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The forecast for the State Education Fund and the level of General Fund appropriations have changed from when the General Assembly adjourned in May 2010. The ongoing economic recession is affecting forecasts for property values and income tax receipts, which in turn are placing pressure on state aid appropriations. Despite projected increases in General Fund revenue, declining local taxes are putting pressure on the State Education Fund to support education funding.

This memorandum provides a brief description of the Colorado Public Employees' Retirement Association (PERA), presents the pension plan's historical funded ratio, and summarizes provisions of 2010 PERA reform legislation.

The forecast for the State Education Fund and the level of General Fund appropriations necessary to meet the funding requirements of Amendment 23 have changed from when the General Assembly adjourned in May 2009. The ongoing economic recession is affecting forecasts for property values and income tax receipts, which in turn are placing pressure on state aid appropriations to support the requirements of Amendment 23. Projected declines in General Fund revenue are putting pressure on the State Education Fund to support education funding.

The forecast for the State Education Fund and the level of General Fund appropriations necessary to meet the funding requirements of Amendment 23 is significantly changed from when the General Assembly adjourned in May 2008. The upheaval in the economy is affecting forecasts for property values and income tax receipts, which in turn are placing pressure on state aid appropriations to support the requirements of Amendment 23.