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HRD-77-30 1 (1976-12-29)

handle is hein.gao/gaobaaccm0001 and id is 1 raw text is: DOCUMENT RESUME / 01749 - [A059084516 The Investment Decisionmaking Process ia Twc Colcrado Public Employee Retirement Plans. HRD-77-30; B-164292. December 29, 1976. 44 pp. Report to Sen. Harrison A. Williams, Jr., Chai~man, Senate Committee on Labor and Public Welfare; Sen. Jacob K. Javits; by Elmer B. Staats, Comptroller General. Issue Area: Incom6 Security Programs: Program Moritoring and Administration (1303). Contact: Human Resources Div. Budget Function: Income Security: General RetiLement and Disability Insurance (601). Congr_ssional Relevance: Senate Committee on Labor and Public Welfare. Sen. Jacob K. Javits. Authority: Employee Retirement Income Security Act of 1974. Cane studies on the Public Employees* Retirement Association (PERA) of Colorado and the Denver Public School Employees' Pension and Benefit Association (DPSEPBA), give details of the framework for managing inv9stmente, investment experience, and detailed finaincial statements. Irformation on the decisionmaking process was gathered from summary data and intervieds with ccgnizaut offi.cials. Findings/Conclusions: The PERK had fiscal ysar 076 assets of $1.2 billion. It was ,established by State statute, and its structure includes a retirement board, investment committee, az4 executive secretary responsible Lor managing the plan. For fiscal yeat '75, the rate of return including realized gains and losses, but excluding market fluctuations on securities owned, was 7.80 percent. The DPSEPBA had year-end assets of $166 million, and its structure includes an investment committee, a chief investment officer, and a local bank which handles stock transactions. Year-end '75 assets were $166 million, and the net accrual return for fiscal year '75 was 6.5 percent. (DJn)

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