Participants
Established Past, Exciting Future
Colorado Retirement Association, formerly Colorado County Officials and Employees Retirement Association (CCOERA), has been providing best-in-class retirement plans and services to employees of Colorado counties, municipalities and special districts for more than 55 years. And we’re just getting started.
As you build your career, you’ve got an exciting future ahead. We’re dedicated to helping you reach your retirement dreams. You’re a part of a unique retirement plan that offers:
- Stability of more than 50 years of dedicated service to Colorado
- Personalized retirement counseling that is unmatched
- Flexible investing strategies that adjust to your needs and preferences
- Top-notch, institutional-class investment funds that are professionally selected and monitored
No matter where you are with your career and your retirement planning, we will help you manage savings and meet retirement goals.
1 | Register Your Online Account
Registering your online account is one of the best ways you can thwart bad actors and keep your retirement safe. Follow the steps below to secure your account, today!
2 | Confirm/Update Your Personal Information
Once logged into your online account, use the “I want to…” box on the righthand side of your account dashboard to complete the actions listed below.
You can return to this home/dashboard page at anytime by clicking the CRA logo in the top left corner of the screen while logged into your online account.
You will need to complete these actions below for each CRA retirement plan you have. Your accounts are listed on the lefthand side of your screen.
3 | Download the Mobile App
You can access your CRA online retirement account from your phone by downloading the mobile app. The app provides full functionality, including enhanced security settings, such as biometric identification and multi-factor authentication.
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Early Career
30+ Years to Retirement
Understand the basics of retirement, establish a budget, and set retirement savings goals. -
Mid Career
15-30 Years to Retirement
Evaluate your retirement savings plan, increase contributions, and start estate planning. -
Late Career
10-15 Years to Retirement
Determine your retirement point-of-choice, maximize contributions, and minimize debts. -
Retirees (current & soon-to-be)
Less than 5 Years from Retirement
Adjust to your new lifestyle, set up retirement income, and register for benefits.
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Retirement Income Planning
Find the tools to make sure your retirement income will sustain your retirement budget.
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Social Security Administration
CRA has highlighted relevant retirement planning tools and articles from the SSA website.
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Medicare
Information about Medicare plan costs, coverages, Medigap policies, and Assistance Programs.
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Frequently Asked Questions
We may already have an answer to that pressing question, ready and waiting for you on our FAQ page. If not, contact your CSM.
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Investment Learning Center
Understand the basics of investing and take control of your financial future.
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Financial Terms Glossary
Retirement administration is full of financial industry terms and jargon. Use this resource to better understand your retirement investments.
Plan Documents and Notices
457(b) Plan Forms
The BEST Investment
Is in Yourself!
Imagine yourself in retirement. Think about what you’re doing, who is joining you, and how old you are.
If you the retirement you imagined is significantly different from how you regularly live your life,
you should consider investing in your retirement vision.
CRA’s 457(b) plan is flexible, allowing you to make additional retirement contributions to achieve your retirement goals. Participation in the 457(b) plan is totally voluntary, so you can increase, decrease, start, or stop contributions at any time.
Download, complete, and submit the appropriate form, linked below, to your employer.
Click here to contact your Client Services Manager (CSM) for assistance.
457(b) Plan
Enrollment Form
Start making voluntary retirement contributions.
457(b) Paycheck
Contribution Election Form
Increase, decrease, restart, or stop
your voluntary retirement contributions.
IRS Annual Retirement Plan Limits
IRS annual contribution limits apply to the total contributions (pre-tax and/or after-tax) to a single plan type by both an employer and employee. Rollover contributions are exempt from the annual limits. Consult your tax advisor for guidance on how these and other limits apply to your specific situation.
| IRS Retirement Plan Limit | 2026 | 2025 |
|---|---|---|
457(b) Deferred Compensation Limits |
||
|
Regular Salary Deferral Limit (Under age 50) |
$24,500 |
$23,500 |
|
+ $8,000 |
+ $7,500 |
|
+$11,250 |
+ $11,250 |
|
|
$49,000 |
$47,000 |
401(a) Defined Contribution Plan Limit |
$72,000 |
$70,000 |
401(a) Defined Contribution Compensation Limit |
$360,000 |
$350,000 |
Social Security Taxable Wage Base |
$184,500 |
$176,100 |
¹Age 50 & Older Catch-up limit is available to plan participants who will turn age 50 or older during the year.
