December 16 2010 Colorado PERAs Mission Statement To promote longterm financial security for our membership while maintaining the stability of the fund wwwcoperaorg l 3038329550 l ID: 618257
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DU Strategic Issues Program
December 16, 2010
Colorado PERA’s Mission StatementTo promote long-term financial security for our membership while maintaining the stability of the fund.
www.copera.org
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303-832-9550
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1-800-759-PERA (7372)
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1301 Pennsylvania Street, Denver Slide2
PERA Membership
October 31, 2010
State
School
Local Gov't
Judicial
DPSTotal Benefit Recipients32,20449,7284,9962916,26593,484 Active Members57,517120,12117,26431413,819209,035 Inactive Members58,76392,53717,133121,472169,917
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PERA Financial Recap
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Colorado PERA Without DC plansIn billions
Beginning Balance
January 1, 1985$4.5 Employer Contributions11.8 Member and other contributions11.9
Investment Income
35.9
Benefit and refund payments
(30.7)Administrative Expenses(0.5)Ending Balance December 31, 2009 $32.9 Slide5
Investment Asset AllocationDecember 14, 2010
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PERA Assets vs. Liabilities
Market Value as of December 31 for each year
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School Division Actuarial Projection
December 31, 2009, Valuation Results
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Senate Bill 10-001Shared Sacrifices
Modifies annual increase or “COLA”Increases member/employer contribution ratesIncreases retirement age (Rule of 90 with minimum age 60 for new hires in 2017)Includes funding corridor between 90 percent and 103 percent
Actuaries state that projections show full funding achieved under current assumptions8Slide9
PERA’s Economic Engine
$3 billion in benefits paid annually93,000 retirees – 90 percent Colorado residents2.7 percent of the State’s wage income20,000 jobs created$2,885 average monthly benefit paid$186 million in State and local tax receipts
$315 million in Colorado investmentsOne in 13 Coloradans is a PERA member9
Source: Pacey Economics GroupSlide10
Benefit Recipients in Colorado
December 31, 2009 –72,998
Moffat194Rio Blanco154
Garfield
552
Mesa
2,926Delta702Montrose794San Miguel46Dolores33Montezuma457La Plata916San Juan8Ouray70Routt244Jackson31Larimer5,638Weld3,877Logan540Sedgwick69Phillips77Morgan590Washington105Yuma220Adams4,058Arapahoe6,319Kit Carson157Cheyenne39Kiowa39Prowers317Bent97Baca96Las Animas457Lincoln126Elbert276El Paso8,884Pueblo5,286Otero514Crowley85Grand223Boulder4,800Eagle202Pitkin86Gunnison280Saguache72Archuleta136Conejos225Costilla91Huerfano210Custer111Alamosa431
Rio Grande294Mineral16
Hinsdale10
Fremont1,574Park192
Teller
367
Douglas
2,360
Chaffee
577
Lake
111
Summit
170
Clear Creek
175
Gilpin
64
Jefferson
8,961
Broomfield
739
Denver
5,209
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PERA Recipient Payments as a Percentage of Wage Income
Metro Denver:
1.9%Northern Colorado: 4.9%Eastern Colorado: 8.8%Pueblo/Southern Mountains: 13.5%
Southwest Mountain:
4.7%
Western Colorado:
4.7%Mountain: 2.1%San Luis Valley: 11.6%Colorado Springs: 3.5%11State of Colorado Total: 2.7% Source: Pacey Economics Group, 2008 dataSlide12
PERA’s DC Plans
PlanWho’s Eligible
Participants(As of September 30, 2010)Assets(As of September 30, 2010)401(k)All PERA members and retirees
74,350
$1.78 billion
PERA
DCState employees hired in 2006 or laterCommunity College employees hired in 2008 or later3,355 $47 million457State employees and employees in some school districts18,221$423 million12