Colorado PERA Releases 2025 Annual Report, Investment Stewardship Report

DENVER— The Colorado PERA Board of Trustees today approved the release of PERA’s 2025 Annual Comprehensive Financial Report (ACFR). The ACFR contains detailed information on PERA’s finances, investment performance, membership, and funded status for the 2025 calendar year.

The Combined Investment Fund (CIF) portfolio, which includes the Division Trust Funds, Health Care Trust Funds, Life Insurance Reserve, and Direct Distribution Reserve, ended the year with a return of 14.1% (annualized, time weighted, net of external investment management and custody fees) compared to the benchmark’s return of 16.3%. Total plan assets were valued at $75.1 billion for the CIF portfolio and $7.67 billion for the Capital Accumulation Plans. The combined funded ratio for the five Division Trust Funds was 69.1%, a slight decrease from 69.2% at the end of 2024. The total unfunded actuarial accrued liability was $30.1 billion.

“PERA’s investment portfolio earned strong returns in 2025, keeping us on track toward the full funding goal established by SB18-200,” said PERA CEO/Executive Director Andrew Roth. “While our funded status dipped slightly due to the final year of smoothing the investment losses incurred in the significant market downturn of 2022, three subsequent years of strong investment gains position PERA well moving forward. Further, we wish to thank the General Assembly for the enactment of legislation (HB26-1400) that allows for more efficient use of current funds provided to PERA to help ensure we stay on track to full funding while avoiding, to the extent possible, increases in contributions and decreases to annual increases.”

In assessing its financial health each year, PERA is required to determine whether changes are needed under the Automatic Adjustment Provision to keep the defined benefit plan on track to reach its funding goal. Based on 2025’s financial results, PERA remains on track and adjustments are not needed in 2027. There will be no changes to member contribution rates and all eligible benefit recipients will receive a 1.0% annual increase in July 2026 and most, if not all, will receive another 1.0% in July 2027.

PERA also released the annual Investment Stewardship Report, which details how PERA’s investment staff serve as stewards of plan assets. The report provides insight into PERA’s strategic asset allocation, investment philosophy, and commitment to long-term financial sustainability.

In addition to the ACFR and Investment Stewardship Report, PERA released the Economic and Fiscal Impacts report from Boulder-based Pacey Nehls Economic Consulting, which shows PERA retirement benefits continue to be an important and stabilizing factor in the state and local economies. In 2025, PERA paid $4.78 billion in benefits to 119,283 retirees living in Colorado, resulting in $7.32 billion in total economic output and supporting 26,500 jobs in the state. In addition, retirees paid $406.6 million in state and local taxes on those benefits, which supports schools, roads, and other important services.

The ACFR is available online at copera.org/annual-report and a summary version, the Popular Annual Financial Report (PAFR), is available at copera.org/2025-popular-annual-financial-report. An interactive snapshot of report highlights is available at copera.org/snapshot. 

The Investment Stewardship Report is available online at copera.org/investment-stewardship-report and an interactive snapshot of report highlights is available at copera.org/stewardship-snapshot.

The Economic and Fiscal Impacts report is available online at copera.org/economic-and-fiscal-impacts.

PERA executives will be holding Town Halls on Thursday, July 9 to discuss the ACFR, Stewardship Report, and Economic and Fiscal Impacts Report with members and retirees and answer questions. More information is available online at copera.org/townhall.

About Colorado PERA

Colorado PERA provides retirement and other benefits to more than 730,000 current and former teachers, State Troopers, corrections officers, snowplow drivers, and other public employees who provide valuable service to all of Colorado. PERA is a vital and stable contributor to Colorado’s economy, distributing $4.78 billion in benefits in 2025 to more than 119,000 retirees who live in Colorado.