June 16, 2023
The Colorado PERA Board of Trustees today approved the release of PERA’s 2022 Annual Comprehensive Financial Report (ACFR). The ACFR contains a detailed account of PERA’s finances, investment performance, and funded status for the year ended Dec. 31, 2022.
PERA’s investment portfolio ended the year with a return of -13.4% net of fees, compared to the benchmark’s -13.7% return, and the total fund was valued at $55.9 billion for the defined benefit trust funds. The total fund had a 10-year annualized time-weighted return of 8.0% net-of-fees, while the benchmark earned 7.1%.
PERA’s Defined Benefit (DB) Plan is designed such that PERA remains on track to reach its funding goal despite 2022’s negative investment return. Therefore, automatic adjustments to the Plan based on that funding progress will not be necessary as established in statute. Contributions from members, employers, and the state will remain the same for the next year, as will annual benefit increases paid to retirees.
PERA also released the 2023 Investment Stewardship Report, which details how PERA’s investment staff serve as stewards of DB Plan assets. The Investment Stewardship Report expands on information in the ACFR, providing further detail on PERA’s strategic asset allocation, investment philosophy, and commitment to long-term financial sustainability.
“2022 was a challenging year for investors, including Colorado PERA, but our strategic asset allocation ensures we have a well-diversified portfolio that can withstand different market environments,” said Interim Executive Director/Chief Investment Officer Amy C. McGarrity. “Our focus on long-term financial outcomes contributed to our ability to pay $5.2 billion in benefits to more than 135,000 PERA retirees last year alone.”Download the news release (PDF)