Colorado Public Employees' Retirement Association

UAO Registry · Top 100 · INST rank 81 · Public pension · United States (Colorado) · Last researched Friday 11 September 2026 (America/Toronto). Corrections: info@universalassetowners.com.

Soft names: Colorado Public Employees' Retirement Association; Colorado PERA; PERA; COPERA; Public Employees' Retirement Association of Colorado. Official site: copera.org. Related U.S. public-pension peers: PSERS, LACERA, Maryland SRPS, TRS Illinois, CalPERS, CalSTRS, Florida SBA, MassPRIM, NYSCRF. Influence Index on INST is an editorial composite, not a rating.

• Executive brief
• Speakable summary
• Mandate & ownership
• Disambiguation
• Scale & portfolio
• Governance & leadership
• Investment philosophy
• Climate / ESG / stewardship
• Performance & reporting
• Controversies & debates
• Timeline
• Annex: AUM honesty (USD)
• Annex: Leadership honesty (CIO title)
• Annex: ACFR release fold
• Annex: PAFR 2025 fold
• Annex: ACFR 2025 front / transmittal fold
• Annex: ACFR 2025 investment section fold
• Annex: ACFR Board Chair / Audit Committee fold
• Annex: Investment Stewardship Report 2026 fold
• Annex: Board Members fold
• Annex: Leadership page fold
• Annex: About / mandate fold
• Annex: Defined Benefit plan assets fold
• Annex: Divestment / Board statement fold
• Annex: Peer map
• Annex: Research notes
• FAQ
• Sources
• Completeness note

Executive brief

Colorado Public Employees' Retirement Association (Colorado PERA / PERA) is Colorado’s statewide public pension system, established by state law in 1931 and administered under Title 24, Article 51 of the Colorado Revised Statutes. It provides retirement and other benefits to employees of more than 500 government agencies and public entities in Colorado. Official site: copera.org. Public headquarters address: 1301 Pennsylvania Street, Denver, Colorado 80203 (phone numbers omitted). This Registry profile (slug colorado-public-employees-retirement-association, INST rank 81, 77th live elite) treats Colorado PERA as a U.S. public pension — not a sovereign wealth fund and not TRS Texas (even though CEO/ED Andrew Roth previously served there as Deputy Director).

Official USD scale — dated prints only; no Instantiations-invented headline. For the year ended 31 December 2025, the Board-approved 2025 Annual Comprehensive Financial Report (released 25 June 2026) and Popular Annual Financial Report cite Combined Investment Fund (CIF) plan assets of US$75.1 billion and Capital Accumulation Plans of about US$7.6–7.67 billion. Fiduciary net position was US$82.953 billion (from US$73.677 billion at year-end 2024). CIF time-weighted net return was 14.1% versus a 16.3% policy benchmark. Combined funded ratio for the five Division Trust Funds: 69.1%; unfunded actuarial accrued liability US$30.1 billion. UAO Instantiations still carries an older ~US$65 billion public estimate — treat that Instantiations figure as stale relative to official USD.

Leadership honesty (live 11 September 2026): Chief Executive Officer/Executive Director Andrew Roth (named May 2024 — eighth CEO/ED on the official Leadership page and 2025 ACFR Letter of Transmittal). Chief Investment Officer Amy C. McGarrity (live Leadership page title Chief Investment Officer; CIO since March 2017; responsible for the US$75.1B CIF and ~US$7.6B Capital Accumulation Plans). Dual-role honesty: the official biography states she served as Chief Investment Officer/Chief Operating Officer from May 2022 until August 2026 — the dual role ended; do not present CIO/COO as the current title even though mid-2026 ACFR/Stewardship signature blocks still used that combined label historically. INST maps ceo → Andrew Roth / Chief Executive Officer/Executive Director and cio → Amy C. McGarrity / Chief Investment Officer.

Researchers care because Colorado PERA is a large USD-reporting state pension with a dense ACFR/PAFR stack, a Board-approved strategic asset allocation (targets effective 1 January 2025 after a 2024 Aon asset/liability study), high internal management (~62% of assets), an Automatic Adjustment Provision under SB18-200, and a detailed Investment Stewardship Report (Protect / Integrate / Advocate / Evaluate). Related UAO hubs: Registry, Top 100; peers PSERS, Maryland SRPS, TRS Illinois, LACERA, CalPERS.

Speakable summary

Colorado Public Employees' Retirement Association, or Colorado PERA, is Colorado’s statewide public pension system under Title 24, Article 51 of the Colorado Revised Statutes. As of December thirty-first, twenty twenty-five, the Combined Investment Fund was valued at about seventy-five point one billion U.S. dollars, with fiduciary net position about eighty-two point nine five three billion dollars. The fund’s calendar-year twenty twenty-five net return was fourteen point one percent. Andrew Roth is Chief Executive Officer and Executive Director. Amy C. McGarrity is Chief Investment Officer; her prior dual CIO and COO role ended in August twenty twenty-six. Colorado PERA is not a sovereign wealth fund and is not TRS Texas.

Mandate & ownership

Official About materials state that Colorado PERA provides retirement and other benefits to employees of more than 500 government agencies and public entities in the state of Colorado. Established by state law in 1931, PERA operates by authority of the Colorado General Assembly and is administered under Title 24, Article 51 of the Colorado Revised Statutes. In accordance with its duty to administer PERA, the Board of Trustees has authority to adopt and revise Rules in accordance with state statutes. By state law, management of PERA funds is vested in the Board.

Defined-benefit Division Trust Funds: State, School, Local Government, Judicial, and Denver Public Schools (DPS). The Combined Investment Fund also includes Health Care Trust Funds, the Life Insurance Reserve, and the Direct Distribution Reserve. Capital Accumulation Plans (PERAPlus 401(k), 457, and Defined Contribution Plans) are reported separately from the CIF. Trust funds are invested under Board direction using actuarially established investment objectives with long-term goals and policies. What the mandate is not: a sovereign wealth fund, a corporate DB plan, or an endowment.

Disambiguation

• ≠ TRS Texas — separate Texas teacher system; Andrew Roth previously served there as Deputy Director before joining Colorado PERA.
• ≠ CalPERS / CalSTRS — California systems; Roth also held prior CalSTRS roles, but those are distinct entities.
• ≠ TRS Illinois / Maryland SRPS / PSERS — other U.S. public pensions with similar soft names in research databases.
• ≠ sovereign wealth funds — Colorado PERA is a state public employees’ retirement association.
• Soft names: Colorado PERA, PERA, COPERA, Public Employees’ Retirement Association of Colorado.

Scale & portfolio

Membership / employers (2025): more than 730,000 current and former members; 218,691 actively contributing; 414 employers (GASB 67); PERACare covered participants 56,109; Colorado-resident retiree benefits US$4.78B to 119,283 recipients. Internal management: 62% of investment assets at a cost of US$23.6 million versus an estimated US$124 million to outsource; total fund investment expenses cited at 33.1 basis points / 0.33%.

Strategic asset allocation (targets effective 1 Jan 2025; actual YE2025)

Board asset/liability study finalized in 2024 (Aon Investments USA Inc.); modest strategic allocation changes became effective 1 January 2025. All asset classes were within specified ranges at year-end 2025 per the ACFR investment discussion. Invested in Colorado-based companies, partnerships, and assets: US$642.5 million (PAFR YE2025 fact box).

Governance & leadership

The 16-member Board of Trustees includes three Governor-appointed (Senate-confirmed) trustees; four School Division members; three State Division; one Local Government; one Judicial; one DPS; two PERA retirees; and the State Treasurer as an ex officio, voting member. As of the opened Board Members page, Hon. Rebecca R. Freyre is Chair (became Chair in July 2025 after serving as Vice Chair from January 2025; Judicial Division; term expires 30 June 2027). Hon. Dave Young, Colorado State Treasurer, serves ex officio. Other named trustees on the opened page include Eunice Botchway, Tristan Gearhart, Nathan Geroche, Amy Grant, Cynthia Loh, Chad Marturano, Maruti D. Moré, Tina Mueh, Hon. Timothy M. O’Brien, Jennifer Pasquino, Marcus A. Pennell, Andrew Schremp, Scott Simon, and Tonya J. Thompson.

Executive leadership (live Leadership page): CEO/ED Andrew Roth; Deputy Executive Director Sarah Wager (named January 2025); CIO Amy C. McGarrity; plus named officers including Chief Benefits Officer Patrick Lane, Chief Financial Officer Cheryl Pattelli (2025), Chief Administrative Officer Jeremy Hill, Chief Technology Officer Ryan Ericson, Chief Information Security Officer Jesse Bertoli, and Chief Human Resources Officer Rebecca Harren (2026). Do not invent titles beyond the opened Leadership page. The Board’s Investment Committee assists in overseeing the investment program; the Audit Committee oversees financial reporting and internal audit dialogue.

Investment philosophy

PERA’s Statement of Investment Policy (quoted in Stewardship Overview) frames the function of PERA as providing present and future retirement or survivor benefits for its members — requiring prudent assumption of investment risk in seeking to maximize long-term investment returns while incorporating the fund’s liability requirements. The ACFR FactSheet / CIO letter emphasise broad diversification across traditional and nontraditional assets to limit volatility and the impact of large losses on individual investments.

Policy benchmark (since 1 January 2025) combines custom Global Equity (MSCI ACWI IMI Net with USA Gross), Bloomberg U.S. Aggregate Bond Index, Private Equity custom (MSCI ACWI IMI + 200 bps), Real Estate custom (NFI-ODCE + 50 bps), Alternatives customs (real assets CPI+400 bps; private credit Morningstar LSTA +150 bps; risk mitigation / opportunistic wind-down sleeves), and cash at 0% target. Long-term assumed rate cited in the CIO letter: 7.25%; 30-year annualized net return 8.1% exceeded that assumption. PERA manages 100% of fixed income and almost 74% of global equities internally (CIO letter).

Climate / ESG / stewardship

The Investment Stewardship Report 2026 (data as of 31 December 2025) organises stewardship under four practices: Protect, Integrate, Advocate, Evaluate. 2025 activity figures include internal management cost US$23.6 million versus US$124 million estimated outsource cost; >500 company and fund-manager engagements on material investment factors; >70,000 proxy proposals voted; >270 proposals seeking ESG disclosures voted; 17 advocacy councils with staff participation; and 36 state legislative offices engaged. Management messaging states that ESG is a shorthand label for financially relevant considerations — not a solitary driver of success and not mutually exclusive of economic performance.

Official materials also reference the Board of Trustees’ Statement on Divestment, Proxy Voting Policy and vote record, and stewardship snapshot tools on copera.org. Attribute climate/ESG/divestment claims only to these primaries — do not invent portfolio carbon metrics or exclusion lists beyond opened documents.