²Age 60–63 Catch-up limit is available to plan participants who will turn age 60, 61, 62, or 63 during the year. This limit is NOT available if you turn age 64 or older. | Read the FAQ Here.
³The Special 457(b) Catch-up contribution may allow a plan participant to contribute up to twice the regular salary deferral limit each year for the 3 years prior to your declared normal retirement age (as specified in the plan).
Only one type of catch-up limit can be used in any given year.
This material has been prepared for informational and educational purposes only and is not intended to provide investment, legal, or tax advice. Please consult your tax advisor for guidance on how these limits apply to your personal tax situation.
Colorado Retirement Association is not an investment advisor and does not make any representations nor guarantees as to the future performance, risk, or return of funds. This plan and its self-direction provisions are intended to constitute a plan similar to that described in section 404(c) of the Employee Retirement Income Security Act and Title 29 of the Code of Federal Regulations Section 2550.404c-1. The fiduciaries of this plan may be relieved of liability for any losses which are the direct and necessary result of investment instructions given by the employee.
Retirement Savings Contribution Credit
Employees may be eligible for a tax credit for making elective 457(b) retirement plan contributions. This tax credit, which can be used to offset regular income tax liability, is meant to encourage retirement savings by low and middle-income taxpayers. The credit amount is 50%, 20%, or 10% of elective plan contributions, depending on the taxpayer’s adjusted gross income and filing status. The maximum credit is $1,000. ($2,000 if married, filing jointly). Consult your tax advisor for guidance on how these and other limits apply to your specific situation.
| Tax Filing Status | 2025 Income Limit | 2024 Income Limit |
|---|---|---|
|
Married Filing Jointly |
$79,000 |
$76,500 |
|
Head of Household |
$59,250 |
$57,375 |
|
Single, Married Filing Separately, or Widow(er) |
$39,500 |
$38,250 |
Colorado Retirement Association is not an investment advisor and does not make any representations nor guarantees as to the future performance, risk, or return of funds. This plan and its self-direction provisions are intended to constitute a plan similar to that described in section 404(c) of the Employee Retirement Income Security Act and Title 29 of the Code of Federal Regulations Section 2550.404c-1. The fiduciaries of this plan may be relieved of liability for any losses which are the direct and necessary result of investment instructions given by the employee.
Plan Documents
CRA Documents
Investment Policy Statement
The purpose of this Investment Policy Statement (IPS) is to assist the Colorado Retirement Association (CRA) Governing Board (Board) in effectively supervising, monitoring and evaluating the investment options of CRA plan assets. The Board has the authority to establish and monitor the menu of alternative variable investment assets and oversee the investment of CRA Book Value assets.
CRA 401(a) Default Investment Policy
Your employer will automatically enroll you into the Colorado Retirement Association 401(a) retirement plan when you have met the eligibility criteria set by your employer. The 401(a) retirement plan is a defined contribution plan and you are responsible for personally selecting your investments.
Your contribution and your employer’s matching contribution will be automatically invested (defaulted based upon your age) into CRA’s target date portfolios (defaulted based upon your age) if you fail to make a conscious investment selection in the 401(a) retirement plan by not completing and signing the Enrollment Application form available through your employer.
You may change your investments or particular allocation at any time either through cra-online.org by logging into your account or by calling 800.352.0313.
What are target date portfolios?
Extensive details about CRA target date portfolios is available at cra-online.org/your-plans/investment-fund-details-and-options/#tdp-options.
TDPs are professionally designed to simplify investing by providing a convenient “cruise-control” alternative based on the current age of the employee participant and their anticipated retirement year.
The date in a target date portfolio’s name is the approximate date when investors are expected to start withdrawing their money (generally assumed to be at age 65). Following conventional retirement savings wisdom, target date portfolios for professionals in their early to mid-career are designed to grow savings, whereas the target date portfolios become more conservative the closer you get to retirement in order to reduce exposure to the risk of your investments losing money. It also manages the glide path after retirement to help meet ongoing income needs. The principal value of the funds is not guaranteed at any time, including on the target date.
