For its first meeting of 2022, the PERA Board of Trustees returned to an all-remote format due to the ongoing COVID-19 pandemic. Trustees met virtually on January 21.

Board members heard a number of updates from PERA staff, highlighting work that was done in 2021 and projects that will take place in 2022:

• PERA’s Benefit Services Division provided an update on transitioning PERAPlus 401(k)/457 and Defined Contribution plans to Empower Retirement, which took place in December.
• Members of PERA’s Investment Division held a “fireside chat” with the Board, discussing economic conditions in 2021 and the performance of various asset classes. Staff also provided an update on the market and PERA’s portfolio.
• PERA’s Communications Division provided an update on member satisfaction survey data and the newly updated copera.org, which launched in January with better navigation and other improvements.

PERA-related legislation

The Board also heard from PERA’s public and government affairs manager and discussed four PERA-related bills that have so far been introduced at the Colorado General Assembly:

• HB22-1029 calls for the state to make up its missed $225 million payment to PERA from 2020, plus estimated investment gains had that money been invested. The Board voiced its support for the bill.
• HB22-1087 would exclude special district board members from being eligible for membership in PERA for their service as directors. The Board did not take a stance on the bill, as it is not expected to have a significant financial impact on PERA.
• HB22-1057 and HB22-1101 would change some of the rules for working after retirement for PERA retirees working for school districts. While the PERA Board is sensitive to the needs of school districts facing staffing shortages, expanding working after retirement provisions to allow retirees to work without a reduction in their benefits will increase PERA’s liabilities. As fiduciaries, pursuant to its funding policy, the PERA Board opposes legislation that increases liabilities or reduces contributions until PERA is fully funded.

PERA On The Issues will continue to track the status of each PERA-related bill and will provide updates as available.

The PERA Board’s next meeting is scheduled for March 18.