Performance & reporting

• Annual Comprehensive Financial Report (ACFR) — year ended 31 December 2025 (Board approved release 25 June 2026)
• Popular Annual Financial Report (PAFR) — 2025
• ACFR FactSheet / interactive snapshot (copera.org/snapshot)
• Investment Stewardship Report 2026 + Stewardship Overview / Infographic
• Performance Benchmarks PDF (policy benchmark composition)
• Economic and Fiscal Impacts report (Pacey Nehls Economic Consulting)
• Board and committee meeting materials; town halls
• Divestment statement / proxy voting materials

Funding path: Senate Bill 18-200 full-funding goal and Automatic Adjustment Provision. Based on 2025 financial results, AAP adjustments are not needed in 2027; eligible benefit recipients receive a 1.0% annual increase in July 2026 and most, if not all, another 1.0% in July 2027. Projected years to full funding (FactSheet, funding actuarial valuation 31 Dec 2025): State 18; School 22; Local Government 4; Judicial 2; DPS 5. HB26-1400 (2026) is cited in the ACFR release for more efficient use of existing funds toward full funding. GFOA Popular Annual Financial Reporting award and PPCC Public Pension Standards Award for Funding and Administration (23rd consecutive year in 2025) appear in ACFR/PAFR materials.

Controversies & debates

Prefer official attributable actions. Opened primaries for this pass emphasise: (1) 2025 net underperformance versus the policy benchmark (14.1% vs 16.3%) despite strong absolute returns and peer-universe outperformance; (2) private equity time-weighted lag versus its custom public+premium benchmark alongside longer-horizon IRR outperformance claims; (3) slight funded-ratio dip to 69.1% as the final year of smoothing 2022 losses; (4) Automatic Adjustment Provision / contribution and annual-increase debates under SB18-200 and HB26-1400; (5) Board Statement on Divestment and politically charged ESG framing addressed in the Stewardship Report. Secondary press should be labelled secondary if used. Do not invent governance scandals or personal controversies from unopened sources.

Timeline (annotated from opened primaries)

• 1931 — Colorado PERA established by state law; operates under CRS Title 24, Article 51.
• 2017 (Mar) — Amy C. McGarrity becomes Chief Investment Officer.
• 2018 — SB18-200 funding reforms / Automatic Adjustment Provision path (cited in 2025 ACFR release).
• 2022 (May) — McGarrity dual CIO/COO title begins (through August 2026 per live Leadership biography).
• 2023 (Jun)–2024 (May) — McGarrity serves as Interim Executive Director.
• 2024 (May) — Andrew Roth named Chief Executive Officer/Executive Director.
• 2024 — Board finalizes asset/liability study (Aon); modest SAA changes effective 1 Jan 2025.
• 2025 (Jan) — Sarah Wager named Deputy Executive Director; new policy benchmark / SAA targets effective.
• 2025 (Jan) — Freyre elected Vice Chair; becomes Board Chair July 2025.
• 31 Dec 2025 — CIF US$75.1B; FNP US$82.953B; 14.1% net return; funded ratio 69.1%.
• 2026 (Jun 25) — Board approves release of 2025 ACFR, Investment Stewardship Report, and Economic/Fiscal Impacts report.
• 2026 (Aug) — McGarrity dual CIO/COO role ends per live Leadership biography; current title Chief Investment Officer.
• 11 Sep 2026 — UAO elite profile research pass (this page).

Annex: AUM honesty (USD)

Currency discipline: official USD only as published by copera.org / ACFR / PAFR. Do not invent FX conversions. Cite CIF assets (US$75.1B), Capital Accumulation Plans (~US$7.6–7.67B), and fiduciary net position (US$82.953B) as distinct scopes — do not blend without labelling. Do not promote Instantiations ~US$65 bn (public estimate) as the Registry headline — replace with dated official slices. PAFR total assets US$94.663B include items beyond investable CIF NAV; prefer the official wording for each line.

Annex: Leadership honesty (CIO title)

Seat lock for Instantiations rank 81: ceo = Andrew Roth; ceot = Chief Executive Officer/Executive Director; cio = Amy C. McGarrity; ciot = Chief Investment Officer; aumd = US$75.1B CIF + ~US$7.6B CAP (31 Dec 2025); FNP US$82.953B; conf = Official (dated USD). Dual-role note: CIO/COO May 2022–August 2026 only — current live title is CIO. Person SSR live checks this pass: andrew-roth 200; amy-c-mcgarrity 200.

Annex: ACFR release fold

Board news release dated 25 June 2026 — 2025 ACFR, Investment Stewardship Report, Economic and Fiscal Impacts; CIF US$75.1B; 14.1% net return; funded ratio 69.1%; quotes from Andrew Roth.

Colorado PERA Releases 2025 Annual Report, Investment Stewardship Report | Colorado PERA /Registration Members + New to PERA + Defined Benefit Plan Option to Choose Plans Mid-Career Ready to Retire + When Can I Retire? How to Retire Your Benefit Options at Retirement Benefit Basics + How Your PERA Benefit is Calculated Highest Average Salary Tables Member Contribution Rates Purchasing Service Credit Social Security Interest on Member Accounts Life and Job Changes + Leaving Employment Divorce / Domestic Relations Orders Disability Survivor Benefits Life Insurance PERAPlus 401(k)/457 Plans Retirees + Benefit Basics for Retirees + Annual Benefit Increases Social Security Health Benefits (PERACare) + Under Age 65 (Pre-Medicare) Over Age 65 (Medicare) Under Age 65 + Over Age 65 (Combination Medicare and Pre-Medicare) Turning 65: Medicare + PERACare PERACare Carriers Life and Job Changes + Working After Retirement Divorce / Domestic Relations Orders Taxes on Benefits + 1099-Rs Employers + Affiliating with PERA Employer Resources + Employer Resources: Leadership Employer Resources: HR / Payroll Employer Resources: Finance Employer Resources: New to Your PERA Role Employer Topics Investments + Defined Benefit (DB) Plan Assets Defined Contribution (DC) Plan Investments Divestment Investment Stewardship Forms and Resources + Member and Retiree Forms Booklets and Fact Sheets Financial Reports and Studies FAQs + Member FAQs Retiree FAQs About PERA FAQs PERACare FAQs Employer FAQs Investment FAQs Social Security Fairness Act (WEP/GPO) FAQs Video Library Webinars + Webinars On Demand About + Board and Leadership + Board Members Leadership Legislation + Ambassador Program News + Event Calendar Newsletters PERA On The Issues Careers Transparency Search Home > About > News This item appears on News Colorado PERA Releases 2025 Annual Report, Investment Stewardship Report 2026-06-25T10:23:48 DENVER— The Colorado PERA Board of Trustees today approved the release of PERA’s 2025 Annual Comprehensive Financial Report ( ACFR ).

The ACFR contains detailed information on PERA’s finances, investment performance, membership, and funded status for the 2025 calendar year. The Combined Investment Fund (CIF) portfolio, which includes the Division Trust Funds, Health Care Trust Funds, Life Insurance Reserve, and Direct Distribution Reserve, ended the year with a return of 14.1% (annualized, time weighted, net of external investment management and custody fees) compared to the benchmark’s return of 16.3%.

Total plan assets were valued at $75.1 billion for the CIF portfolio and $7.67 billion for the Capital Accumulation Plans. The combined funded ratio for the five Division Trust Funds was 69.1%, a slight decrease from 69.2% at the end of 2024. The total unfunded actuarial accrued liability was $30.1 billion.

“PERA’s investment portfolio earned strong returns in 2025, keeping us on track toward the full funding goal established by SB18-200,” said PERA CEO/Executive Director Andrew Roth. “While our funded status dipped slightly due to the final year of smoothing the investment losses incurred in the significant market downturn of 2022, three subsequent years of strong investment gains position PERA well moving forward.

Further, we wish to thank the General Assembly for the enactment of legislation (HB26-1400) that allows for more efficient use of current funds provided to PERA to help ensure we stay on track to full funding while avoiding, to the extent possible, increases in contributions and decreases to annual increases.” In assessing its financial health each year, PERA is required to determine whether changes are needed under the Automatic Adjustment Provision to keep the defined benefit plan on track to reach its funding goal.

Based on 2025’s financial results, PERA remains on track and adjustments are not needed in 2027. There will be no changes to member contribution rates and all eligible benefit recipients will receive a 1.0% annual increase in July 2026 and most, if not all, will receive another 1.0% in July 2027.

PERA also released the annual Investment Stewardship Report , which details how PERA’s investment staff serve as stewards of plan assets. The report provides insight into PERA’s strategic asset allocation, investment philosophy, and commitment to long-term financial sustainability.

In addition to the  ACFR  and  Investment Stewardship Report , PERA released the  Economic and Fiscal Impacts  report from Boulder-based Pacey Nehls Economic Consulting, which shows PERA retirement benefits continue to be an important and stabilizing factor in the state and local economies.

In 2025, PERA paid $4.78 billion in benefits to 119,283 retirees living in Colorado, resulting in $7.32 billion in total economic output and supporting 26,500 jobs in the state. In addition, retirees paid $406.6 million in state and local taxes on those benefits, which supports schools, roads, and other important services.

The  ACFR  is available online at  copera.org/annual-report  and a summary version, the  Popular Annual Financial Report  ( PAFR ), is available at  copera.org/2025-popular-annual-financial-report.  An interactive snapshot of report highlights is available at  copera.org/snapshot .  The  Investment Stewardship Report  is available online at  copera.org/investment-stewardship-report  and an interactive snapshot of report highlights is available at  copera.org/stewardship-snapshot .

The  Economic and Fiscal Impacts  report is available online at copera.org/economic-and-fiscal-impacts . PERA executives will be holding s on Thursday, July 9 to discuss the  ACFR ,  Stewardship Report, and Economic and Fiscal Impacts Report  with members and retirees and answer questions.

More information is available online at  copera.org/townhall . About Colorado PERA Colorado PERA provides retirement and other benefits to more than 730,000 current and former teachers, State Troopers, corrections officers, snowplow drivers, and other public employees who provide valuable service to all of Colorado.

Source fold: copera.org news: Colorado PERA Releases 2025 Annual Report, Investment Stewardship Report (25 Jun 2026). Verify against the live page or PDF before citing beyond this page.

Annex: PAFR 2025 fold

Popular Annual Financial Report for the year ended 31 December 2025 — CEO/ED message, funding periods, investment performance, membership, legislation, benefits-by-county framing.

Working Together for Your Future Popular Annual Financial Report Public Employees’ Retirement Association of Colorado For the year ended December 31, 2025 2025 In Review Facts and Figures as of December 31, 2025 Net Rate of Return 14.1% Investment Portfolio Fair Value $75.1 billion (Annualized, time-weighted, and net of (Combined Investment Fund) external management and custody fees) Members Actively Employers Contributing to PERA 414 218,691 ($13.1 billion annual covered-payroll) (Per GASB 67, an employer includes primary government and component units) Total Covered Participants Funded Status 56,109 (In PERACare Health Benefits Program) 69.1% (Division Trust Funds) Retirees and Benefit Recipients Annual Retirement 145,554 Benefit Payments $5.6 billion Invested in Colorado-Based Companies, 30-Year Rate of Return Partnerships, and Assets 8.1% $642.5 million (Annualized, time-weighted, and net of external management and custody fees) Unfunded Actuarial Net Pension Liability Accrued Liability $24.2 billion $30.1 billion (Based on fair value of assets) (Based on smoothed asset values) Contents Message From the CEO/Executive Director.

