At its March Board meeting, the Colorado PERA Board of Trustees authorized staff to enter into contract negotiations with Empower to be the recordkeeper for PERA’s defined contribution plans.
PERA issued an RFP for the recordkeeper in December 2020 to ensure its members receive excellent value and service for their defined contribution investments.
PERA offers defined benefit (pension) and defined contribution plans. Some PERA members have the option to choose a defined contribution plan instead of the defined benefit plan. Additionally, PERA allows all members to save money toward retirement in an optional 401(k) or 457 plan. Together, the assets in the three defined contribution plans exceed $5 billion.
Empower was selected by the PERA Board for its customer service, experience with large public plans like PERA, mobile-friendly technology tools, and modern approach to communicating with members. Empower will replace Voya, who has been the recordkeeper for PERA’s defined contribution plans since 2011.
While the terms and timing of the contract have not yet been finalized, the transition to Empower is targeted for December 2021. Member investments remain secure during the transition to the new recordkeeper. PERA will provide additional information to members and employers throughout the process.
Watch for information on the transition to Empower in the coming months.