The Public Employee's Retirement Association (PERA) provides retirement and other benefits to public employees in the state of Colorado. PERA, the 25th largest public pension plan in the United States, covers more than 400 agencies and entities. In addition to the state government, the plan also covers many local governments, teachers, employees of the state's universities, and judges.
PERA benefits take the place of Social Security for many of its members. The benefits are pre-funded, which means while a member is working he or she contributes a percentage of their income into the plan. The employer also contributes a percentage of pay to the pension fund. These contributions are placed into a fund overseen by a fifteen member Board of Trustees. This board includes the Treasurer as an ex-officio member, as well as three members appointed by the Governor, four members from kindergarten through twelfth-grade education employees, three members from state employees, one member from municipal employees, one member from judges, and two members elected from PERA retirees.
More information can be found on the PERA website.