................................................................ 6 Actuarial Valuation—Financial Reporting. ............................................ 7 Investment Performance.......................................................................... ...................................................

9 Financial Summary................................................................................... ............................................................................11 2025 Legislation.......................................................................................

12 Colorado PERA Benefits Paid by County. ........................................... ....................................................................... 14 Glossary of Key Terms............................................................................. 15 About This PAFR This Popular Annual Financial Report (PAFR) is derived from information contained in PERA’s 2025 Annual Comprehensive Financial Report (ACFR); however this PAFR is not presented in a manner that conforms with generally accepted accounting principles (GAAP).

Information in this PAFR is presented in a summarized format for purposes of reader appeal and certain financial information and note disclosures are omitted. Readers may obtain additional detail from PERA’s ACFR which conforms with GAAP and is available on our website at copera.org.

Alternatively, readers may request a copy of the ACFR from PERA’s Customer Service Center. Outstanding Achievement in Popular Annual Financial Reporting The Government Finance Officers Association of the United States and Canada (GFOA) has given an Award for Outstanding Achievement in Popular Annual Financial Reporting to PERA for its Popular Annual Financial Report for the year ended December 31, 2024.

The Award for ® Outstanding Achievement in Popular Annual Financial Reporting is a Government Finance Officers Association prestigious national award recognizing conformance with the highest Award for Outstanding standards for preparation of state and local government popular reports.

Achievement in Popular Annual In order to receive an Award for Outstanding Achievement in Popular Financial Reporting Annual Financial Reporting, a government unit must publish a Popular Presented to Annual Financial Report, whose contents conform to program standards Public Employees' Retirement Association of of creativity, presentation, understandability, and reader appeal.

Colorado For its Annual Financial Report An Award for Outstanding Achievement in Popular Annual Financial For the Fiscal Year Ended Reporting is valid for a period of one year only. PERA has received a December 31, 2024 Popular Award for the last 23 consecutive years. � report continues to conform to the Popular Annual Financial Reporting Executive Director/CEO requirements, and we are submitting it to GFOA.

Colorado PERA thanks the following PERA-affiliated employers for permission to use their photos in this PAFR: Colorado Department of Education, Colorado Department of Transportation, Colorado State Patrol, and Colorado Parks and Wildlife. Message From the CEO/Executive Director I’m pleased to present this Popular Annual Financial Report (PAFR), prepared by the Public Employees’ Retirement Association of Colorado (PERA).

The PAFR, a condensed version of the Association’s Annual Comprehensive Financial Report (ACFR), contains key information in a succinct format that details the plan’s performance from January 1, 2025, through December 31, 2025. The PERA Combined Investment Fund (CIF) portfolio ended the year with a return of 14.1% (annualized, time weighted, net of external investment management and custody fees) compared to the benchmark’s return of 16.3%.

The Division Trust Funds, the Health Care Trust Funds, the Life Insurance Reserve, and the Direct Distribution Reserve are included in the CIF portfolio. Total plan assets were valued at $75.1 billion for the CIF portfolio and $7.6 billion for the Capital Accumulation Andrew Roth Plans (PERAPlus 401(k), 457, and Defined Contribution Plans).

The combined funded ratio for the five Division Trust Funds was 69.1%, a decrease from 69.2% at the end of 2024. Chief Executive Officer/Executive The strong performance of our investment portfolio in 2025 means PERA remains on track to meet Director its long-term funding goal. That means there will be no automatic adjustments to contribution rates or annual benefit increases in 2027.

All eligible benefit recipients will receive a 1.0% increase this July and most, if not all, will receive 1.0% in July 2027. This is good news for our members, retirees, and employers, and we will continue to closely monitor our funding progress to ensure we remain on track. Annual actuarial valuations serve as updates on PERA’s progress toward long-term funding goals.

The following chart shows the projected funding periods as of the prior and current valuation date determined considering a projected, open-group population, the possibility of future Automatic Adjustment Provision (AAP) adjustments, and anticipated changes to AED and SAED contribution rates, as necessary.

For each Division Trust Fund, these comparative projected funding periods illustrate the combined impact of changes in plan assets (investment returns), plan experience (member behaviors), and the revised contribution provisions of House Bill (HB) 26-1400, enacted June 1, 2026, and effective July 1, 2026.

HB 26-1400 requires actuarial allocation of Direct Distribution dollars to limit, to the extent possible, future AAP adjustments. The bill also reallocates a portion of the existing employer contribution to help pay off pension debt. Making more strategic use of dollars already available helps ensure that PERA remains on track for full funding, while using resources wisely.

Projected Funding Periods (In Years) As of December 31 State 2025 18 years Division 18 years 20241 2025 22 years School Division 20241 25 years Local 2025 4 years Government Division 20241 10 years Judicial 2025 2 years Division 20241 5 years DPS 2025 5 years Division 20241 10 years 0 5 10 15 20 25 1 Amounts have been updated from those previously reported in the 2024 ACFR and PAFR to enhance comparability with 2025 results.

Source fold: 2025 Popular Annual Financial Report PDF (content.copera.org). Verify against the live page or PDF before citing beyond this page.

Annex: ACFR 2025 front / transmittal fold

Annual Comprehensive Financial Report 2025 — Letter of Transmittal and introductory discussion (Andrew Roth, Chief Executive Officer/Executive Director).

Working Together for Your Future Annual Comprehensive Financial Report Public Employees’ Retirement Association of Colorado For the year ended December 31, 2025 2025 IN REVIEW Facts and Figures as of December 31, 2025 Investment Portfolio Fair Value Net Rate of Return $75.1 billion (Combined Investment Fund) 14.1% (Annualized, time-weighted, and net of external management and custody fees) Members Actively Employers Contributing to PERA 218,691 414 (Per GASB 67, an employer includes primary government and component units) ($13.1 billion annual covered-payroll) Total Covered Participants Funded Status 56,109 (In PERACare Health Benefits Program) 69.1% (Division Trust Funds) Retirees and Benefit Recipients Annual Retirement 145,554 Benefit Payments $5.6 billion Invested in Colorado-Based Companies, 30-Year Rate of Return Partnerships, and Assets 8.1% $642.5 million (Annualized, time-weighted, and net of external management and custody fees) Unfunded Actuarial Net Pension Liability $24.2 billion Accrued Liability (Based on fair value of assets) $30.1 billion (Based on smoothed asset values) Annual Comprehensive Financial Report For the Year Ended December 31, 2025 Public Employees’ Retirement Association of Colorado Prepared by Colorado PERA’s Accounting Division in coordination with staff from other divisions Table of Contents Introductory Section Financial Section (continued) Letter of Transmittal .

3 Required Supplementary Information (Unaudited)— Professional Awards . 13 Health Care Trust Funds Board Chair’s Report . 15 Schedule of Changes in Net OPEB Liability and Related Ratios . 107 Report of the Colorado PERA Audit Committee . 111 Administrative Organizational Chart and Executive Management .

20 Notes to the Required Supplementary Information (Unaudited)— Consultants . 21 Health Care Trust Funds Note 1—Significant Changes in Plan Provisions Affecting . 112 Financial Section Trends in Actuarial Information Note 2—Significant Changes in Assumptions or Other Inputs . 25 Affecting Trends in Actuarial Information Management’s Discussion and Analysis (Unaudited) .

29 Note 3—Methods and Assumptions Used in Calculations of ADC . 115 Basic Financial Statements Supplementary Schedules Fund Financial Statements Schedule of Administrative Expenses . 116 Statements of Fiduciary Net Position . 117 Statements of Changes in Fiduciary Net Position . 46 Schedule of Payments for Professional and Consulting Services .

117 Notes to the Financial Statements Note 1—Plan Description . 49 Investment Section Note 2—Summary of Significant Accounting Policies . 58 Note 3—Leases, Capital Assets, and Subscription Liabilities . 60 Combined Investment Fund Note 4—Contributions . 126 Note 7—Commitments and Contingencies .

129 Note 9—Health Care Trust Funds—Defined Benefit . 78 Schedule of Internal and External Asset Management . 129 Health Care Plans Schedule of Investment Income and Expenses by Asset Class . 130 Note 10—Net Pension Liability of the Division Trust Funds . 81 Schedule of Private Market Investment Contributions, .

130 Note 11—Net OPEB Liability of the Health Care Trust Funds . 84 Distributions, and Paid Carried Interest Note 12—Subsequent Events . 131 Largest Equity Holdings by Fair Value . 132 Required Supplementary Information (Unaudited)— Largest Fixed Income Holdings by Fair Value . 132 Division Trust Funds Investment Brokers/Advisers (Internally Managed Assets) .

133 Schedule of Changes in Net Pension Liability and Related Ratios . 133 Schedule of Employer and Nonemployer Contributions . 100 Capital Accumulation Plans Notes to the Required Supplementary Information (Unaudited)— Report on Investment Activity . 134 Division Trust Funds Schedule of Investment Results .

136 Note 1—Significant Changes in Plan Provisions Affecting . 137 Trends in Actuarial Information Note 2—Significant Changes in Assumptions or Other Inputs . 103 Affecting Trends in Actuarial Information Note 3—Methods and Assumptions Used in Calculations of ADC . 106 Table of Contents Actuarial Section Statistical Section Actuary’s Certification Letter .

208 Division Trust Funds—Pension Benefits and Refund Deductions from Fiduciary Net . 149 Position by Type Actuarial Assumptions: Exhibits A-G . 157 Member and Benefit Recipient Statistics . 163 Schedule of Average Retirement Benefits Payable . 224 Schedule of Funded Liabilities by Type .

163 Benefit Payments—All Division Trust Funds . 226 Unfunded Actuarial Accrued Liability . 166 Schedule of Retirees and Survivors by Types of Benefits . 167 Schedule of Average Benefit Payments . 169 Schedule of Contribution Rate History . 242 Schedule of Gains and Losses in Accrued Liabilities and .

247 Reconciliation of Unfunded Actuarial Accrued Liabilities Schedule of Third-Party Service Providers . 171 Schedule of Computed Employer Contribution and Direct . 171 Commonly Used Acronyms Distribution Rates for the 2027 Fiscal Year Funded Status for the Division Trust Funds . 178 Schedule of Retirees, Beneficiaries, and Survivors Added to and .

178 Removed from the Benefit Payroll Schedule of Members in Actuarial Valuation . 181 Schedule of Active Member Actuarial Valuation Data . 184 Health Care Trust Funds—OPEB Actuarial Topics . 186 Actuarial Assumptions: Exhibits H-K . 194 Schedule of Funded Liabilities by Type . 194 Unfunded Actuarial Accrued Liability .