These portfolios are created by CRA’s investment advisor, Innovest Portfolio Solutions, with oversight from CRA’s Board of Directors. The portfolios allocate assets and invest in securities believed to offer attractive risk and reward characteristics to meet the goals and objectives of each portfolio.
CRA target date portfolio advantages
- Age-based investment strategy designed to help you maximize your retirement savings potential over the course of your working years
- Diversification across different asset classes through a single investment path
- Continuous rebalancing and performance monitoring
- Automatic adjustment as you get older and near retirement age
In addition to your age or retirement date, you should consider other factors, including your risk tolerance, personal circumstances and complete financial situation. Please consult with your financial planner or investment advisor as needed. Please consider the investment objectives, risks, fees and expenses carefully before investing. Additional disclosure documents can be obtained from your registered representative or the CRA website. Please read them carefully before investing
Loan Policy Administration
CRA 401(a) Plan #98721-01
Article I. Eligibility
Section 1.01
Only active employees who participate in a deferred compensation plan or defined contribution plan that permits loans may request a loan. The participant must have a minimum vested account balance of $5,000.
Article II. Minimum and maximum loan amounts
Section 2.01
The minimum loan amount that a participant may request is $2,500.
Section 2.02
The maximum loan amount that a participant may request is $50,000 or 50% of the vested account balance – whichever is less. The $50,000 maximum loan amount is reduced by the highest loan balance during the past 12 months minus the loan balance on the date a new loan is made.
Section 2.03
If a participant has an outstanding loan through another qualified plan, 403(b) plan, or a 457 plan maintained by the same employer, the maximum loan amount available must be reduced by the highest outstanding loan balance during the past 12 months. The participant is responsible for ensuring that the aggregated loan amount on all plans sponsored by the same employer is the lesser of $50,000 or 50% of the vested account balance.
Article III. Number of loans permitted
Section 3.01
The number of loans a participant may have outstanding at one time is one (1).
Loans may be refinanced.
Article IV. Cost
Section 4.01
A loan setup and implementation fee may be assessed to the plan prior to loans being offered to participants. The loan setup fee may vary from plan to plan. The implementation department will determine any applicable loan setup and implementation fee.
Section 4.02
A loan origination fee in the amount of $75.00 shall be deducted from the loan amount.
Section 4.03
An administrative fee of $25.00 per year/per loan, deducted quarterly at a rate of $6.25 will be assessed to each participant’s account.
Section 4.04
If a participant requests their loan check to be sent express delivery, an additional $50.00 charge will be deducted from the loan check amount.
Article V. Loan Initiation
Section 5.01
Empower Retirement uses a two-step loan process. The first step of the loan process begins by the participant applying for a loan via paper, the Web site or KeyTalk®. The second step combines the Promissory Note and Loan Check into one document, eliminating the step of returning the signed Promissory Note prior to issuing the Loan Check. By endorsing the check, the participant agrees to the terms of the Note and the repayment obligation.
Section 5.02
Plans will be required to sign the Loan Administration Policy document prior to loans being made available. The signed Loan Administration Policy document will allow the participant to initiate and complete a loan request electronically without the plan’s signature. If a paper application is used, the plan must sign each loan application submitted by its participants or the plan will be required to sign a letter of instruction authorizing the processing of loan applications without an authorized plan signature.
Article VI. Distribution of loan amount
Section 6.01
Loan distribution amounts will be prorated across all available money types.
Article VII. Types of loans available
Section 7.01
A General Purpose Loan has a term of twelve to sixty (12-60) months. No reason or documentation (other than a signed promissory note) is required when a participant requests a General Purpose Loan. The interest rate for this type of loan is fixed for the life of the loan. The interest rate is 1% over the Prime Rate published in the Wall Street Journal on the first business day of the month before the loan is originated.
Section 7.02
A Principal Residence Loan has a term of sixty-one to one hundred eighty (61-180) months. This loan must be utilized for the purchase of a primary residence ONLY. The interest rate is 1% over the Prime Rate published in the Wall Street Journal on the first business day of the month before the loan is originated.
