A ballot initiative to reform the $34.3 billion Colorado Public Employees Retirement Association, Denver, has been withdrawn. Support for the initiative lost steam after legislators approved a bill in late April to help address the association's unfunded liability. "We felt the political climate had shifted and it was no longer productive to pursue an initiative," said Charlie Russell, spokesman for fixPERA, a campaign that pushed for the ballot initiative. "We'll keep on (the legislation), and if doesn't fix the unfunded liability ... we'll be back." The ballot initiative was withdrawn Wednesday.
Colorado PERA is now 74% funded; fixPERA proposed that new Colorado PERA participants be offered a defined contribution plan instead of the defined benefit plan.
The board "has consistently opposed wholesale conversion to defined contribution plans," according to a statement on the fund's website. Colorado PERA retained attorneys to fight the initiative.