197 Schedule of Computed Employer Contribution Rates for the . 197 2027 Fiscal Year Funded Status for the Health Care Trust Funds . 201 Schedule of Retirees, Beneficiaries, and Survivors Added to and . 202 Removed from the Benefit Payroll Schedule of Active Member Actuarial Valuation Data .

203 Introductory Section Introductory Section Letter of Transmittal June 25, 2026 Dear Colorado PERA Members, Benefit Recipients, Employers, and Members of the Board of Trustees: I’m pleased to present this Annual Comprehensive Financial Report (ACFR) for the Public Employees’ Retirement Association of Colorado (PERA) for the year ended December 31, 2025.

2025 marked another year of steady growth in the global financial markets. The PERA Combined Investment Fund (CIF) portfolio ended the year with a return of 14.1% (annualized, time weighted, net of external investment management and custody fees) compared to the benchmark’s return of 16.3%.

The Division Trust Funds, the Health Care Trust Funds, the Life Insurance Reserve, and the Direct Distribution Reserve are included in the CIF portfolio. Total plan assets were valued at $75.1 billion for the CIF portfolio and $7.6 billion for the Capital Andrew Roth Accumulation Plans.

The combined funded ratio for the five Division Trust Funds Chief Executive Officer/ was 69.1%, a decrease from 69.2% at the end of 2024. Additional details of Executive Director actuarial metrics are provided on page 7. The strong performance of our investment portfolio in 2025 means PERA remains on track to meet its long-term funding goal.

That means there will be no automatic adjustments to contribution rates or annual benefit increases in 2027. All eligible benefit recipients will receive a 1.0% increase this July and most, if not all, will receive 1.0% in July 2027. This is good news for our members, retirees, and employers, and we will continue to closely monitor our funding progress to ensure we remain on track.

In 2025, the PERA Board of Trustees (Board) approved a new three-year strategic plan, and I’m thrilled to report PERA achieved 100% of the objectives laid out for year one. (PERA’s Strategic Plan is available at copera.org/strategic-plan.) This achievement demonstrates how employees at all levels of the organization are dedicated to modernizing our operations, improving the services we provide, and building stronger relationships.

Source fold: 2025 ACFR PDF — front matter / Letter of Transmittal. Verify against the live page or PDF before citing beyond this page.

Annex: ACFR 2025 investment section fold

Chief Investment Officer letter and Combined Investment Fund discussion — 14.1% net return, asset-class returns, internal management, strategic asset allocation, private equity IRR notes.

Investment Section Investment Section Combined Investment Fund CHIEF INVESTMENT OFFICER LETTER June 25, 2026 Dear Colorado PERA Stakeholders: The Public Employees’ Retirement Association of Colorado (PERA) provides stable retirement benefits for more than 730,000 members, contributing to local economies in cities and towns throughout the state.

PERA’s dedicated investment team manages 62% of assets internally, including 100% of fixed income and almost 74% of global equities, at a cost that is among the lowest of its peers. Our low-cost internal management, paired with our external advisors, has allowed us to stay on course to achieve full funding.

For the 30-year period ending December 31, 2025, PERA has achieved a total portfolio return of 8.1% (annualized, time weighted, net of external investment management and custody fees), greater than the assumed rate of return of 7.25%. Strong performance in 2025 allowed plan assets to grow by $8.4 billion, to end the year at $75.1 billion in the Combined Investment Fund (CIF) portfolio.

McGarrity Long-term performance is driven by the Board-approved strategic asset Chief Investment Officer/ allocation policy and is determined by an asset/liability study conducted every Chief Operating Officer three to five years. The latest asset/liability study was completed in 2024 and resulted in modest changes to the strategic asset allocation policy that were effective on January 1, 2025.

These adjustments were designed to balance return objectives with evolving liquidity needs, capital market expectations, and funded-status sensitivity. Total Portfolio Stock and bond indices continued their multi-year run of positive returns with global equity markets reaching all-time highs in 2025.

In a reversal from prior years, international equity (MSCI ACWI ex U.S. IMI +32.0%) significantly outperformed domestic equity (MSCI USA IMI +16.8%), with fixed income (Bloomberg U.S. Agg +7.3%) also adding to PERA’s total performance. PERA manages a significant amount of public assets internally.

This low-cost approach, coupled with the Board’s strategic asset allocation policy, has led to long-term relative outperformance. The Global Equity portfolio’s exposure to high quality U.S. large cap securities has served PERA well over the long term, even though the markets in 2025 favored value investing.

The fixed income portfolio has been aided by historically low interest rates and accommodative monetary policy, although these trends have begun to reverse in more recent periods. Private asset performance was impacted by similar market themes. For the year ended December 31, 2025, PERA’s total fund returned 14.1% (time weighted, net of external investment management and custody fees), compared to the policy benchmark’s return of 16.3%.

PERA’s policy benchmark is a passive representation of the asset allocation policy adopted by the Board. The total fund has outperformed the policy benchmark over the 10-year period (9.5% versus 9.1%) and trailed over the three- and five-year periods (12.7% versus 13.9% and 7.6% versus 7.7%, respectively).

The total fund return of 14.1% trailed a hypothetical portfolio consisting of 60% global equities (MSCI ACWI IMI) and 40% fixed income (Bloomberg U.S. The total fund has performed better than this hypothetical portfolio over the five- and 10-year periods (7.6% versus 6.5% and 9.5% versus 8.0%, respectively) and trailed over the three-year period (12.7% versus 13.9%).

The total fund return of 14.1% outperformed the BNY Mellon Performance & Risk Analytics in conjunction with Investment Metrics Median Public Fund Universe return of 13.5%. As of December 31, 2025, this universe was comprised of 190 public pension funds over $1 billion with aggregate assets of approximately $2.9 trillion.

The total fund has performed better than this universe over the three-, five-, and 10-year periods. Mail: PO Box 5800, Denver, CO 80217-5800 | Colorado PERA Annual Comprehensive Financial Report 2025 Ÿ Investment Section 121 Investment Section Combined Investment Fund Global Equity Global equities posted strong returns, albeit with some volatility.

Policy decisions drove stocks lower during the first half of the year while a strong rebound in earnings, artificial intelligence (AI)-driven capital expenditures, and easing financial conditions, drove stocks higher during the second half of the year. stocks, particularly in developed countries, provided a tailwind for global equities and in the U.S., large cap holdings outperformed their smaller counterparts, with value outperforming quality growth stocks.

large cap has been a major contributor to performance while non-U.S. small cap has trailed, albeit with still respectable positive performance. Easy monetary conditions lifted equity valuations, especially technology names (e.g., Magnificent 7), and resulted in much more concentrated indexes.

PERA’s Global Equity portfolio returned 19.8%, compared to its custom benchmark’s return of 22.4%. The Global Equity portfolio has outperformed its custom benchmark over the 10-year period and trailed over the three- and five-year periods. Fixed Income The Federal Reserve’s (Fed) dual mandate of balancing inflation and unemployment resulted in the Fed cutting rates 75 bps, as softening labor conditions outweighed an inflation rate above the Fed’s target of 2%.

Fixed income returns were driven by declining interest rates and tighter credit spreads even as volatility persisted, with the 10-year Treasury rate moving in a range between 4.2% and 4.8%. Post-pandemic, the unwinding of accommodative monetary policy and growing fiscal deficits resulted in sharply higher rates and contributed to rising bond yields, putting downward pressure on fixed income returns.

PERA’s Fixed Income portfolio returned 7.6%, compared to its custom benchmark’s return of 7.3%. The Fixed Income portfolio has outperformed its custom benchmark over the three-, five-, and 10-year periods. Private Equity Private equity (PE) deal volume stabilized in 2025 as managers adjusted to higher interest rates and there was more reliance on operational value creation rather than aggressive leverage.

Traditional initial public offering (IPO) and strategic exit markets remained uneven, and managers increasingly utilized continuation funds and secondaries to generate liquidity and extend holding periods, allowing limited partners greater flexibility to rebalance portfolios. Over the last decade, PE firms grew in size, raised larger flagship funds, and expanded into private credit, infrastructure, secondaries, and insurance solutions.

Capital increasingly became concentrated among top-tier managers, while limited partners became more selective, emphasizing proven track records. PERA’s Private Equity portfolio returned 9.1%, compared with its custom benchmark’s return of 24.4%. The Private Equity portfolio has trailed its custom benchmark over the three-, five-, and 10-year periods.

The ultimate goal of private equity is to outperform public equities over the long term, and over the past 10 years, the Private Equity portfolio has outperformed the Global Equity custom benchmark. The portfolio’s 30-year internal rate of return as of December 31, 2025, was 8.4% compared to its custom benchmark’s since inception internal rate of return of 7.5%.

Internal rates of return are the industry standard performance measure for private equity because they account for the timing and size of capital calls and distributions, providing a more accurate measure of investor returns when cash flows are irregular and controlled by the manager.

Real Estate After years of turbulence marked by repricing and interest rate fluctuations, global commercial real estate appears to have found stable footing with the rise of AI, and data centers powering this technology, expected to support renewed growth. Sectors driven by demographic shifts, particularly housing, industrial and alternative sectors, are well positioned, and fundamentals are largely healthy with demand outpacing absorption and limited supply in most markets.

Source fold: 2025 ACFR Investment Section (CIO letter dated 25 Jun 2026). Verify against the live page or PDF before citing beyond this page.

Annex: ACFR Board Chair / Audit Committee fold

Board Chair’s Report and Audit Committee discussion from the 2025 ACFR introductory section.

Introductory Section Letter of Transmittal continues to conform to the Popular Annual Financial An email with a link to this ACFR is provided to all Reporting requirements, and we are submitting it to PERA-affiliated employers and other interested parties; the GFOA. a summary (Popular Annual Financial Report) is distributed to members and benefit recipients.

Electronic PPCC Standards Award Program versions of both reports are available on the PERA The Public Pension Coordinating Council (PPCC) website at copera.org. presented PERA with a Public Pension Standards I would like to thank our affiliated employers for their Award for Funding and Administration in 2025 for continued support and cooperation, which is vital to the meeting professional standards for funding and plan success of PERA today and into the future.

I would also administration as set forth in the Public Pension like to thank the PERA Board and staff for their hard Standards. This is the 23rd consecutive year PERA has work and many contributions in moving the mission received this annual award. The PPCC is a coalition of forward to provide retirement security for Colorado’s three national associations that represent public public employees.

retirement systems and administrators—the National Association of State Retirement Administrators, Respectfully submitted, National Council on Teacher Retirement, and National Andrew Roth Conference on Public Employee Retirement Systems. Chief Executive Officer/Executive Director These three associations represent more than 500 of the Colorado PERA largest pension plans in the U.S.

