June 22, 2022
Report highlights PERA retirees’ important economic contributions in Colorado
DENVER—Colorado PERA released a report that highlights how public retiree spending continues to be a vital, stabilizing force in Colorado’s economy.
Colorado PERA’s Economic and Fiscal Impacts, prepared by Pacey Economics Inc., details how $4.35 billion in retirement distributions to more than 110,000 Colorado retirees in 2021 resulted in $6.8 billion in total economic output and supported 31,449 jobs statewide. In addition, $382.2 million was paid in Colorado state and local taxes on these PERA benefits.
Along with statewide economic data, the report breaks down the economic impacts of retirement distributions by region, county, and industry. Annual PERA recipient payments to Colorado residents represent 2.9% of statewide payroll, and in rural counties, as much as 12% of payroll. PERA retirement distributions are an important source of financial stability in the state economy, especially during times of recession.
“Every month, PERA pays out hundreds of millions of dollars to retired public employees and their beneficiaries across Colorado, and those dollars are spent in their local communities,” said PERA Executive Director Ron Baker. “Retiree and beneficiary spending is a vital part of Colorado’s economy, and the stabilizing effect of that spending has been evident amid the economic uncertainty we’ve experienced in recent years.”
The Pacey report is available online here.
Colorado PERA provides retirement and other benefits to nearly 650,000 current and former teachers, State Troopers, corrections officers, snowplow drivers, and other public employees who provide valuable service to all of Colorado. PERA is a vital and stable contributor to Colorado’s economy, distributing more than $4.3 billion in 2021 to more than 110,000 retirees who live in Colorado.
###Download the News Release