The PERA Board of Trustees met at PERA’s offices in Denver on Friday, March 14 for its second regular meeting of the year.

The Trustees took action and received updates on several important topics, including strategic planning, legislation, and the upcoming Board election.

Board election update

PERA’s internal audit team presented an update on this year’s Board election. There are five seats up for election and 21 candidates will be vying for those seats, staff said.

PERA members and retirees who are eligible to vote will receive ballots in early May. New this year, voting will be available through the Colorado PERA mobile app and secure online portal in addition to mail and phone voting.

The Board will announce election results at its June 27 meeting.

Legislative update

CEO/Executive Director Andrew Roth and Director of Public & Government Affairs Michael Steppat provided an update on the 2025 legislative session so far.

Of the six PERA-related bills introduced so far, two remain under consideration: House Bill 1105, which would reduce the employer contribution rate for the Denver Public Schools Division, and Senate Bill 147, which would modify a number of provisions under current law related to the PERA Board. Two bills that would have provided tax relief to retirees, House Bill 1052 and Senate Bill 136, have failed.

In addition, lawmakers passed a bill that will suspend interim legislative activity in an effort to reduce costs and free up funds for the state budget. That means the Pension Review Commission and Pension Review Subcommittee, which usually meet every year in between legislative sessions, will not meet this year.

READ MORE: 2025 Proposed PERA-Related Legislation Status

New strategic plan

Following many months of work, the Board took the important step of adopting PERA’s next strategic plan, which will guide organizational priorities and aspirations over the next three years. The plan defines PERA’s long-term direction and provides a high-level roadmap for achieving its priorities, ensuring alignment between the Board and staff.

The plan focuses on three main strategic goals:

• Financial stability: Strengthen PERA’s long-term financial health
• Customer/stakeholder experience: Be a trusted partner in service to members
• Organizational excellence and modernization: Create value through exceptional performance

With the Board’s adoption of the plan, it’s now up to staff to implement it. Yearly implementation plans will provide concrete steps toward achieving the plan’s goals and objectives over the next three years.

READ MORE: PERA Board Adopts New Three-Year Strategic Plan

Pension administration modernization update

PERA is in the early stages of a multi-year project to modernize the core technology systems used to administer benefits, and staff have been providing the Board with regular updates as the project progresses.

Chief Technology Officer Ryan Ericson, Chief Administrative Officer Jeremy Hill, and Chief Benefits Officer Patrick Lane highlighted some of the preparatory work staff have been doing, such as data cleanup, business process mapping and improvement, and staff onboarding.

CEO/Executive Director update

Board meetings commonly include an update from PERA’s CEO/Executive Director, Andrew Roth. Roth detailed some of the work he and staff have been doing to engage with stakeholders and enhance transparency.

Since he joined PERA last year, Roth has been meeting with many stakeholder groups, such as legislators and business leaders as well as educator groups like the Colorado Education Association and coalitions like Secure PERA.

On transparency, Roth discussed PERA’s efforts to make information about the Board and Board meetings more readily available. That includes posting three years’ worth of meeting materials, livestream recordings of past meetings, and ensuring materials for upcoming meetings are posted online ahead of time.

Market and portfolio update

Chief Investment Officer/Chief Operating Officer Amy C. McGarrity provided the Trustees with an update on recent economic and market conditions. McGarrity explained that U.S. stocks—particularly tech stocks—have seen volatility so far this year and there’s uncertainty in the markets. And while inflation is down, concerns remain that higher prices will persist in coming years.

McGarrity also explained that while PERA sometimes receives questions or criticisms about its investment program and active asset management, the Board’s strategic asset allocation, with its focus on diversification, has proven itself over the long term.

“Certainly in any short-term period we may experience volatility and even underperform the markets, but long-term we’ve done really well,” McGarrity said. As of Dec. 31, 2024, PERA’s total portfolio has earned an annualized return of 8.3% over the past 30 years.

Upcoming Board meetings

The Board concluded by reviewing meeting dates for the remainder of the year. They are:

• June 27
• September 17-19 (offsite planning session and meeting)
• November 21

For more information on upcoming Board meetings or to view materials from past meetings, visit copera.org/about/board-and-leadership.