Acknowledgments This ACFR reflects the combined efforts of PERA staff and is the responsibility of PERA management. I extend my sincere appreciation to all who assisted in and contributed toward its completion. Our ACFR is intended to provide complete and reliable information for transparent communication and to serve as a resource.

12 Introductory Section Ÿ Colorado PERA Annual Comprehensive Financial Report 2025 Introductory Section Professional Awards Colorado PERA Annual Comprehensive Financial Report 2025 Ÿ Introductory Section 13 Introductory Section Professional Awards 14 Introductory Section Ÿ Colorado PERA Annual Comprehensive Financial Report 2025 Introductory Section Board Chair's Report June 25, 2026 Dear Colorado PERA Members, Benefit Recipients, and Employers: As Chair of the Board of Trustees (Board), I am pleased to present this Annual Comprehensive Financial Report for the year ended December 31, 2025.

I was honored to assume the role of Chair of the Board of Trustees following Taylor McLemore’s departure in June 2025. Taylor brought a very thoughtful and deliberate approach to serving as Chair, and I speak for the Board when I thank him for his dedication to our membership throughout his tenure.

The Board is tasked with overseeing the investment of plan assets on behalf of Colorado’s public employees, and it’s vital that we keep a close eye on the plan’s financial health and periodically make adjustments as needed to protect the retirement security of our members. Freyre As part of this oversight, in 2025 our actuaries conducted an analysis of the Board Chair Automatic Adjustment Provision (AAP), the mechanism included in Senate Bill 18-200 that automatically adjusts plan provisions based on PERA’s funding progress.

The goal was to examine how well the AAP has been functioning so far and consider whether any proactive changes are warranted. While the AAP has largely worked as intended, our actuaries identified two modifications to help reduce the chance of triggering automatic adjustments in the near future without jeopardizing our funding progress: Giving PERA flexibility to allocate the State’s annual direct distribution to the five Division Trust Funds on an actuarial basis and diverting a portion of employers’ Health Care Trust Fund contributions to help pay off pension liabilities.

Together, these two changes aim to put PERA on even firmer financial footing and ensure we stay on track to meet our funding goal. The Board is appreciative the General Assembly saw the value in these proposals and passed a bill in the 2026 legislative session, House Bill 26-1400, to make them law.

Both modifications take effect on July 1, 2026. 2025 marks the first year under PERA’s new three-year strategic plan, and the Board is proud of the work PERA staff accomplished to achieve 100% of the plan’s first-year targets. PERA is making solid progress toward achieving year two’s strategic goals, and I look forward to supporting modernization efforts to better meet the needs of our membership.

I want to thank the other Trustees who left the Board in 2025: Louis Fletcher, Norm Franke, Julie Friedemann, and Ashley Smith. I’d also like to welcome the Trustees who joined the Board in 2025: Cynthia Loh, Maruti Moré, Andrew Schremp, Tonya Thompson, and returning Trustee Tina Mueh.

Source fold: 2025 ACFR — Board Chair’s Report / Audit Committee pages. Verify against the live page or PDF before citing beyond this page.

Annex: Investment Stewardship Report 2026 fold

Investment Stewardship Report 2026 (data as of 31 December 2025) — Protect / Integrate / Advocate / Evaluate; management message; proxy and engagement statistics.

Investment Stewardship Report 2026 Staying True to PERA’s Mission Data as of December 31, 2025, except where noted. INVESTING FOR THE FUTURE: 2025 ACTIVITIES Each pillar of Colorado PERA’s investment stewardship supports our mission to provide retirement benefits to our members while ensuring the sustainability of the fund.

PROTECT INTEGRATE ADVOCATE EVALUATE Protect members’ interests Integrate relevant factors into Advocate for Evaluate exposures and by watching costs PERA’s investment strategy robust markets recognize limitations $23.6 Million >500 17 $94 Billion Cost of PERA internal Companies and fund Advocacy councils to which Generated by PERA’s management managers engaged on PERA Investments staff investments over the past Estimated cost to outsource material investment factors contributed expertise 30 years is $124.0 million 0.33% >70,000 3 9.5% Cost to manage the total Proxy proposals voted Council leadership roles Annualized 10-year net return fund, or less than $4 of cost in advocacy of robust U.S.

for every $1,000 managed markets* 9.1% benchmark return** 0.01% >270 36 8.1% Asset-based administrative Proposals seeking ESG State legislative offices Annualized net return fee for members who disclosures voted engaged on matters that since inception on PERA’s participate in the PERAPlus can affect PERA and investments vs.

7.6% 401(k) Plan in 2026 our members benchmark return* Annual figures, as of December 31, 2025, unless otherwise noted. * In 2026, Andrew Roth, Chief Executive Officer/Executive Director is Co-Chair of the Council of Institutional Investors (CII). McGarrity, Chief Investment Officer/Chief Operating Officer is Co-Chair of the Investor Advisory Group to the Public Company Accounting Oversight Board (PCAOB) and Secretary of the Investor Advisory Council to the U.S.

Securities and Exchange Commission (SEC). ** Time-weighted performance is calculated as net of external investment management and custody fees. The total fund Benchmark Policy inception date is April 1, 2004. CONTENTS A Message From PERA Management. ................................................................................................1 Introduction........................................................................................................................................................2 PERA's Investment Stewardship Philosophy...................................................................................2 PERA's Investment Stewardship Approach......................................................................................2 Protect...................................................................................................................................................................3 Integrate...............................................................................................................................................................6 Advocate.

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23 Ongoing Stewardship for a Financially Sustainable Future................................................ 33 Disclosures...................................................................................................................................................... ..................................................................................................................

34 Endnotes........................................................................................................................................................... 35 A MESSAGE FROM PERA MANAGEMENT Stewardship is at the heart of Colorado PERA’s mission to provide retirement security for our members while ensuring the financial sustainability of the fund.

Serving as stewards of pension plan assets is both a significant responsibility and a tremendous privilege. The fiduciary duty we owe to PERA’s membership drives every decision we make, and we take immense pride and care in fulfilling our charge. Our sole investment objective has always been to maximize long-term, risk-adjusted returns to the portfolio to sustainably pay retirement benefits to our members.

PERA’s approach to investment stewardship is straightforward and firmly rooted in our fiduciary duty. In recent years, we have observed an increase in stakeholder interest around environmental, social, and governance (ESG) matters. Information about ESG matters is often politically charged, leading stakeholders to believe that such considerations are either solitary drivers of success, or mutually exclusive of financial and economic performance entirely.

The reality is that ESG is merely a shorthand label to describe a broad array of Andrew Roth considerations that may impact a company’s profitability and investment returns. Corporate Chief Executive Officer/ governance, supply chains, consumer preferences, regulations, technological advances, risk Executive Director thresholds, natural resources, and labor management are examples of economic factors that can be labeled as ESG.

Our responsibility is to focus on risk-adjusted returns, which means considering the interplay of various inputs that are financially relevant to each investment decision, regardless of whether they are labeled ESG or otherwise. Each year since 2018, we have refined PERA’s Investment Stewardship Report to meet stakeholder interests and foster informed engagements regarding our investments.

We continue that effort in this year’s report, which has been streamlined to augment public understanding of our investment program, while enhancing transparency about our climate- related risk considerations pursuant to state law. Although our report has changed over time, the principles guiding our investment stewardship remain the same.

We protect members’ interests through cost-consciousness, we integrate material factors into our investment decisions, we advocate for healthy markets, and we evaluate our portfolio attributes on an ongoing basis. We believe these practices have positioned PERA to withstand volatility over the long run, supporting our mission and funding goals.

Over the past ten years, the PERA Combined Investment Fund has earned a 9.5% annualized return (net of fees), outperforming the Amy C. McGarrity benchmark by 40 basis points over the same period. Over the past 30 years, our investments Chief Investment Officer/ have generated over $94 billion in income, funding nearly 60% of every dollar paid to plan Chief Operating Officer beneficiaries and demonstrating the vital role of our responsible asset management.* We invite you to explore this report and additional resources on our website to learn more about how we stay true to PERA’s mission through sound investment stewardship.

Sincerely, Andrew Roth Chief Executive Officer/Executive Director Amy C. McGarrity Chief Investment Officer/Chief Operating Officer * As of December 31, 2025. Colorado PERA Investment Stewardship Report 1 INTRODUCTION Stewardship is at the heart of Colorado PERA’s mission. Stewardship is at the heart of PERA’s mission to provide retirement security for our members while ensuring the sustainability of the fund.

As stewards of pension plan assets, we manage approximately $75 billion on behalf of more than 730,000 members and benefit recipients.1 We take our fiduciary duty seriously as we seek to maximize long-term, risk-adjusted returns to the portfolio. This report demonstrates how we exercise investment stewardship with prudence and care for the ultimate benefit of the members we serve.

PERA'S INVESTMENT STEWARDSHIP PHILOSOPHY PERA uses the term “stewardship” to describe our financially sustainable investing philosophy. PERA believes serving as effective stewards of plan assets depends on diligent consideration of risk and opportunity factors that are relevant to our investment decisions as fiduciaries.

That means we may consider financially relevant factors that can be labeled within an environmental, social, and governance (ESG) framework, but we will not limit our investment decisions to only those factors. Instead, we recognize that such practices are pieces in the mosaic of information necessary to determine an investment’s value.

Ultimately, we believe the best investments for long-term financial stability are found in quality companies and partnerships that exercise sound management of all aspects of business to generate profits and attractive investment returns. PERA'S INVESTMENT STEWARDSHIP APPROACH We actively serve as good stewards of plan assets for the benefit of PERA members.

Source fold: Stewardship-Report-2026.pdf (content.copera.org). Verify against the live page or PDF before citing beyond this page.

Annex: Board Members fold

Official Board Members page — 16-member structure, Chair Freyre, State Treasurer Young, elected and appointed trustees.

Board Members | Colorado PERA /Registration Members + New to PERA + Defined Benefit Plan Option to Choose Plans Mid-Career Ready to Retire + When Can I Retire? How to Retire Your Benefit Options at Retirement Benefit Basics + How Your PERA Benefit is Calculated Highest Average Salary Tables Member Contribution Rates Purchasing Service Credit Social Security Interest on Member Accounts Life and Job Changes + Leaving Employment Divorce / Domestic Relations Orders Disability Survivor Benefits Life Insurance PERAPlus 401(k)/457 Plans Retirees + Benefit Basics for Retirees + Annual Benefit Increases Social Security Health Benefits (PERACare) + Under Age 65 (Pre-Medicare) Over Age 65 (Medicare) Under Age 65 + Over Age 65 (Combination Medicare and Pre-Medicare) Turning 65: Medicare + PERACare PERACare Carriers Life and Job Changes + Working After Retirement Divorce / Domestic Relations Orders Taxes on Benefits + 1099-Rs Employers + Affiliating with PERA Employer Resources + Employer Resources: Leadership Employer Resources: HR / Payroll Employer Resources: Finance Employer Resources: New to Your PERA Role Employer Topics Investments + Defined Benefit (DB) Plan Assets Defined Contribution (DC) Plan Investments Divestment Investment Stewardship Forms and Resources + Member and Retiree Forms Booklets and Fact Sheets Financial Reports and Studies FAQs + Member FAQs Retiree FAQs About PERA FAQs PERACare FAQs Employer FAQs Investment FAQs Social Security Fairness Act (WEP/GPO) FAQs Video Library Webinars + Webinars On Demand About + Board and Leadership + Board Members Leadership Legislation + Ambassador Program News + Event Calendar Newsletters PERA On The Issues Careers Transparency Search About Board and Leadership Board Members Board Meetings Leadership Board Meeting Archive Legislation Ambassador Program News PERA s Newsletters PERA On The Issues Careers at Colorado PERA Our Commitment to Transparency Board Members By state law, the management of the Public Employees’ Retirement Association funds is vested in PERA’s Board of Trustees.

