Retirement insights from a Colorado PERA perspective

A distant view shows a mountainous landscape with sloping peaks, green trees in the foreground, and a cloudy sky above.

Since 1931, Colorado PERA has been providing retirement and other benefits to the public employees who keep our state running. As the workforce and retirement landscape have changed, PERA also has adapted and grown; Colorado’s largest public retirement plan now covers nearly 700,000 current and former public workers.



PERA benefits, including the hybrid defined benefit plan and the option for some members to choose a defined contribution plan, have been valuable in helping public agencies recruit and retain employees for decades. Critics of defined benefit pensions, however, argue that today’s workers would be better served by other types of plans. An upcoming study will help shed light on that debate.



<h4 class="wp-block-heading">Purpose and scope</h4>



During the 2024 legislative session, state lawmakers passed <a href="https://leg.colorado.gov/bills/hb24-1427" target="_blank" rel="noreferrer noopener">House Bill 1427</a>, which&nbsp;calls for the State Auditor, in cooperation with PERA, to enlist an independent actuarial firm experienced with public pensions to conduct a comprehensive study comparing the cost and effectiveness of the PERA Defined Benefit (DB) Plan to alternative plan designs, as well as providing an analysis of certain aspects of PERA’s current&nbsp;defined benefit&nbsp;and&nbsp;defined contribution&nbsp;plans.



The study will be similar in scope and purpose to&nbsp;<a href="https://content.copera.org/key-pera-features-make-colorados-largest-retirement-plan-efficient-and-effective/" target="_blank" rel="noreferrer noopener">a study that took place following similar legislation in 2014</a>. That study compared various facets of the PERA DB Plan—such as cost per member, contribution rates, income replacement ratio, and&nbsp;portability—to other public and private sector plan types, including Social Security. The study is <a href="http://leg.colorado.gov/sites/default/files/documents/audits/1409s_colorado_public_employees_retirement_association_pera_hybrid_defined_benefit_plan_study.pdf" target="_blank" rel="noreferrer noopener">available online here</a>.



Why refresh the study after a decade? In part, things have changed, and state leaders see value in having updated data. Since the last study, Colorado has seen tremendous growth, the public workforce has changed, and various reforms have put PERA on a path to full funding. This new study will incorporate all those changes to provide a more accurate assessment of PERA’s value to employers and the state as a whole.



While a lot has changed in the past 10 years, one thing that hasn’t is PERA’s commitment to providing retirement security to our members. The previous study concluded that PERA’s plan provides a better benefit at a lower cost than other plans, making it the best option for providing retirement benefits to the state’s public employees. We believe an updated study will show the same results.



<h4 class="wp-block-heading">What’s next?</h4>



The State Auditor and PERA have until the end of October to select an actuarial firm to conduct the study. Once a firm is selected, the study is likely to take several months to complete.



When the study is complete, PERA and the State Auditor will provide a report of the study’s findings to the governor, the Joint Budget Committee, the Legislative Audit Committee, and the House and Senate Finance Committees.



We’ll also provide a summary of the study’s findings here on PERA On The Issues. Make sure you’re <a href="https://www.copera.org/pera-on-the-issues/subscribe">subscribed</a> to our biweekly newsletter to receive all the latest updates.

Why the State is Commissioning a Study on PERA’s Plan Design

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Fraudsters have been increasing their efforts to scam older Americans out of their money in recent years. The latest data from the FBI show losses of $3.4 billion last year from scams targeting people who are 60 and older, an 11% increase from the previous year. Here are some tips for spotting and avoiding some common scam techniques.



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Colorado SecureSavings, the state-facilitated retirement plan for private-sector workers without access to a plan through their employer, has enrolled more than 50,000 workers in its first year. In total, workers have saved more than $50 million, and the program is on track to nearly double its participants by the end of this year.



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The IRS is continuing its Free File partnership with tax software companies while it determines the future of its own direct-file program. The Free File program, which allows some taxpayers to file their taxes using third-party software without paying fees, will continue through 2029. As for the agency’s plans for Direct File, which several states piloted this past tax filing season, the IRS expects to announce more soon.



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Ted Benna is credited with creating the first 401(k) retirement plan by taking advantage of new legislation in the early 1980s. Today, he says the plans haven’t quite lived up to their potential and he’s on a mission to help lower-income workers save more money for retirement.



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News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.

