The state’s public pension could be underestimating the scope of its financial problems by billions of dollars, an independent review found, raising fresh concerns about the Colorado Public Employees’ Retirement Association and its tenuous finances. As a result, for the first time since a state pension overhaul in 2018, a legislative oversight panel is considering whether to recommend further reforms to the system, which manages the retirement benefits of more than 700,000 current and former public sector workers. The concerns stem from a steady drip of bad news this summer — an annual financial report in June showing that the pension’s finances deteriorated last year and an in
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