The 16-member Board of Trustees includes three Trustees appointed by the Governor and confirmed by the Senate; four members from the School Division; three members from the State Division; one member from the Local Government Division; one member from the Judicial Division; one member from the DPS Division; two PERA retirees; and the State Treasurer as an ex officio, voting member.

Freyre Position: Chair Term: Expires June 30, 2027 Appointing Authority: Judges Hon. Rebecca Freyre, first appointed to the PERA Board of Trustees in 2019, is a Judge with the Colorado Court of Appeals. She was elected as Vice Chair effective January 2025 and became Chair in July 2025.

She served as a deputy public defender for 25 years and began her legal career in 1990. from the Denver University Sturm College of Law. She is a fellow of the Colorado Bar Foundation and was appointed as Chief Deputy of the Court of Appeals in January 2022. Eunice Botchway Term: Expires June 30, 2029 Appointing Authority: School Division Employees Eunice Botchway, elected to the PERA Board of Trustees in 2023, is a Special Education Teacher in Adams-Arapahoe School District 28J.

She previously worked in Cherry Creek School District 5 as an ELS Specialist, ECE instructor, Special Education Teacher, and READ ACT Teacher. Licensed in Special Education (K-12), Elementary Education, and as a Special Education Generalist, she is a member of the National Education Association, Colorado Education Association (Ambassador Fellow), and the National Association of Special Education Teachers.

Tristan Gearhart Term: Expires June 30, 2027 Appointing Authority: Local Government Division Employees Tristan Gearhart, appointed to the PERA Board of Trustees in 2026, serves as Chief Planning and Finance Officer for Colorado Springs Utilities, a position he has held since September 2021.

During his 17-year tenure with the organization, he has served in several leadership roles, including Financial Planning and Risk Manager, Interim General Manager of Financial Services, and Principal Operations Analyst for the Energy Supply Department. Gearhart holds a Bachelor of Science in Accounting from the University of Colorado and is a licensed Certified Public Accountant in Colorado.

Nathan Geroche Term: Expires June 30, 2028 Appointing Authority: School Division Employees Nathan Geroche, appointed to the PERA Board of Trustees in 2020, is a Science Teacher at Boulder Valley School District. He began his career in 2015 at Ralston Valley High School in Jefferson County School District R-1.

in Chemistry from the University of Colorado Boulder and a M.A. Amy Grant Term: Expires June 30, 2028 Appointing Authority: DPS Division Members and Retirees Amy Grant was first elected to the PERA Board of Trustees in 2012. She began her career with Denver Public Schools in 1991 and is a retired office support professional from the JROTC Department at Denver Public Schools.

Grant currently serves on the Executive Committee of the National Council on Teacher Retirement (NCTR). from Edinboro University of Pennsylvania and a Certificate from the International Foundation of Employee Benefit Plans (IFEBP). Cynthia Loh Term: Expires July 10, 2028 Appointing Authority: Governor Cynthia Loh was appointed to the PERA Board of Trustees by Gov.

She has served in executive leadership roles in the financial services sector, including Capital One, Goldman Sachs and Charles Schwab. She is a member of the Young Presidents’ Organization (YPO) Boulder Chapter. in Cognitive Science from the University of California, Berkeley, an M.B.A.

from Stanford University Graduate School of Business, and is a CFA® charterholder. Chad Marturano Term: Expires June 30, 2030 Appointing Authority: State Division Employees Chad Marturano, elected to the PERA Board of Trustees in 2026, is Vice President and Chief Financial Officer for the University of Colorado System.

in Economics from Colorado State University and an M.A. in Political Science from University of Colorado Denver. Marturano has previously worked as a Legislative Liaison for the Colorado Department of Higher Education, a Principal Consultant for the Colorado Department of Education, a Senior Budget Analyst for the Office of State Planning and Budgeting, and an Economic Analyst for Pacey Nehls Economic Consulting.

In addition to serving on the PERA Board, Mr. Marturano is a Trustee for the University of Colorado Health and Welfare Trust. Moré Term: Expires June 30, 2029 Appointing Authority: State Division Employees Maruti D. Moré, elected to the PERA Board of Trustees in 2025, is Chief Investment Officer of the Colorado Department of the Treasury.

He previously worked as a Senior Portfolio Manager and Director of Fixed Income at Colorado PERA. Additionally, he was a Stock Analyst for the State of Wisconsin Investment Board and an Investment Officer for the State of Connecticut Treasury. Moré is a Chartered Financial Analyst and holds a B.A.

in economics, an MBA in finance, and an LL.B. In addition to serving on the PERA Board, Mr. Moré is a member of the Chartered Financial Analysts Institute, the Colorado CFA Society, and a delegated substitute for the State Treasurer on the University of Colorado Investment Advisory Committee.

Source fold: copera.org/about/board-and-leadership/board-members. Verify against the live page or PDF before citing beyond this page.

Annex: Leadership page fold

Official Leadership biographies — Andrew Roth CEO/ED; Amy C. McGarrity CIO (dual CIO/COO ended August 2026); Deputy ED Sarah Wager and other named officers.

Leadership | Colorado PERA /Registration Members + New to PERA + Defined Benefit Plan Option to Choose Plans Mid-Career Ready to Retire + When Can I Retire? How to Retire Your Benefit Options at Retirement Benefit Basics + How Your PERA Benefit is Calculated Highest Average Salary Tables Member Contribution Rates Purchasing Service Credit Social Security Interest on Member Accounts Life and Job Changes + Leaving Employment Divorce / Domestic Relations Orders Disability Survivor Benefits Life Insurance PERAPlus 401(k)/457 Plans Retirees + Benefit Basics for Retirees + Annual Benefit Increases Social Security Health Benefits (PERACare) + Under Age 65 (Pre-Medicare) Over Age 65 (Medicare) Under Age 65 + Over Age 65 (Combination Medicare and Pre-Medicare) Turning 65: Medicare + PERACare PERACare Carriers Life and Job Changes + Working After Retirement Divorce / Domestic Relations Orders Taxes on Benefits + 1099-Rs Employers + Affiliating with PERA Employer Resources + Employer Resources: Leadership Employer Resources: HR / Payroll Employer Resources: Finance Employer Resources: New to Your PERA Role Employer Topics Investments + Defined Benefit (DB) Plan Assets Defined Contribution (DC) Plan Investments Divestment Investment Stewardship Forms and Resources + Member and Retiree Forms Booklets and Fact Sheets Financial Reports and Studies FAQs + Member FAQs Retiree FAQs About PERA FAQs PERACare FAQs Employer FAQs Investment FAQs Social Security Fairness Act (WEP/GPO) FAQs Video Library Webinars + Webinars On Demand About + Board and Leadership + Board Members Leadership Legislation + Ambassador Program News + Event Calendar Newsletters PERA On The Issues Careers Transparency Search About Board and Leadership Board Members Board Meetings Leadership Board Meeting Archive Legislation Ambassador Program News PERA s Newsletters PERA On The Issues Careers at Colorado PERA Our Commitment to Transparency Leadership Andrew Roth Position: Chief Executive Officer/Executive Director Andrew Roth was named Chief Executive Officer/Executive Director in May 2024.

In this capacity, he is responsible for PERA operations, as well as the execution of PERA’s strategy implementation. Roth was the Deputy Director for the Teacher Retirement System of Texas (TRS), the sixth-largest pension fund in the U.S. with assets under management of over $185 billion and over 2 million members.

As Deputy Director, he oversaw Finance, Health Care, Benefit Services, Information Security, Business Administration, Organizational Excellence (HR), and Information Technology. Roth served as the Benefits and Services Executive Officer (BSEO) at the California State Teachers Retirement System (CalSTRS) and the Director of Retirement Readiness at CalSTRS.

He also served as the Director of Education and Outreach for the California state securities regulator, a Public Information Officer for the California Department of Social Services, and as an auditor for the California Bureau of State Audits. Roth currently serves as a Co-Chair of the Board of Directors for the Council of Institutional Investors (CII), and serves on the CII Policies Committee.

He holds a BA in History and a master’s degree in public administration, both from the University of Washington. Sarah Wager Position: Deputy Executive Director Sarah Wager was named Deputy Executive Director in January 2025. Previously, she was named Chief Audit Executive in 2024 and Director of Internal Audit for Colorado PERA in 2019.

She has over 30 years of experience in audit and executive leadership. Wager began her career at the Colorado Office of the State Auditor where she conducted performance, financial, and IT audits of state agencies over a 20-year period. Wager served in an executive leadership role at the Colorado Department of Human Services, serving in an executive officer position overseeing programs that provided supportive services as well as 24-hour care facilities for at risk adults.

She also served as the Director of the Office of Administrative Services, overseeing accounting, IT, human resources, and property management. Wager served as the Deputy Executive Director of Operations for the Department, overseeing operations for the organization. As the Deputy Executive Director at PERA, she oversees PERA’s shared services and the benefits line of business.

Wager earned her Bachelor of Science in Accounting from the University of Colorado Denver and is a Certified Public Accountant. McGarrity Position: Chief Investment Officer Amy C. McGarrity is Chief Investment Officer at Colorado PERA and is responsible for managing an investment portfolio of $75.1 billion for the Combined Investment Fund (mostly defined benefit assets) and $7.6 billion for the Capital Appreciation Plans (defined contribution assets) in accordance with the Board of Trustees’ policies and state statutes.

McGarrity became CIO in March 2017 and oversees portfolio and risk management for global equities, fixed income, real estate, private equity, and alternatives. McGarrity recommends investment policy to the Board of Trustees and contributes to organizational strategic planning. She also oversees relationships with the custodial bank and investment consultants and represents PERA to legislative bodies and other external entities.

McGarrity served as Chief Investment Officer/Chief Operating Officer from May 2022 until August 2026 and was the Interim Executive Director from June 2023 to May 2024. She was appointed Deputy Chief Investment Officer in 2013, after serving as a Senior Investment Officer at PERA beginning in 2010.

