Colorado's Public Employees' Retirement Association has a $22 billion shortfall, though that number is falling for the first time in years.
Thanks to a banner year in which its invesments yielded in a nearly 13-percent return on investments, PERA's unfunded liability dropped by more than $800 million.
State pensions across the country are facing similar funding shortfalls. A recent Standard & Poor's survey using 2011 data put Colorado's funded ratio at 64.8 percent, compared to a national average of 72.7 percent for all 50 states. That ratio takes into account state debt, pension liabilities and retiree health benefit liabilities. Colorado ranked 34th in terms of unfunded pensions.
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