News You Should Know: Scammers Increasingly Targeting Older Adults

The Colorado Legislature this month approved a bill that directs the Office of the State Auditor to commission an updated study comparing the value of PERA’s&nbsp;hybrid&nbsp;defined benefit&nbsp;(DB) plan to other plan designs.



<a href="https://leg.colorado.gov/bills/hb24-1427" target="_blank" rel="noreferrer noopener">House Bill 1427</a>&nbsp;calls for the State Auditor, in cooperation with PERA, to enlist an independent actuarial firm experienced with public pensions to conduct a comprehensive study comparing the cost and effectiveness of the PERA DB Plan to alternative plan designs, as well as providing an analysis of certain aspects of PERA’s current&nbsp;defined benefit&nbsp;and&nbsp;defined contribution&nbsp;plans.



The study will be similar in scope and purpose to <a href="https://content.copera.org/key-pera-features-make-colorados-largest-retirement-plan-efficient-and-effective/" target="_blank" rel="noreferrer noopener">a study that took place following similar legislation in 2014</a>. That study compared various facets of the PERA DB Plan—such as cost per member, contribution rates, income replacement ratio, and portability—to other public and private sector plan types, including Social Security. The study concluded that PERA’s plan provides a better benefit at a lower cost than other plans, making it the best option for providing retirement benefits to the state’s public employees.



READ MORE: <a href="https://content.copera.org/key-pera-features-make-colorados-largest-retirement-plan-efficient-and-effective/" target="_blank" rel="noreferrer noopener">Key PERA Features Make Colorado’s Largest Retirement Plan Efficient and Effective (from 2015)</a>



As Colorado’s public workforce evolves, it’s important that Colorado PERA remain flexible enough to meet the membership’s changing needs. This study will help policymakers assess PERA’s continued value in recruiting and retaining a highly qualified public workforce in the years ahead.



If HB24-1427 is signed into law, the State Auditor and PERA will have until the end of October to select an actuarial firm. When the study is complete, PERA and the State Auditor will provide a report of the study’s findings to the governor, the Joint Budget Committee, the Legislative Audit Committee, and the House and Senate Finance Committees.



In addition to HB24-1427, lawmakers have passed two other PERA-related bills, both of which will expand provisions for PERA members who return to work in retirement. Those bills have been sent to the governor for his signature.



RELATED: <a href="https://content.copera.org/2024-proposed-legislation-status/" target="_blank" rel="noreferrer noopener">2024 Proposed Legislation Status</a>

Lawmakers Pass Bill to Refresh Study on Value of PERA’s Defined Benefit Plan

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Tax season is nearly upon us — the IRS says it will begin accepting tax returns on January 29. In addition, the IRS has raised the maximum income for using the online Free File system. Taxpayers with adjusted gross income up to $79,000 can now take advantage of the free guided tax prep program.



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Many economists are expressing increased optimism about the U.S. economy as the new year gets underway, and it appears many consumers agree. A major index that measures consumer sentiment jumped significantly this month, hitting its highest level in more than two years.



<h4 class="wp-block-heading"><a href="https://content.copera.org/news-you-should-know-irs-expands-free-file-program-ahead-of-tax-season/" target="_blank" rel="noreferrer noopener">401(k) Experiment Has Failed, Fueled U.S. Retirement Crisis, Labor Economist Says</a></h4>



The transition from widely available defined benefit pension plans to defined contribution plans like 401(k)s has led to generations of private-sector workers being unprepared for retirement, according to labor economist and author Teresa Ghilarducci. She argues that there’s enough data to show the change has been a failure and many workers are now forced to retire earlier than expected, exacerbating the problem.



<h4 class="wp-block-heading"><a href="https://www.cnbc.com/2024/01/10/62percent-of-adults-age-50-and-older-have-not-used-an-advisor-for-retirement.html" target="_blank" rel="noreferrer noopener">62% of Adults Age 50 and Older Have Not Used an Advisor for Retirement | CNBC</a></h4>



If you’re planning for retirement, enlisting the help of a professional can provide peace of mind, but a recent survey found that more than 60% of Americans in the 50-plus age group have never consulted with a finance pro. And while 30 percent of those survey respondents said they haven’t done so because they can’t afford to, an even larger share said they prefer to handle their finances on their own. &nbsp;



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News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.