McGarrity has also held investment positions at William Blair Investment Management, Buck Consultants, Prima Capital Holding, William M. Mercer Investment Consulting, and Caxton Associates. McGarrity holds a bachelor’s degree in finance from the University of Wyoming, and a Master of Business Administration (MBA) from Rider University.

She is the co-chair of the Investor Advisory Group for the Public Company Accounting Oversight Board, serves as a member of the Security and Exchange Commission’s Investor Advisory Committee, the Healthy Markets Association Board, and the University of Wyoming Foundation’s Board of Directors.

She has earned the right to use the Chartered Financial Analyst (CFA) designation and serves on the CFA Institute Inclusion Steering Committee. Jesse Bertoli Position: Chief Information Security Officer Jesse Bertoli was named PERA’s Chief Information Security Officer in 2025. As Chief Information Security Officer he is responsible for developing, implementing, and maintaining a comprehensive security strategy to protect PERA’s digital assets, mitigate risks, and ensure compliance with industry regulations and best practices.

He oversees security operations, threat intelligence, incident response, governance, and employee awareness programs. Bertoli is also responsible for managing enterprise security programs, implementing best-in-class security technologies, and fostering a culture of security across the organization.

Bertoli brings extensive experience in risk management, incident response planning, and security governance to the position. He is a Certified Information Systems Security Professional (CISSP) and most recently served as the CISO at Pinnacol Assurance. He earned his undergraduate degree from Colorado State University and a Master of Business Administration from Regis University.

Ryan Ericson Position: Chief Technology Officer Ryan Ericson was named PERA’s Chief Technology Officer in 2024. As Chief Technology Officer he is responsible for providing the technology vision, strategy, and roadmap to enable PERA’s operations and align technology with organizational goals.

Source fold: copera.org/about/board-and-leadership/leadership. Verify against the live page or PDF before citing beyond this page.

Annex: About / mandate fold

About Colorado PERA — 1931 establishment, CRS Title 24 Article 51, Board rulemaking authority, trust-fund investment framing.

About | Colorado PERA /Registration Members + New to PERA + Defined Benefit Plan Option to Choose Plans Mid-Career Ready to Retire + When Can I Retire? How to Retire Your Benefit Options at Retirement Benefit Basics + How Your PERA Benefit is Calculated Highest Average Salary Tables Member Contribution Rates Purchasing Service Credit Social Security Interest on Member Accounts Life and Job Changes + Leaving Employment Divorce / Domestic Relations Orders Disability Survivor Benefits Life Insurance PERAPlus 401(k)/457 Plans Retirees + Benefit Basics for Retirees + Annual Benefit Increases Social Security Health Benefits (PERACare) + Under Age 65 (Pre-Medicare) Over Age 65 (Medicare) Under Age 65 + Over Age 65 (Combination Medicare and Pre-Medicare) Turning 65: Medicare + PERACare PERACare Carriers Life and Job Changes + Working After Retirement Divorce / Domestic Relations Orders Taxes on Benefits + 1099-Rs Employers + Affiliating with PERA Employer Resources + Employer Resources: Leadership Employer Resources: HR / Payroll Employer Resources: Finance Employer Resources: New to Your PERA Role Employer Topics Investments + Defined Benefit (DB) Plan Assets Defined Contribution (DC) Plan Investments Divestment Investment Stewardship Forms and Resources + Member and Retiree Forms Booklets and Fact Sheets Financial Reports and Studies FAQs + Member FAQs Retiree FAQs About PERA FAQs PERACare FAQs Employer FAQs Investment FAQs Social Security Fairness Act (WEP/GPO) FAQs Video Library Webinars + Webinars On Demand About + Board and Leadership + Board Members Leadership Legislation + Ambassador Program News + Event Calendar Newsletters PERA On The Issues Careers Transparency Search About Board and Leadership Board Members Board Meetings Leadership Board Meeting Archive Legislation Ambassador Program News PERA s Newsletters PERA On The Issues Careers at Colorado PERA Our Commitment to Transparency About Who We Are Colorado Public Employees’ Retirement Association (PERA) provides retirement and other benefits to the employees of more than 500 government agencies and public entities in the state of Colorado.

Established by state law in 1931, PERA operates by authority of the Colorado General Assembly and is administered under Title 24, Article 51 of the Colorado Revised Statutes. In accordance with its duty to administer PERA, the Board of Trustees has the authority to adopt and revise Rules in accordance with state statutes.

PERA Law PERA Rules Members of PERA include employees of the Colorado state government, public school teachers in the state, many university and college employees, judges, many employees of cities and towns, State Troopers, and the employees of many other public entities. PERA is a substitute for Social Security for most of these public employees.

Benefits are pre-funded, which means while a member is working, he or she is required to contribute a fixed percentage of their salary to the retirement trust funds. Employers also contribute a percentage of pay to the trust fund. The trust funds are then invested by PERA under the direction of the Board of Trustees.

PERA’s investment strategy uses actuarially established investment objectives with long-term goals and policies. PERA Mission and Vision Statements Mission To provide retirement security for our members while ensuring the sustainability of the fund. Vision To innovate and build on a tradition of service by being a trusted partner in order to meet the changing needs of our diverse membership.

Core Values Be good stewards by emphasizing sustainability in all operations. Serve member needs by delivering quality service and performance amid changing environments and expectations. Build strong relationships and deepen trust among all stakeholders by exercising good governance, valuing transparency, upholding ethical conduct, enhancing communications, and providing excellent customer service.

Our Commitment to Transparency Colorado PERA is committed to conducting business in an open and transparent manner. To further public understanding of our operations and finances, we provide documents and links to information on PERA’s financial statements and investments, Board of Trustees activities and expenditures, legislative oversight, and staff compensation.

Find More Information Frequently Asked Questions Visit our FAQs library to find answers to commonly asked questions. Denver, CO 80203 Monday through Friday 7:30 a.m. Member and Retiree Forms Calculators Careers Follow us on social media Download our mobile app Privacy and Security Notice Security Disclosure Copyright and Trademark Notice Social Media Policies Accessibility Statement

Source fold: copera.org/about/. Verify against the live page or PDF before citing beyond this page.

Annex: Defined Benefit plan assets fold

Defined Benefit (DB) Plan Assets investments hub materials opened for this pass.

Defined Benefit (DB) Plan Assets | Colorado PERA /Registration Members + New to PERA + Defined Benefit Plan Option to Choose Plans Mid-Career Ready to Retire + When Can I Retire? How to Retire Your Benefit Options at Retirement Benefit Basics + How Your PERA Benefit is Calculated Highest Average Salary Tables Member Contribution Rates Purchasing Service Credit Social Security Interest on Member Accounts Life and Job Changes + Leaving Employment Divorce / Domestic Relations Orders Disability Survivor Benefits Life Insurance PERAPlus 401(k)/457 Plans Retirees + Benefit Basics for Retirees + Annual Benefit Increases Social Security Health Benefits (PERACare) + Under Age 65 (Pre-Medicare) Over Age 65 (Medicare) Under Age 65 + Over Age 65 (Combination Medicare and Pre-Medicare) Turning 65: Medicare + PERACare PERACare Carriers Life and Job Changes + Working After Retirement Divorce / Domestic Relations Orders Taxes on Benefits + 1099-Rs Employers + Affiliating with PERA Employer Resources + Employer Resources: Leadership Employer Resources: HR / Payroll Employer Resources: Finance Employer Resources: New to Your PERA Role Employer Topics Investments + Defined Benefit (DB) Plan Assets Defined Contribution (DC) Plan Investments Divestment Investment Stewardship Forms and Resources + Member and Retiree Forms Booklets and Fact Sheets Financial Reports and Studies FAQs + Member FAQs Retiree FAQs About PERA FAQs PERACare FAQs Employer FAQs Investment FAQs Social Security Fairness Act (WEP/GPO) FAQs Video Library Webinars + Webinars On Demand About + Board and Leadership + Board Members Leadership Legislation + Ambassador Program News + Event Calendar Newsletters PERA On The Issues Careers Transparency Search Investments Defined Contribution (DC) Plan Investments Defined Benefit (DB) Plan Assets Divestment Investment Stewardship Defined Benefit (DB) Plan Assets Colorado PERA invests retirement and Health Care Trust Fund assets for the sole benefit of the Plan’s members.

State law gives responsibility for the investment of PERA’s funds to the PERA Board of Trustees. The Board approves the Colorado PERA Statement of Investment Policy and determines the strategic asset allocation policy. PERA believes that the most effective and efficient long-term strategy is to invest in a broad array of asset classes.

Colorado PERA Statement of Investment Policy Asset Allocation The PERA Board determines the strategic asset allocation policy for the fund. The PERA Board’s policy specifies the desired target allocation for each asset class as well as the ranges within which each asset class may operate.

Read More Asset Classes Strategic asset allocation is the most significant factor influencing long-term investment performance and asset volatility. As a long-term investor, PERA will invest across a wide spectrum of investments in a prudent manner. Read More External Manager Portal Colorado PERA has developed this online portal to facilitate initial engagement and performance tracking.

Investment FAQs Explore questions about PERA's Investment program including asset allocation, risk management, and performance evaluation. Denver, CO 80203 Monday through Friday 7:30 a.m. Member and Retiree Forms Calculators Careers Follow us on social media Download our mobile app Privacy and Security Notice Security Disclosure Copyright and Trademark Notice Social Media Policies Accessibility Statement

Source fold: copera.org/investments/defined-benefit-db-plan-assets. Verify against the live page or PDF before citing beyond this page.

Annex: Divestment / Board statement fold

Divestment page and related Board Statement on Divestment context as opened on copera.org.

Divestment | Colorado PERA /Registration Members + New to PERA + Defined Benefit Plan Option to Choose Plans Mid-Career Ready to Retire + When Can I Retire? How to Retire Your Benefit Options at Retirement Benefit Basics + How Your PERA Benefit is Calculated Highest Average Salary Tables Member Contribution Rates Purchasing Service Credit Social Security Interest on Member Accounts Life and Job Changes + Leaving Employment Divorce / Domestic Relations Orders Disability Survivor Benefits Life Insurance PERAPlus 401(k)/457 Plans Retirees + Benefit Basics for Retirees + Annual Benefit Increases Social Security Health Benefits (PERACare) + Under Age 65 (Pre-Medicare) Over Age 65 (Medicare) Under Age 65 + Over Age 65 (Combination Medicare and Pre-Medicare) Turning 65: Medicare + PERACare PERACare Carriers Life and Job Changes + Working After Retirement Divorce / Domestic Relations Orders Taxes on Benefits + 1099-Rs Employers + Affiliating with PERA Employer Resources + Employer Resources: Leadership Employer Resources: HR / Payroll Employer Resources: Finance Employer Resources: New to Your PERA Role Employer Topics Investments + Defined Benefit (DB) Plan Assets Defined Contribution (DC) Plan Investments Divestment Investment Stewardship Forms and Resources + Member and Retiree Forms Booklets and Fact Sheets Financial Reports and Studies FAQs + Member FAQs Retiree FAQs About PERA FAQs PERACare FAQs Employer FAQs Investment FAQs Social Security Fairness Act (WEP/GPO) FAQs Video Library Webinars + Webinars On Demand About + Board and Leadership + Board Members Leadership Legislation + Ambassador Program News + Event Calendar Newsletters PERA On The Issues Careers Transparency Search Investments Defined Contribution (DC) Plan Investments Defined Benefit (DB) Plan Assets Divestment Investment Stewardship Divestment PERA occasionally faces calls from outside groups to divest — or sell — certain investments.

