The head of the pension fund for Colorado’s 660,000 former and current public employees was ousted by its governing board Monday.
Ron Baker had led the Public Employees’ Retirement Association, known as PERA, since 2018. He had been part of its executive leadership team since 2009.
Baker had been on a leave of absence since March 8 and will remain so until his formal termination on June 1. His contract, which was originally scheduled to expire in September, provides for 30 days’ written notice of termination. A statement from PERA confirming his termination did not offer any details as to why he was being fired and a spokesperson declined to elaborate.
PERA distributes more than $4.4 billion a year to more than 110,000 public employee retirees who live in Colorado. It has some $66 billion in assets. The executive director is responsible for the association’s operations and overall strategy.
A 16-member board of trustees oversees the executive director. It voted unanimously to oust Baker on Monday after meeting in a closed executive session. In January, the board voted to give Baker a 19% performance bonus, or about $75,000, as well as a 4% raise. That brought his current year salary to $412,108.80.
Baker’s removal and his months-long leave of absence ahead of the decision was first reported by the Colorado Sun.
Chief Investment Officer and Chief Operating Officer Amy McGarrity will continue to serve as acting executive director, according to a news release. PERA will conduct a national search for Baker’s replacement, though a timeline has not yet been established, spokesperson Patrick von Keyserling said.
PERA drew scrutiny in 2018, before Baker officially took the reins, over its rapidly rising unfunded liabilities. Lawmakers passed legislation that year to shore up the fund through direct payments and automatic changes to participant contributions. That law requires the association to reach full funding by 2047.
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