Article VIII. Interest
Section 8.01
Interest paid on loans is not income tax deductible.
Article IX. Payment Requirements
Section 9.01
Scheduled payments must be made by payroll deduction or in some circumstances by cashier’s check or bank money order. Loan repayments will be allocated to the participant’s account according to current allocation percentages.
Section 9.02
Basic Rules Regarding Loans to Ensure They Do Not Default
(a) Any amount paid out of a plan will be treated as a taxable distribution unless the plan loan rules under Code section 72(p) and the applicable Treasury regulations are followed.
(b) Payments must be made in level amortized amounts and must be made at least quarterly.
(c) Missed payments must be received prior to the end of the calendar quarter following the quarter in which the payment was missed.
(d) If a participant fails to make a loan repayment on time, and the missed loan repayment(s) is/are not made by the end of the following calendar quarter (or within the plan’s more restrictive cure period), the loan is in default and ceases to comply with section 72(p).
(e) The entire outstanding loan balance plus accrued interest at the time of the default is taxable to the participant as a deemed distribution.
(f) The plan loan rules under Code section 72(p) do not provide a mechanism to ignore missed payments or to reverse a loan that has already defaulted.
Section 9.03
Loans are in arrears and delinquent when any payment is missed. A late loan payment notice will be issued after the end of the calendar quarter in which the payment is delinquent. If all missed payments are not made by the end of the calendar quarter after the calendar quarter in which a payment is first missed such that the loan is totally paid up to date, the loan will be in default. In that event, the entire outstanding loan balance, consisting of the missed payments, all accrued but unpaid interest and the remaining principal, will be reported to the IRS as taxable income on a Form 1099-R for the year in which the loan default occurs.
Section 9.04
In addition, if a loan has not been fully repaid by the end of its term, the outstanding balance will be taxable and will be reported to the IRS on Form 1099-R as taxable income. There is no opportunity to cure a late payment once the term has expired. The payroll department will be notified of the final loan payment amount prior to the final payment due date.
Section 9.05
If the participant has a loan that defaulted at any time in the past, their eligibility for a new loan is revoked.
Section 9.06 Participants who leave service prior to the end of the loan term will be required to pay off the loan at severance of employment as provided by the plan. A former participant may avoid treatment of an unpaid loan as a “deemed distribution” and reporting of income to the IRS by paying the loan balance by the end of the grace period via a cashier’s check or money order. Non-payment will force a “deemed distribution” and reporting of taxable income in the year the “deemed distribution” occurs.
Section 9.07
When a participant takes a leave of absence of not longer than 1 year, either without pay from the employer or at a rate of pay that is less than the amount of the installment payments required under the terms of the loan, the plan should provide leave of absence information for a leave start and stop dates. The loan may be reamortized when the participant returns from leave to pay the loan in full by the maturity date of the loan. The entire outstanding loan balance, including all accrued but unpaid interest, will be reamortized.
Section 9.08
If the participant takes a military leave of absence, the interest rate on the loan will be reduced to 6%, during the period of military service provided the interest rate on the loan is greater than 6%. Loan payments must resume upon the participant’s return from military leave. The term of the loan may be extended by the term of the military leave. The entire outstanding loan balance, including all accrued but unpaid interest, will be reamortized.
Section 9.09
The participant’s outstanding loan balance will be offset upon receiving any type of distribution after severance of employment. As required by federal tax regulations, a participant’s defaulted loan will remain on the books until a qualifying event occurs, even though income has been reported to the IRS.
Section 9.10
Partial lump sum loan repayments, via a cashier’s check or money order, are permitted in order to catch up on a past-due amount or to reduce the principal amount of the loan. If a participant remits a partial payment, the loan payment amount will not change but the loan would be paid off earlier.
Article X. Early Loan Payoff
Section 10.01
A loan can be paid in full at any time, in the form of a cashier’s check or bank money order. The participant may obtain a loan payoff quote via KeyTalk®. The loan payoff quote is valid for 15 days from the date it is obtained.