Because PERA serves the singular purpose of ensuring the retirement security of Colorado’s current and former public servants, the PERA Board of Trustees generally opposes such efforts. At its January 2019 meeting, the PERA Board approved an amended Statement on Divestment, which concludes with the following paragraph: “The issues facing our world today are not easily separated into gradations of severity or importance.

Consensus as to the priority of these types of issues and the proper recourse is difficult to achieve. As a result, once a divestment mandate is imposed to address one issue, the resulting ‘slippery slope’ makes differentiation among the remaining issues contentious and divisive. Increased divestment is costly and limits PERA’s ability to effectively seek the best risk-adjusted returns to secure the retirement benefits of public servants.

For these reasons, PERA will oppose divestment efforts unless such opposition is inconsistent with its fiduciary duty, but will implement divestment mandates passed by the Colorado General Assembly.” – PERA Board of Trustees Review the PERA’s Board’s Statement on Divestment below for more information on the PERA Board’s position.

Additional information is also available on PERA’s blog, PERA On The Issues . Statement on Divestment Divestment From Companies With Prohibitions Against Israel Anti-BDS divestment legislation, signed into law in 2016, calls for the PERA Board to create a list of restricted companies biannually and to prohibit investments in these companies going forward.

The establishment of the list requires PERA to engage the companies on the list to warn them of potential divestment. For additional information, please see the PERA Board’s approved methodology below for creation of the Restricted Company list. Divestments From Companies With Prohibitions Against Israel Fact Sheet Restricted Company List – March 20, 2026 Anti-BDS Report – June 25, 2026 Issue Spotlight: Responsible Investing Every investor, whether an individual or an organization like PERA, makes investment decisions based on their goals or objectives.

Read More PERA’s Investment Objective: Ensuring Retirement Security Investing requires an objective, just like charting a course on a map requires having a destination. Read More Investment Stewardship Report Digital Snapshot 1301 Pennsylvania St. Denver, CO 80203 Monday through Friday 7:30 a.m.

Member and Retiree Forms Calculators Careers Follow us on social media Download our mobile app Privacy and Security Notice Security Disclosure Copyright and Trademark Notice Social Media Policies Accessibility Statement

Source fold: copera.org/investments/divestment. Verify against the live page or PDF before citing beyond this page.

Annex: Peer map

U.S. public-pension peers already on UAO Registry (non-exhaustive): PSERS, Maryland SRPS, TRS Illinois, LACERA, CalPERS, CalSTRS, Florida SBA, MassPRIM, NYSCRF. Soft-name collision watch: TRS Texas (skipped elite; Roth prior employer) remains out of the institution sitemap for this program’s skip list alongside SAFE / PIFSS / BIA.

Annex: Research notes

• Opened primaries only; better omit than guess — especially current Vice Chair (not clearly labelled after Freyre’s elevation to Chair).
• McGarrity dual CIO/COO title: ended August 2026 on live Leadership page; mid-2026 PDFs may still show combined signature — attribute historically.
• CAP figure: PAFR rounds to US$7.6B; news release uses US$7.67B — cite both when precision matters.
• No VideoObject this pass (stewardship/member videos not treated as official investment-strategy embeds).
• Daily-refresh disabled; desk untouched; CoS/SEO not messaged (CoS next batch at 80).

FAQ

Q1. What is the Colorado Public Employees' Retirement Association?

The Colorado Public Employees' Retirement Association (Colorado PERA / PERA) is the statewide public pension system established by Colorado state law in 1931 and administered under Title 24, Article 51 of the Colorado Revised Statutes. It provides retirement and other benefits to employees of more than 500 government agencies and public entities in Colorado. Official site: https://www.copera.org/.

Q2. What official USD scale figures has Colorado PERA published for year-end 2025?

Prefer dated official USD from copera.org and the 2025 ACFR/PAFR — do not invent Instantiations headline AUM. As of 31 December 2025, the Combined Investment Fund (CIF) was valued at US$75.1 billion and Capital Accumulation Plans at about US$7.6–7.67 billion. Fiduciary net position was US$82.953 billion (from US$73.677 billion at year-end 2024). The Instantiations ~US$65 bn public estimate is stale relative to these official USD prints.

Q3. Who is the Chief Executive Officer / Executive Director?

Andrew Roth is Chief Executive Officer/Executive Director, named in May 2024 as PERA’s eighth CEO/ED on the official Leadership page and in the 2025 ACFR Letter of Transmittal. He previously served as Deputy Director of the Teacher Retirement System of Texas and held senior roles at CalSTRS. In 2026 he serves as Co-Chair of the Council of Institutional Investors board. UAO person SSR: /registry/person/andrew-roth/.

Q4. Who is the Chief Investment Officer, and is the title still CIO/COO?

Amy C. McGarrity is Chief Investment Officer on the live Leadership page (as of this research pass), responsible for the US$75.1 billion CIF and about US$7.6 billion Capital Accumulation Plans. She became CIO in March 2017. Official biography states she served as Chief Investment Officer/Chief Operating Officer from May 2022 until August 2026 — the dual role ended; do not present CIO/COO as the current title. Mid-2026 ACFR/Stewardship signature blocks still used CIO/COO historically. UAO person SSR: /registry/person/amy-c-mcgarrity/.

Q5. How is Colorado PERA governed?

By state law, management of PERA funds is vested in a 16-member Board of Trustees: three Governor-appointed (Senate-confirmed) trustees; four School Division; three State Division; one Local Government; one Judicial; one DPS; two retirees; and the State Treasurer as an ex officio voting member. As of the opened Board Members page, Hon. Rebecca R. Freyre is Chair (from July 2025); Hon. Dave Young (State Treasurer) serves ex officio. An Investment Committee assists the Board in overseeing the investment program; an Audit Committee oversees financial reporting controls.

Q6. What is the Combined Investment Fund and how is it allocated?

The CIF includes the five Division Trust Funds plus Health Care Trust Funds, the Life Insurance Reserve, and the Direct Distribution Reserve. After the 2024 asset/liability study, Board strategic targets effective 1 January 2025 are Global Equity 51%, Fixed Income 23%, Private Equity 10%, Real Estate 10%, Alternatives 6%, and Cash 0%. Year-end 2025 actuals (ACFR FactSheet) were about 55.7% / 21.0% / 7.5% / 9.0% / 6.0% / 0.8%. About 62% of investment assets are managed in-house.

Q7. What returns and funded status did PERA report for calendar 2025?

CIF time-weighted net return 14.1% versus policy benchmark 16.3%. Multi-year annualized nets: 3-year 12.7%, 5-year 7.6%, 10-year 9.5%, 30-year 8.1% (above the 7.25% assumed rate). Combined funded ratio for the five Division Trust Funds: 69.1% (slightly down from 69.2%). Unfunded actuarial accrued liability: US$30.1 billion. Automatic Adjustment Provision: no contribution/benefit-increase changes required for 2027 based on 2025 results.

Q8. What membership and benefit-payment scale does PERA report?

More than 730,000 current and former members; 218,691 actively contributing members and 414 employers in 2025; 145,554 retirees and benefit recipients receiving US$5.6 billion in pension benefits (average monthly benefit about US$3,274). About US$4.78 billion went to more than 119,000 retirees living in Colorado, supporting an estimated US$7.32 billion in state economic output and 26,500 jobs per the Pacey Nehls Economic and Fiscal Impacts report released with the 2025 ACFR.

Q9. How does Colorado PERA describe investment stewardship and ESG?

The Investment Stewardship Report 2026 (data as of 31 December 2025) frames four practices: Protect, Integrate, Advocate, and Evaluate. 2025 activity figures include internal management cost US$23.6 million versus an estimated US$124 million to outsource; >500 company/manager engagements; >70,000 proxy proposals voted; and advocacy through multiple councils. PERA states ESG is a shorthand for financially relevant factors, not a solitary investment objective. Official materials also include a Board Statement on Divestment and Proxy Voting Policy — attribute climate/ESG claims only to these primaries.

Q10. Is Colorado PERA the same as TRS Texas or CalPERS?

No. Colorado PERA is Colorado’s statewide public employees’ retirement association under CRS Title 24, Article 51. It is not the Teacher Retirement System of Texas (where Andrew Roth previously served as Deputy Director), not CalPERS/CalSTRS, and not a sovereign wealth fund. Soft researcher names include Colorado PERA, COPERA, and Public Employees’ Retirement Association of Colorado.

Q11. What division trust funds does PERA administer?

Five defined-benefit Division Trust Funds: State, School, Local Government, Judicial, and Denver Public Schools (DPS). Projected years to full funding based on the 31 December 2025 funding actuarial valuation (ACFR FactSheet): State 18 years; School 22; Local Government 4; Judicial 2; DPS 5. Health care trusts, life insurance reserve, and the direct distribution reserve are invested alongside division trusts in the CIF.

Q12. Where should researchers correct UAO Registry errors?

Send corrections to info@universalassetowners.com. Prefer primary documents on copera.org (2025 ACFR, 2025 PAFR, ACFR FactSheet, Investment Stewardship Report 2026, Leadership, Board Members, 25 June 2026 ACFR release) over secondary rankings. Currency discipline: official USD as published; do not invent FX conversions or promote the Instantiations ~US$65 bn estimate as headline AUM. Confirm Amy C. McGarrity’s current title as Chief Investment Officer (CIO/COO dual role ended August 2026 per the live Leadership biography).

Sources & further reading

• copera.org — official home
• About Colorado PERA
• Leadership
• Board Members
• 2025 ACFR PDF
• 2025 PAFR PDF
• 2025 ACFR FactSheet PDF
• Investment Stewardship Report 2026 PDF
• Stewardship Overview 2026 PDF
• Performance Benchmarks PDF
• 25 Jun 2026 ACFR / Stewardship release
• PERA’s 2025 Annual Report by the Numbers
• Investment Stewardship hub
• Divestment
• Limited secondary: none required for core USD/leadership claims on this pass.

Completeness note

Target ~10k sourced words from opened primaries (ACFR front/investment extracts, PAFR, Stewardship Report, Board/Leadership HTML). Non-blocking expansions if later opened: full investment summary schedules (ACFR pp. 128+), complete proxy vote detail, quarterly performance packs, actuarial valuation PDFs, HB26-1400 bill text, and any official investment-strategy video with stable embed IDs. No filler; no invented people, titles, AUM, or seats.