For the third year in a row, auditors found no significant deficiencies or material weaknesses in PERA’s financial reporting or controls. Each year, independent auditors hired by the Office of the State Auditor conduct a review of PERA’s financial status and fiscal controls, reporting the results to the Legislative Audit Committee (LAC) of the Colorado General Assembly.

The 2013 audit, presented on August 26 to the LAC, was conducted by KPMG and overseen by the State Auditor’s Office.

Colorado PERA is committed to transparency in everything we do and that’s especially true in communicating the financial status of the plan to our membership, our employers, elected officials, the media, and taxpayers.

PERA’s Comprehensive Annual Financial Report, which includes audited financial statements, has served as the model for the industry and has won the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officer’s Association (GFOA) for 28 consecutive years. The Summary Annual Financial Report, which is mailed to all members and retirees, has received this recognition for 11 consecutive years. The Summary Annual Financial Report contains easy to read information about PERA’s investments, funded status, and the economic impact of paying $3.35 billion in retirement distributions to retirees who call Colorado home.

For more information on the economic impact of Colorado PERA on the state’s economy, please see this previous PERA on the Issues post: The Economic Impact of Colorado PERA.