The $29 billion Colorado Public Employees Retirement System terminated its merger with the $2.4 billion Denver Public Schools Retirement System.
The board for the Colorado system made the move "in the best interest of Colorado PERA members," according to a PERA statement, which also noted new legislation would be required to resume the merger. Under the old legislation, either party could terminate before July 1, said Bob Scott, executive director of the Denver schools plan. Mr. Scott said he thought PERA killed the deal because the merger process as detailed in the 2003 legislation was too costly. He noted work has begun on a new merger bill.