News You Should Know: IRS Expands Free File Program Ahead of Tax Season

Generation X – the group of Americans born between 1965 and 1980 &#8212; is often referred to as the “Forgotten Generation.” It’s a smaller group than both the Baby Boomers that came before and the Millennial generation that followed.



With the oldest members of Generation X soon approaching retirement, it’s important to look at where they stand financially. New <a href="https://www.nirsonline.org/reports/genx/" target="_blank" rel="noreferrer noopener">research from the National Institute on Retirement Security</a> (NIRS) finds that many members of Gen X are struggling to meet retirement savings targets and risk having a significantly lower standard of living when they stop working.



<h4 class="wp-block-heading">Access to employer-sponsored retirement plans</h4>



According to the NIRS researchers, the decline in the number of employers offering defined benefit (DB) pension plans is a major factor in Gen X’s retirement readiness. In 1980, more than 80 percent of workers in the private sector had access to a DB plan, according to the U.S. Bureau of Labor Statistics.



Today, few private employers offer pensions to their workers. Most employees only have the option to save for retirement in employer-sponsored defined contribution (DC) plans like 401(k)s or on their own in individual retirement accounts (IRAs). According to NIRS, just 14 percent of Gen Xers were participating in a DB plan as of December 2020.



The potential challenge of relying solely on DC plans is a person’s retirement income depends on how much they contributed over the course of their working years and the investment gains they may have earned over that time.



Since Generation X was the first generation to enter the workforce when DB plans were on the decline, they’re the first to see the effects of that shift on their finances on a large scale.



<h4 class="wp-block-heading">Generation X’s retirement readiness</h4>


<div class="wp-block-image">
<figure class="alignright size-large is-resized"><a href=""><img decoding="async" loading="lazy" src="" alt="" class="wp-image-5603" width="256" height="169"/></a><figcaption class="wp-element-caption">Image courtesy: National Institute on Retirement Security (click/tap to enlarge)</figcaption></figure></div>


The NIRS researchers found that just over half of Gen Xers participated in an employer-sponsored retirement plan in in 2020. Of those contributing to a private account like a 401(k), the average balance was $129,994. The median account balance, which isn’t skewed by high earners, was $10,000 for individuals and $40,000 for households.



Additionally, 40 percent of Gen Xers have accounts with no balance at all, according to NIRS.



The researchers warn that retirees who don’t have enough savings to live on will have to rely on Social Security, which wasn’t designed as a full income replacement. In 2023, the average Social Security benefit is about $1,700 a month.



It’s not all bad news, however. The youngest Gen Xers are in their early 40s, which are often a person’s prime earning years. That means younger members of the generation still have time to bolster their savings and improve their retirement security.



<h4 class="wp-block-heading">How PERA combines the best of DB and DC plans</h4>



The State of Colorado created PERA in August 1931 and since then, PERA has grown to include DB and DC offerings covering more than 670,000 current and former public employees.



The PERA Defined Benefit Plan is available to all PERA members and is designed to provide lifetime income in retirement. The <a href="https://peraontheissues.com/pera-by-the-numbers-a-closer-look-at-the-2022-annual-report/" target="_blank" rel="noreferrer noopener">average monthly benefit was $3,238</a> in 2022.



Some members have a choice between the PERA DB Plan and the PERA DC Plan, which features a variety of low-cost investment options for members who want to invest their retirement funds on their own. Members can also annuitize their account balance at retirement to convert it to regular monthly income.



PERA also offers the optional <a href="https://www.copera.org/peraplus-401-k-457-plans" target="_blank" rel="noreferrer noopener">PERAPlus</a> 401(k) to all members, and some PERA employers also offer the PERAPlus 457 Plan. Both are low-cost options for setting aside extra money for retirement, and both have Roth options for saving after-tax dollars.



Together, PERA’s defined benefit and defined contribution plans help ensure that Colorado’s public employees have the income they need in retirement, regardless of which generation they’re a member of.

How the Shift Away From Pensions Has Affected Gen X’s Retirement Readiness

In the past two decades, several states have closed their defined benefit (DB) pension plans to state and local government employees and moved those workers to defined contribution (DC) plans like 401(k)s instead. But some of those states are now considering reversing course as they recognize the value of DB plans in recruiting and retaining qualified workers.



