Funding.

Based on the Funding Actuarial Valuation as of December 31, 2025.

Total Unfunded Liability: $30.1B

Funded Status: 69.1%

PERA analyzes its progress to reach full funding for each of the five divisions of PERA's trust funds and reports the total amount of unfunded liability The difference between the actuarial accrued liability and the actuarial value of assets. . Each division's current funded status The percentage of projected benefit obligations covered by current trust fund assets. is also reported.

State

$10.1 billion
66.3%

School

$18.5 billion
66.1%

Local Government

$788.5 million
88.2%

Judicial

$54.5 million
90.3%

DPS

$576.2 million
89.3%

Adjusting to Stay On Schedule.

The automatic adjustment provision was part of the legislative changes designed to make sure PERA continued to positively move toward the funding goal and ensure the long-term stability of retirement benefits for retirees today and in the future. The provision keeps PERA on the path to full funding by making incremental changes that are responsive to demographic and economic conditions. Based on 2025 financial results, the automatic adjustment provision will not trigger any additional changes in 2027.

Current Status · 2025

On Schedule.

No automatic adjustments will trigger based on 2025 results. PERA remains on track toward its goal of full funding.

Membership.

Colorado PERA provides retirement and other 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.

Membership by Division.

Membership is divided into three categories: retirees and benefit recipients (currently receiving a PERA benefit), active members (currently working for a PERA employer and contributing to PERA), and inactive members (no longer working for a PERA employer but still have a PERA account).

Membership by division and member category
Division Actives Inactives Retirees/
Benefit Recipients		 Total
State 55,422 109,509 45,900 210,831
School 134,040 198,980 81,982 415,002
Local Government 12,772 36,895 9,778 59,445
Judicial 353 42 489 884
DPS 16,104 22,498 7,405 46,007
Total 218,691 367,924 145,554 732,169

Retirement Benefits at a Glance.

Members and employers contribute to PERA's hybrid defined benefit plan, which is a substitute for Social Security for most members, and provides monthly lifetime income in retirement.

Retirement benefits at a glance by division
State School Local Government Judicial DPS All Members
Average age at retirement 59.3 59.6 59.5 62.9 60.0 59.5
Average years of service at retirement 22.1 22.4 20.4 23.1 22.6 22.2
Average monthly benefit $3,496 $3,123 $3,284 $6,751 $3,327 $3,274

Financials.

PERA receives contributions as a percentage of payroll from active employees and employers and invests the money in a diversified, low-cost portfolio. At retirement, members will receive a lifetime monthly benefit from PERA.

Financials at a Glance.

The financials at a glance shows the inflows (contributions, investment income) and outflows (benefits paid, plan administration costs) during the year, and the net assets available to pay future benefit payments.

Net Position as of December 31, 2024

$73,677,448,000
$15.9B

Additions

2025 financial additions
Employer Contributions $2,861,914,000
Nonemployer Contributions (Distribution from the State Budget) $225,000,000
Member Contributions $1,805,932,000
Purchased Service $92,232,000
Employer Disaffiliation $0
Net Investment Income $10,367,534,000
Other $529,183,000
Total Additions $15,881,795,000
$6.6B

Deductions

2025 financial deductions
Benefit Payments $5,603,624,000
Health Care Benefits $90,052,000
Refunds of Contribution Accounts $806,454,000
Disability & Life Insurance Premiums $4,090,000
Administrative Expenses $80,471,000
Other $21,421,000
Total Deductions $6,606,112,000

Net Position as of December 31, 2025

$82,953,131,000

Economic
Impact.

PERA retirement benefit payments represent a steady stream of income in every county in Colorado, and provide stability to state, regional, and local economies. During 2025, PERA paid $5.6 billion in pension benefits to all benefit recipients. As of the end of 2025, PERA was paying approximately $4.8 billion in annual benefits to more than 119,000 retirees and benefit recipients living in Colorado.

Benefits Paid in Every County.

PERA has a large impact throughout Colorado, contributing to the state's economy by providing pension and health care benefits to PERA participants.

$5.6B
Total pension benefits paid in 2025
$4.8B
Paid to retirees and benefit recipients living in Colorado
64/64
Colorado counties served
119,000+
PERA retirees and benefit recipients living in Colorado

Benefits Paid by County

Annualized PERA Benefits in 2025 (Actual Dollars)

  • $400K-$1M
  • $1M-$5M
  • $5M-$25M
  • $25M-$50M
  • $50M+

Select any county to see benefit recipients and annual benefits paid.