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One of Colorado’s Best Investments Comprehensive Annual Financial Report For the Year Ended December 31, 2015 Colorado Public Employees’ Retirement Association 2015 PROVEN BEST FOR COLORADO Five years after the landmark Senate Bill 10-001 legislation, Colorado PERA once again recognizes the shared sacrifices of our membership. It is with their futures in mind that PERA continues to sharpen our focus on the primary responsibility of providing secure retirements proven best for Colorado. This Comprehensive Annual Financial Report honors those members and retirees by featuring photos which remind us that an exceptional state merits an exceptional retirement plan. Cover Boreas Pass by Ellen Mackey, active member at Douglas County Libraries Introductory Section Byers, Colorado, by Alan Eldridge, active member at the Office of Information Technology Financial Section Pawnee Buttes by Max E. Carlson, retiree from the Judicial Department Investment Section Gateway Valley by Ron Brady, retiree from Westminster Public Schools Actuarial Section Pikes Peak by William Holm, retiree from the City of Colorado Springs Statistical Section Great Sand Dunes National Park by David Nasser, retiree from Adams 12 Five Star Schools PERA also thanks the many other members and retirees who submitted more than 400 photographs of our great state for possible inclusion in this year’s CAFR. One of Colorado’s Best Investments Comprehensive Annual Financial Report For the Year Ended December 31, 2015 Colorado Public Employees’ Retirement Association Prepared by Colorado PERA Staff Contents Introductory Section Letter of Transmittal. 3 Professional Awards . 11 Board Chair’s Report . 12 Report of the Colorado PERA Audit Committee . 14 Board of Trustees. 16 Administrative Organizational Chart . 18 Colorado PERA Executive Management . 19 Consultants. 20 Financial Section Report of the Independent Auditors. 23 Management’s Discussion and Analysis (Unaudited). 26 Basic Financial Statements Fund Financial Statements Statements of Fiduciary Net Position. 56 Statements of Changes in Fiduciary Net Position. 58 Notes to the Financial Statements . 60 Required Supplementary Information (Unaudited)—Division Trust Funds Schedule of Changes in Net Pension Liability. 94 Schedule of Net Pension Liability. 99 Schedule of Employer Contributions . 100 Schedule of Investment Returns . 102 Notes to the Required Supplementary Information . 103 Required Supplementary Information (Unaudited)—Health Care Trust Funds Schedule of Funding Progress . 108 Schedule of Contributions from Employers and Other Contributing Entities. 109 Notes to the Required Supplementary Information . 110 Supplementary Schedules Schedule of Administrative Expenses . 113 Schedule of Other Additions. 114 Schedule of Other Deductions . 114 Schedule of Investment Expenses. 115 Schedule of Payments to Consultants. 115 Investment Section Colorado PERA Report on Investment Activity . 119 Investment Brokers/Advisers (Internally Managed Assets) . 121 Schedule of Commissions (Internally Managed Assets) . 121 Investment Summary. 122 Asset Allocation at Fair Value. 122 Schedule of Investment Results. 123 Fund Performance Evaluation . 125 Profile of Investments in Colorado. 128 Largest Equity Holdings by Fair Value. 128 Largest Fixed Income Holdings by Fair Value. 128 Voluntary Investment Program, Defined Contribution Retirement Plan, and Deferred Compensation Plan (Plans) Report on Investment Activity. 129 Voluntary Investment Program, Defined Contribution Retirement Plan, and Deferred Compensation Plan (Plans) Schedule of Investment Results . ..

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