Alaska closed its DB plan to new state employees in 2006 over concerns about the plan’s unfunded liability. Since then, the state has struggled to hire and keep teachers, state troopers and other public employees. Those workers often receive their training and then leave for other states that offer better retirement benefits, <a href="https://www.alaskasnewssource.com/2022/02/04/facing-retention-crisis-alaska-legislature-considers-more-generous-first-responder-retirement-scheme/" target="_blank" rel="noreferrer noopener">according to officials</a>. And that frequent turnover can have a high cost: It costs nearly $200,000 to recruit, train and certify a single state trooper, <a href="https://dps.alaska.gov/getmedia/ca76d118-d1ca-43c4-85be-49600a4fb8d0/Recruitment-Retention-Plan-Overview-2018-2023" target="_blank" rel="noreferrer noopener">according to a report</a> from the Alaska Department of Public Safety.



Alaska’s lawmakers <a href="https://www.ktoo.org/2022/04/04/alaska-legislators-consider-reviving-pensions-for-public-employees/" target="_blank" rel="noreferrer noopener">are now considering legislation</a> that would reopen the DB plan and thereby reduce the high costs associated with turnover and constantly hiring and training new employees.



It’s a similar situation in Oklahoma, which shifted some of its state employees to a DC plan in 2014. Its legislature <a href="https://www.ocpathink.org/post/house-votes-to-roll-back-oklahoma-pension-reforms" target="_blank" rel="noreferrer noopener">is also considering reversing course</a> and putting those workers back on a DB plan.



Pensions have long been seen as a valuable tool to help hire and keep teachers, state employees and other government workers, since most private employers do not offer DB plans and the reliable source of retirement income that comes with them. Research also shows that amid widespread concerns about retirement security, Americans from every generation <a href="https://peraontheissues.com/survey-millennials-gen-x-especially-pessimistic-about-retirement-prospects/" target="_blank" rel="noreferrer noopener">value defined benefit pensions</a> and believe every worker should have access to one.



States like Colorado provide strong evidence that defined benefit plans continue to help attract and retain teachers and other public employees. According to <a href="https://www.nirsonline.org/wp-content/uploads/2019/01/Teacher-Pension-vs-401ks-in-Six-States_FINAL.pdf" target="_blank" rel="noreferrer noopener">research from the National Institute on Retirement Security</a>, 65 percent of teachers in Connecticut, Colorado, Georgia, Kentucky, Missouri and Texas — all of which offer DB plans — serve for at least 20 years.



<h4 class="wp-block-heading">Colorado’s commitment to PERA</h4>



Over the past decade-plus, Colorado lawmakers have indicated they remain committed to strengthening PERA so the state’s public workers can continue to rely on a defined benefit pension for retirement security.



In 2010, the Colorado General Assembly passed <a rel="noreferrer noopener" href="https://content.copera.org/states-consider-reviving-closed-pensions-in-effort-to-recruit-retain-public-workers/" target="_blank">Senate Bill 10-001</a>, which contained a number of reforms to improve PERA’s funded status and sustainability, with a focus on preserving the Defined Benefit Plan. Five years after SB10-001, the state <a rel="noreferrer noopener" href="https://peraontheissues.com/poked-prodded-and-perused-pera-passes/" target="_blank">commissioned a study</a> to compare PERA with other plan types, such as defined contribution plans. That study concluded PERA’s hybrid defined benefit plan was the most cost-effective, efficient plan available, and provides more income at retirement than the alternative plan designs for all ages and career paths. Another package of reforms then followed in 2018 with <a rel="noreferrer noopener" href="https://www.copera.org/states-consider-reviving-closed-pensions-in-effort-to-recruit-retain-public-workers" target="_blank">Senate Bill 18-200</a>.



Changes resulting from those two pieces of legislation include increased member and employer contributions, reductions in the Annual Increase paid to benefit recipients, introduction of the <a rel="noreferrer noopener" href="https://www.copera.org/states-consider-reviving-closed-pensions-in-effort-to-recruit-retain-public-workers" target="_blank">Automatic Adjustment Provision</a> and a direct distribution from the State budget of $225 million, to be paid to PERA annually. While the legislature opted to forgo 2020’s payment due to unprecedented pandemic-related budget cuts, <a rel="noreferrer noopener" href="https://peraontheissues.com/2022-proposed-legislation-status/" target="_blank">efforts are underway</a> to make up that payment.