Article XI. Outstanding Loan at Death
Section 11.01
All outstanding loan principal and accrued interest shall be treated as a distribution from the plan when Empower Retirement is notified of a participant’s death. A deceased participant’s loan may not be transferred or assumed by the participant’s beneficiary (ies). If a participant’s loan has not been repaid as of the date of the participant’s death, any distributions made from the deceased participant’s plan account will be made net of any outstanding loan obligations. The amount of the outstanding loan as of the participant’s date of death will be tax reported as a distribution to the participant or to the participant’s estate as applicable.
Article XII. Future additions
Section 12.01
Future tax laws regarding plan loans will be incorporated into this loan policy and the Promissory Note.
Article XIII. Enforcement
Section 13.01
Empower Retirement is required to enforce these rules. The loan policy and loan administration procedures have been developed to comply with the requirements of Internal Revenue Code section 72(p) and the federal Treasury regulations thereunder, as amended from time to time.
Loan Policy Administration
CRA 457(b) Plan #98721-02
Article I. Eligibility
Section 1.01
Only active employees who participate in a deferred compensation plan or defined contribution plan that permits loans may request a loan. The participant must have a minimum vested account balance of $5,000.
Article II. Minimum and maximum loan amounts
Section 2.01
The minimum loan amount that a participant may request is $2,500.
Section 2.02
The maximum loan amount that a participant may request is $50,000 or 50% of the vested account balance – whichever is less. The $50,000 maximum loan amount is reduced by the highest loan balance during the past 12 months minus the loan balance on the date a new loan is made.
Section 2.03
If a participant has an outstanding loan through another qualified plan, 403(b) plan, or a 457 plan maintained by the same employer, the maximum loan amount available must be reduced by the highest outstanding loan balance during the past 12 months. The participant is responsible for ensuring that the aggregated loan amount on all plans sponsored by the same employer is the lesser of $50,000 or 50% of the vested account balance.
Article III. Number of loans permitted
Section 3.01
The number of loans a participant may have outstanding at one time is one (1).
Loans may be refinanced.
Article IV. Cost
Section 4.01
A loan setup and implementation fee may be assessed to the plan prior to loans being offered to participants. The loan setup fee may vary from plan to plan. The implementation department will determine any applicable loan setup and implementation fee.
Section 4.02
A loan origination fee in the amount of $75.00 shall be deducted from the loan amount.
Section 4.03
An administrative fee of $25.00 per year/per loan, deducted quarterly at a rate of $6.25 will be assessed to each participant’s account.
Section 4.04
If a participant requests their loan check to be sent express delivery, an additional $50.00 charge will be deducted from the loan check amount.
Article V. Loan Initiation
Section 5.01
Empower Retirement uses a two-step loan process. The first step of the loan process begins by the participant applying for a loan via paper, the Web site or KeyTalk®. The second step combines the Promissory Note and Loan Check into one document, eliminating the step of returning the signed Promissory Note prior to issuing the Loan Check. By endorsing the check, the participant agrees to the terms of the Note and the repayment obligation.
Section 5.02
Plans will be required to sign the Loan Administration Policy document prior to loans being made available. The signed Loan Administration Policy document will allow the participant to initiate and complete a loan request electronically without the plan’s signature. If a paper application is used, the plan must sign each loan application submitted by its participants or the plan will be required to sign a letter of instruction authorizing the processing of loan applications without an authorized plan signature.
Article VI. Distribution of loan amount
Section 6.01
Loan distribution amounts will be prorated across all available money types.
Article VII. Types of loans available
Section 7.01
A General Purpose Loan has a term of twelve to sixty (12-60) months. No reason or documentation (other than a signed promissory note) is required when a participant requests a General Purpose Loan. The interest rate for this type of loan is fixed for the life of the loan. The interest rate is 1% over the Prime Rate published in the Wall Street Journal on the first business day of the month before the loan is originated.
Section 7.02
A Principal Residence Loan has a term of sixty-one to one hundred eighty (61-180) months. This loan must be utilized for the purchase of a primary residence ONLY. The interest rate is 1% over the Prime Rate published in the Wall Street Journal on the first business day of the month before the loan is originated.
Article VIII. Interest
Section 8.01
Interest paid on loans is not income tax deductible.
