PERA Board Discusses Legislation, Funding at March 2026 Meeting

The Colorado PERA Board of Trustees met in Denver on Friday, March 20.

The Board’s agenda included discussions and action items related to Board elections, the 2026 legislative session, PERA funding levels, and more.

Additional details, including meeting materials and a recording of the meeting livestream, are available on the Board Meeting Archive page. 

Board election update

Elections for open seats on the Board are held each May, and Trustees approved the list of candidates and voted to proceed with elections for two open seats this year:

• School Division: one 4-year term to be filled by an active member currently employed in the School Division.  
• State Division (Higher Education): one 4-year term, to be filled by an active member currently working for a Higher Education employer in the State Division.

Ballots will be mailed in early May to active members in the School and State divisions. Voting will be available by paper ballot, phone, and online via the election website or the Colorado PERA mobile app and member portal.

The Board will announce the results of the election at its June 25 meeting.

2026 legislative session

CEO/Executive Director Andrew Roth and Director of Public and Government Affairs Michael Steppat provided the Board with an update on the 2026 legislative session, which began in January and will continue through mid-May.

As of the meeting date, legislators had introduced four PERA-related bills and one resolution. Two of those bills have passed: House Bill 1027 allows executive directors of boards of cooperative services (BOCES) to return to work after retiring for unlimited amounts of time without facing a reduction in their PERA benefits, and House Bill 1146 allows approved facility schools—which serve students whose needs aren’t being met in a regular classroom—to apply for affiliation with PERA to provide retirement benefits to their employees.

Senate Joint Resolution 016, which recognizes the importance of retirement security, encourages workers to seek out financial education to improve their retirement readiness, and highlights the importance of lifetime income options in the PERA Defined Contribution Plan and PERAPlus 401(k)/457 Plans, has also passed.

House Bill 1026 remains under consideration. That bill would allow PERA members to purchase a limited amount of service credit for periods of unemployment and also require all PERA-affiliated employers to offer the voluntary PERAPlus 401(k) and 457 plans, in both pre-tax and Roth options, to their employees.

MORE INFO:

• Checking in on the 2026 Legislative Session So Far
• 2026 Proposed PERA-Related Legislation Status

Overview of PERA’s unfunded liabilities

To better understand the context and history of PERA’s unfunded liabilities—i.e., the gap between the amount of money in the division trust funds and the value of current and future benefits owed to PERA members—the Board engaged in discussions with consulting firms Segal, Aon, and Ailman Advisers.

While various factors have contributed to changes in unfunded liabilities over the past two and a half decades, the session centered on factors that have had the largest impacts and included a review of which factors the Board can and cannot control.

Unfunded liabilities pose a challenge to many public pension plans, but PERA is on a path to full funding by 2048. As of Dec. 31, 2024—the date of our most recent Annual Comprehensive Financial Report—we remain on track to meet that goal.

Market and portfolio update

Chief Investment Officer/Chief Operating Officer Amy C. McGarrity presented information on financial market performance so far in 2026. Oil and commodities have been strong performers year-to-date while other asset classes, such as global equities, have been largely flat or negative.

McGarrity also discussed the impact of the conflict in Iran, which has disrupted the supply of oil and other resources since the beginning of March. That conflict has affected markets around the world, McGarrity said, introducing significant uncertainty and volatility across various sectors.

The PERA Board determines PERA’s strategic asset allocation, which is the most significant factor influencing long-term investment performance and asset volatility. Maintaining a disciplined approach helps ensure PERA can meet its obligations throughout market cycles.

2026 meeting dates

The PERA Board plans to hold three more regularly scheduled meetings in 2026. Those dates are:

• June 25
• September 23 to 25 (planning session and meeting)
• November 20

For more information on Board meetings, including recordings and meeting materials, visit the Board and Leadership page.