Denver, CO—Today, Colorado Public Employees' Retirement Association (PERA), a pension plan with at least a $25 billion unfunded liability, approved an excessive three year contract for CEO Greg Smith. Treasurer Stapleton cast the lone "no" vote as the package passed 14-1. Despite attempts to make the process transparent by Treasurer Stapleton and members of the press, the proposed compensation package was not released prior to the vote.
 
"The most disturbing part of this, other than that the package being kept away from the public, is there are no metrics of achievement and accountability related to the financial health of PERA to justify this 30 percent raise," stated Stapleton.  
 
Additionally, in the 3rd year of the contract Smith is eligible to make an extra retention bonus of more than $200,000; bringing his total compensation to almost $900,000 in the third year of his contract.

"PERA is still at least $25 billion in debt. It was grossly underfunded when Smith took over and it remains underfunded today. PERA's board however, decided to reward this underwhelming performance with a 36-month contract culminating in a $200,000 throw-in bonus, Smith gets just for showing up," Stapleton continued. "This is less than tone deaf, it's irresponsible"
 
Below is comparative data on PERA CEO Greg Smith's approved compensation package and additional data to provide context: