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Why don't you have any data about the Colorado Public Retirement Association 401K Plan?

Nov 27, 2012 by keith from Erie, CO in  |  Flag
6 Answers  |  5 Followers
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7 votes
Kevin J. McNab Level 19

I agree with James' post almost entirely. PERA made changes to their 401(k) the middle of last year. With this in mind, Brightscope would not have updated information even if PERA was listed on Brightscope. The costs of the funds are fairly low, but there is not much of a track record on most of the funds. However, you may not need much of a track record if you are investing in a low cost, indexed funds similar to those offered in the PERA 401(k). As you are probably aware, there is also a separate defined benefit plan. I hope this helps.

Comment   |  Flag   |  Feb 12, 2013 from Westminster, CO

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5 votes

Keith,

The PERA 401(k) plan is a true 401(k) as you are probably aware and runs along beside the PERA 457 plan, which many Colorado public employees also have the option to participate in. I wish I could answer for Brightscope as to why the data is not available, but my hunch is that because it is a state-sponsored plan, they may not be subject to the same filing requirements as a corporate 401(k) plan. Brightscope scrubs these filing documents to deliver data on plans to participants.

That said, the PERA website has done a fairly good job of disclosing investment performance information and fee information for the 401(k) plan. A full fee schedule for plan assets is here: http://bit.ly/TwNJNG and you can find performance information on the investment options in the plan here: http://bit.ly/TwNS3D.

A local CFP who works on an hourly basis may be able to help you better understand your investment options within the plan and an appropriate mix for your retirement assets. Best of luck.

Comment   |  Flag   |  Nov 30, 2012 from Denver, CO

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BrightScope Level 11

Keith,

Thanks for your question. In this case, it looks like this is a government plan which does not have the same filing regulations as other DC plans. BrightScope is only able to produce a rating for plans that file a full form 5500 filing and contain the corresponding audit report with a plan description and schedule of assets. So, unfortunately, we are not able to produce a rating without the appropriate documents.

If you find your company does not have a rating, you are able to provide us with the adequate data so we can produce a rating. On your plan's Rating Page you can click on three separate paths to get to the Plan Data Vault: (1) Click on the vault at the top of the right sidebar, (2) Click on the 'Provide Us with Data' hyperlink in the BrightScope Rating block, or (3) click the 'Need Additional Data' hyperlink within the Plan Component Ratings. The Plan Data Vault will list the documents that we need to rate your plan in priority order. You can also request a rating by emailing us at info@brightscope.com.

Comment   |  Flag   |  Feb 12, 2013 from San Diego, CA

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George Cones, JD Level 20

Mr. Matarazzo,

My guess is that the Colorado PERA plan you speak of is a public retirment defined-benefits plan; that means that you receive a benefit from the plan based some combination of age and years of service. So in a defined benefit plan you would receive a stream of payments (benefits). If you are in fact talking about a defined-contributon plan (where your money is segregated into your own account and invested in various fund investment choices), it is likely not a 401(k) plan, but a 457 plan or a 403(b) plan. A good place to start would be to ask for the plan(s) annual report and the summary plan description (if any).

Comment   |  Flag   |  Nov 27, 2012 from Wilmington, DE

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Daniel Glanville Level 10

Keith, as most of the others have said, the reason Brightscope doesn't rate PERA is that they are a government agency. Also, of note is that in general you cannot seek outside counsel on what to do with PERA or have an advisor work with you on those accounts. However, there are few firms/advisors that have an arrangement with PERA and the state of Colorado to work with an individual on their accounts/funds within the PERA system and offer advice to that individual on those those accounts and funds. These advisors are permitted to work with the defined contribution portion of the account, but not the defined benefit. There have been some issues with PERA in the past, but they are working hard to fix them by offering these greater investment/advisor choices.

Comment   |  Flag   |  May 15, 2014 from Colorado Springs, CO

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Alfred F Level 13

You can locate date on any 401k plan that files a Form 5500 from the following free website. You must register first and then you can search any plan. www.freeerisa.com This is the Free ERISA filing site that houses every form 5500 filed with the Dept of Labor. You can look up plans by name and state.

Comment   |  Flag   |  Nov 27, 2012 from Wayne, PA

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