While the changes to member and employer contributions and Annual Increases haven’t been easy, they ensure that PERA’s Defined Benefit Plan will be able to continue providing reliable retirement income that retirees can’t outlive.



Ensuring that PERA is sustainable allows school districts, local governments, public safety departments and other government agencies to continue to attract highly qualified, skilled employees and retain their expertise for years to come.

States Consider Reviving Closed Pensions in Effort to Recruit, Retain Public Workers

A <a href="https://www.nirsonline.org/reports/betterbang3/" target="_blank" rel="noreferrer noopener">recent study</a> from the National Institute on Retirement Security found that defined benefit (DB) pensions like Colorado PERA’s continue to offer substantial cost savings over defined contribution (DC) accounts like 401(k)s.



The research affirms NIRS’s findings from 2008 and 2014 that DB plans can provide retirement benefits at about half the cost (49 percent) of the typical DC plan.



The cost savings come from key differences in how DB and DC plans work, the authors state. In particular, they highlight the following three advantages of DB plans:



<ul>
<li>Longevity risk-pooling: Defined benefit plans cover a large number of people, with each person’s benefits coming from the same trust fund. For that reason, DB plans only have to accumulate enough money to fund benefits for the average life expectancy of the group. An individual in a defined contribution plan, on the other hand, has to accumulate enough funds to cover their expenses for the rest of their life, including the possibility of living longer than their life expectancy. That means a DC account needs to have a higher balance at retirement in order to provide the same level of benefits as the DB plan.</li>



<li>Maintenance of portfolio diversification: Individuals in DC plans are typically encouraged to shift their portfolio to a more conservative, or lower-risk, mix of investments as they get older to protect their balance from drops in the stock market. A DB plan, with its shared trust fund, can maintain a well-balanced portfolio over the long term and weather short-term risks in the stock market, ultimately earning higher returns.</li>



<li>Lower fees and professional management: Because of the pooled nature of DB plans, the fees for managing investments are shared by the group and are lower than the typical DC plan, in which each individual pays fees on their account. In addition, DB plan investment managers have a fiduciary duty — they must make decisions to ensure the longevity of the fund — while individual investors in DC plans may not have the expertise to make the right decisions.</li>
</ul>


<div class="wp-block-image">
<figure class="alignright size-full"><a href=""><img decoding="async" src="" alt="" class="wp-image-4804"/></a><figcaption class="wp-element-caption">Image credit: National Institute on Retirement Security (click to enlarge)</figcaption></figure></div>


Simply put, a person saving for retirement in a DC plan needs to save more money than the typical DB plan. Overall, the authors conclude that it is about twice as expensive to save for retirement under a DC plan like a 401(k) than it is with a DB pension plan.



Both DB and DC plans have their advantages, and Colorado PERA offers both, with some members having the ability to choose whichever plans works best for them. PERA offers all of its members a hybrid defined benefit plan that gives members increased flexibility and additional options, whether through a monthly lifetime benefit or complete portability to another retirement plan. PERA members can also supplement their retirement savings with a <a href="https://www.copera.org/peraplus-401-k-457-plans" target="_blank" rel="noreferrer noopener">401(k) or 457 plan</a>. 



It’s a powerful retirement tool that adapts to the many different paths people take in public service: whether working part-time or full-time, whether planning on a long tenure or a short one, and whether near retirement or far from it. <a href="https://www.copera.org/new-members-in-the-defined-benefit-plan" target="_blank" rel="noreferrer noopener">Click here</a> to learn more about PERA’s defined benefit plan.

Study: Defined Benefit Pensions Continue to Be More Cost-Effective Than 401(k)s

Key points from this story:



<ul><li>The PERA Board selected Empower Retirement as the new recordkeeper for PERA&#8217;s defined contribution (DC) plans</li><li>Nothing will change for PERA members right away</li><li>New actuarial assumptions mean it will take longer for PERA to reach full funding</li><li>An <a href="https://content.copera.org/peras-automatic-adjustment-provision-a-case-study-for-pension-risk-sharing/" target="_blank" rel="noreferrer noopener">automatic adjustment</a> will likely be announced with PERA&#8217;s annual report in June</li></ul>



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PERA’s Board of Trustees convened virtually for its regularly scheduled meeting on March 19. The Board heard updates from PERA staff on a number of aspects of PERA’s operations, and also took action on some items, including selecting a new recordkeeper for PERA’s defined contribution (DC) plans.



