PERA’s executive leadership team hosted two Town Halls on Thursday, July 9 to provide updates on PERA and take questions from members and retirees.

CEO/Executive Director Andrew Roth was joined by Deputy Executive Director Sarah Wager, Chief Investment Officer/Chief Operating Officer Amy C. McGarrity, and Chief Benefits Officer Patrick Lane.

The executives provided updates on topics such as PERA’s annual financial reports, compensation for investment staff, the 2026 legislative session, and PERACare before taking questions.

We’re providing clips of some of the answers to participant questions here, and full recordings of each Town Hall are available at copera.org/townhall.

Why doesn’t the Annual Increase for retirees keep up with inflation?

It’s important to note the amount of PERA’s Annual Increase is set in statute and can only adjust up or down based on PERA’s funding progress—along with member and employer contributions—and cannot exceed 2% while PERA has unfunded liabilities.

However, Roth said he has been in conversation with legislators to explore potential options for providing relief to retirees without negatively affecting PERA’s financial position.

“I want you to know that we hear what you’re saying and we’re committed to listening so that I can carry this message to policymakers and to our advocacy groups to try and figure out ways to provide relief, if not in the short term then definitely in the near- to medium-term,” Roth said.

How does PERA decide what to invest in?

Chief Investment Officer/Chief Operating Officer Amy C. McGarrity called attention to PERA’s annual Investment Stewardship Report, which provides detail into how staff manage plan assets with a focus on financial sustainability. The report and an interactive dashboard with report highlights are both available online.

“Generally speaking, the Board determines the strategic asset allocation, so from there we have an investment team internally that implements that asset allocation,” McGarrity said. “They implement it at the asset class level, so all five of our asset classes have teams that are responsible for delivering on the Board’s expectations.”

What is PERA doing about the rising cost of health care?

“While PERA can’t directly control healthcare costs or guarantee that premiums will stay the same from year to year, we do work closely with our carriers and offer competitive plan options,” Chief Benefits Officer Patrick Lane said. “We negotiate as effectively as possible and provide clear information so you can choose the coverage that best fits your needs.”

PERA carefully selects carriers for PERACare plans based on their ability to deliver exceptional customer service, ensure continuity of care, provide strong provider networks, and offer reliable, easy-to-navigate coverage that meets the unique needs of our retirees. Health carriers for some PERACare plans will be changing for 2027.

Read more on changes coming to PERACare plans and carriers.

Does PERA face the same risk of insolvency that Social Security is facing in the near future?

Roth explained that PERA benefits remain secure and retirees do not have to worry about any reduction in benefits like what Social Security may be facing in the next decade without legislative reform.

“PERA, unlike Social Security, has to make sure that we have all of the money necessary to pay benefits for all members—active and retired—into the future,” Roth said. “Here at PERA, our benefits are rock solid. While we do have an unfunded liability, Senate Bill 18-200 has put us on a path and we are starting to make some real progress.”

As of December 31, 2025, PERA remains on track to reach full funding by 2048.

Is there a limit to how long I can receive a PERA benefit, or is it for life?

“One of the primary benefits of participating in a defined benefit pension plan like PERA is that we offer a guaranteed lifetime retirement benefit that you can count on,” Lane said. He went on to point out that a retiree can choose a joint-life benefit at retirement, which allows a spouse or other individual to continue the PERA retiree’s benefit after their death.

What is PERA’s stance on incentive pay for investment staff?

CEO/Executive Director Andrew Roth discussed PERA’s incentive pay program for investment staff, explaining that PERA’s approach to staff compensation follows best practices among public pension plans.

Roth said incentive pay is meant to attract and retain talent, motivate and incentivize performance, and maintain competitiveness in the market. Roth also mentioned research that demonstrates the value of providing incentive pay to drive results.

That program is under review to ensure PERA is not an outlier among public pension peers, Roth said. Staff will present any proposed adjustments to the Board at its September planning session.

Town Hall recordings

For full recordings of both Town Halls, visit copera.org/townhall.