December 26, 2016
Expenses for public education have been increasing, and the proportion of our Colorado State Budget spent on public education each year, continues to increase. This more-than-proportional increase each year, takes a larger chunk of the total of all other costs in our state. The same goes for county expenses for education.
Part of the problem is the irresponsible amount of money put toward retirement (also increases in other expenses). Raises sound great, except the money isn’t there. Wouldn’t it be best (understatement) to stop with the generosity.
Walker Stapleton has, for years, been trying to influence those in charge of the Colorado Public Employees’ Retirement Association (PERA) to take measures necessary to reign in reckless wasteful spending, and begin to deal with the $30 billion in unfunded liabilities.
PERA needs to stop acting like “government” and be more responsible with our money.
By: Peter Marcus, ColoradoPolitics.com
December 21, 2016
Over the protests of Colorado’s state treasurer, the head of the state’s retirement system received a 3 percent salary increase on Tuesday – his second raise in just over a year – bringing his salary to nearly $406,000 in 2017.
Greg Smith, chief executive of the Colorado Public Employees’ Retirement Association, also will receive an incentive payment of 20 percent for leading the $47 billion, 300-employee retirement system, which amounts to nearly $79,000. Smith’s current salary is $394,000.
State Treasurer Walker Stapleton, an ex-officio, voting member of PERA’s board of trustees – and a longtime critic of the system – assailed the raise, pointing out that the pension fund for the state’s more than 547,000 members faces about $30 billion in unfunded liabilities. Continue reading