The Board also discussed how changes to PERA’s actuarial assumptions — estimates for inflation, rate of hiring and how long people will live, for example — will affect how long it takes for PERA to reach full funding.



<h4 class="wp-block-heading">Defined contribution plans recordkeeper</h4>



Background



PERA members who participate in the PERAChoice DC plan or PERAPlus 401(k)/457 plans know Voya Financial as the company that has been the recordkeeper for those plans since 2011. But recordkeeping needs change over time, so, last year, PERA began the process of reviewing its recordkeeping needs and selecting a recordkeeper who could deliver the best value for members.



Five companies <a href="https://content.copera.org/pera-board-selects-new-dc-plan-administrator-at-march-meeting/" target="_blank" rel="noreferrer noopener">responded to PERA’s request for proposals</a>. At the March 19 meeting, the Board weighed the pros and cons of each company and voted to move forward with Empower.



What that means for PERA members



Nothing will change right away. At some point in the future, all accounts with Voya will be transferred over to Empower. After that happens, participants will be able to access their accounts directly through Empower, either by logging on to Empower’s website or by calling Empower on the phone.



Some of the advantages Empower brings to the table include:



<ul><li>Significant experience with large public plans like PERA</li><li>Expanded call center hours</li><li>Enhanced digital and mobile tools</li><li>Simplified account access</li></ul>



What’s next?



PERA staff will begin contract negotiations with Empower to finalize the details of the partnership and the transition from Voya to Empower.



PERA will be sure to communicate any changes to members before they happen.



<h4 class="wp-block-heading">What new actuarial assumptions mean for PERA</h4>



Background



Every four years, PERA conducts what is called an experience study. The Board uses this study as it reviews actuarial assumptions. Actuarial assumptions are projections about factors, including inflation and life span, that have an effect on PERA’s unfunded liability calculation, among other things.



An experience study compares the projections PERA had been using to the last few years of recorded data, known as “experience.” The Board can then adjust the actuarial assumptions PERA will use for the next four years. This rigorous review process keeps projections as accurate as possible.



Actuarial assumptions are grouped into two categories—economic and demographic. Economic assumptions include information like inflation, salary increases, and the projected growth in the number of employees hired by PERA employers. Demographic assumptions include information like the ages at which PERA members retire and how long people tend to live.



The last experience study took place in 2020. The Board updated its assumptions in November. The changes included revisions to the inflation, payroll growth, and active member growth assumptions, among others. Read more about those changes <a href="https://peraontheissues.com/2020-experience-study-preparing-for-a-secure-future/" target="_blank" rel="noreferrer noopener">here</a>.



What the new assumptions mean for PERA



At the March meeting, representatives from PERA’s actuarial consultant, Segal, <a href="https://www.copera.org/pera-board-selects-new-dc-plan-administrator-at-march-meeting" target="_blank" rel="noreferrer noopener">provided further information to the Board</a> on how specific assumptions will affect PERA’s calculations.



PERA’s liability — the cost of paying benefits to current and future retirees — changes when actuarial assumptions change. Some of those assumptions have a bigger impact than others. Positive investment returns, for example, can help reduce PERA’s unfunded liability, but lower-than-expected payroll growth and retirees living longer, and therefore receiving benefits longer, can have a bigger effect in the long term and add to PERA’s liability.



In this case, the newly adopted mortality and payroll growth projections will extend the estimated amount of time it will take PERA to achieve full funding. This doesn’t mean PERA is running out of money; rather that it will take longer than expected to reach its funding goals.&nbsp; One result of these changes is that an automatic adjustment, established in <a href="https://www.copera.org/pera-on-the-issues/colorado-pera-provides-roadmap-for-sustainable-public-retirement-plans-3" target="_blank" rel="noreferrer noopener">Senate Bill 18-200</a>, will likely be announced when PERA releases its annual financial report in June, but the changes would not take effect until July 2022. These adjustments help keep PERA a secure benefit for current and future retirees. Read more about how PERA’s Automatic Adjustment Provision works <a href="https://content.copera.org/peras-automatic-adjustment-provision-a-case-study-for-pension-risk-sharing/" target="_blank" rel="noreferrer noopener">here.</a>



PERA’s Board is committed to maintaining this routine and rigorous review to ensure PERA is able to plan for the future and provide a secure retirement for all its members.



The Board’s next meeting is scheduled for June 18.

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