US - The Denver Public Schools (DPS) board has terminated the proposed merger of DPS Retirement System (DPSRS) into the Colorado Public Employees Retirement Association (PERA).
According to the DPS board, both parties had failed to reach agreement on a number of issues, including the actuarial methodology that would be used to determine the costs of the merger.
The board said it had also reviewed recommendations made by the state treasurer’s ad hoc commission to strengthen and secure PERA, which if adopted by the legislature would “significantly impact the PERA plan and the cost benefit analysis of the merger as presently contemplated.”
In a statement, Colorado PERA said it was “disappointed” the deal would not go ahead, adding that it would have ensured members of both systems were protected through a cost-neutral combining of the two plans.
“Legislation also provided a framework for a workable actuarial methodology guaranteeing that Colorado PERA members and benefit recipients would not subsidise the absorption of DPSRS,” it said.
The two parties were given a deadline of October 15 to terminate the merger. Now only legislation can reinstigate the merger talks, with Colorado's legislature meetings from January to May.
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