The Investment Decisionmaking Process in Two Colorado Public Employee Retirement Plans

HRD-77-30: Published: Dec 29, 1976. Publicly Released: Dec 29, 1976.

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Case studies on the Public Employees' Retirement Association (PERA) of Colorado and the Denver Public School Employees' Pension and Benefit Association (DPSEPBA), give details of the framework for managing investments, investment experience, and detailed financial statements. Information on the decisionmaking process was gathered from summary data and interviews with cognizant officials.

PERA had fiscal year (FY) 1976 assets of $1.2 billion. It was established by state statute, and its structure includes a retirement board, investment committee, and executive secretary responsible for managing the plan. For FY 1975, the rate of return including realized gains and losses, but excluding market fluctuations on securities owned, was 7.80 percent. DPSEPBA had year-end assets of $166 million, and its structure includes an investment committee, a chief investment officer, and a local bank which handles stock transactions. Year-end 1975 assets were $166 million, and the net accrual return for FY 1975 was 6.5 percent.

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