Colorado Public Employees' Retirement Association, Denver, reported that its liabilities exceeded assets by $9 billion at the end of 2003, according to an audit PricewaterhouseCoopers performed for the state's Legislative Audit Committee. The association had $30.1 billion in assets as of Dec. 31. A state law increases employee contribution rates to 13.15% by 2012 from 10.15% now; the increase will be phased in starting in 2006. With the changes, the plan's funded ratio is expected to decrease to 60.4% by 2030, from 76% now; without the legislative changes, the funded ratio would have decreased to 34.5%. PricewaterhouseCoopers recommended that the state make additional contributions to help make up for the shortfall. Katie Kaufmanis, association spokeswoman, did not return phone calls by deadline seeking comment.