Article IX. Payment Requirements
Section 9.01
Scheduled payments must be made by payroll deduction or in some circumstances by cashier’s check or bank money order. Loan repayments will be allocated to the participant’s account according to current allocation percentages.
Section 9.02
Basic Rules Regarding Loans to Ensure They Do Not Default
(a) Any amount paid out of a plan will be treated as a taxable distribution unless the plan loan rules under Code section 72(p) and the applicable Treasury regulations are followed.
(b) Payments must be made in level amortized amounts and must be made at least quarterly.
(c) Missed payments must be received prior to the end of the calendar quarter following the quarter in which the payment was missed.
(d) If a participant fails to make a loan repayment on time, and the missed loan repayment(s) is/are not made by the end of the following calendar quarter (or within the plan’s more restrictive cure period), the loan is in default and ceases to comply with section 72(p).
(e) The entire outstanding loan balance plus accrued interest at the time of the default is taxable to the participant as a deemed distribution.
(f) The plan loan rules under Code section 72(p) do not provide a mechanism to ignore missed payments or to reverse a loan that has already defaulted.
Section 9.03
Loans are in arrears and delinquent when any payment is missed. A late loan payment notice will be issued after the end of the calendar quarter in which the payment is delinquent. If all missed payments are not made by the end of the calendar quarter after the calendar quarter in which a payment is first missed such that the loan is totally paid up to date, the loan will be in default. In that event, the entire outstanding loan balance, consisting of the missed payments, all accrued but unpaid interest and the remaining principal, will be reported to the IRS as taxable income on a Form 1099-R for the year in which the loan default occurs.
Section 9.04
In addition, if a loan has not been fully repaid by the end of its term, the outstanding balance will be taxable and will be reported to the IRS on Form 1099-R as taxable income. There is no opportunity to cure a late payment once the term has expired. The payroll department will be notified of the final loan payment amount prior to the final payment due date.
Section 9.05
If the participant has a loan that defaulted at any time in the past, their eligibility for a new loan is revoked.
Section 9.06
Participants who leave service prior to the end of the loan term will be required to pay off the loan at severance of employment as provided by the plan unless arrangements are made to continue repaying via coupons or automated clearing house deduction. A former participant may avoid treatment of an unpaid loan as a “deemed distribution” and reporting of income to the IRS by paying the loan balance by the end of the grace period via a cashier’s check or money order. Non-payment will force a “deemed distribution” and reporting of taxable income in the year the “deemed distribution” occurs.
Section 9.07
When a participant takes a leave of absence of not longer than 1 year, either without pay from the employer or at a rate of pay that is less than the amount of the installment payments required under the terms of the loan, the plan should provide leave of absence information for a leave start and stop dates. The loan may be reamortized when the participant returns from leave to pay the loan in full by the maturity date of the loan. The entire outstanding loan balance, including all accrued but unpaid interest, will be reamortized.
Section 9.08
If the participant takes a military leave of absence, the interest rate on the loan will be reduced to 6%, during the period of military service provided the interest rate on the loan is greater than 6%. Loan payments must resume upon the participant’s return from military leave. The term of the loan may be extended by the term of the military leave. The entire outstanding loan balance, including all accrued but unpaid interest, will be reamortized.
Section 9.09
The participant’s outstanding loan balance will be offset upon receiving any type of distribution after severance of employment. As required by federal tax regulations, a participant’s defaulted loan will remain on the books until a qualifying event occurs, even though income has been reported to the IRS.
Section 9.10
Partial lump sum loan repayments, via a cashier’s check or money order, are permitted in order to catch up on a past-due amount or to reduce the principal amount of the loan. If a participant remits a partial payment, the loan payment amount will not change but the loan would be paid off earlier.
Article X. Early Loan Payoff
Section 10.01
A loan can be paid in full at any time, in the form of a cashier’s check or bank money order. The participant may obtain a loan payoff quote via KeyTalk®. The loan payoff quote is valid for 15 days from the date it is obtained.
Article XI. Outstanding Loan at Death
Section 11.01
All outstanding loan principal and accrued interest shall be treated as a distribution from the plan when Empower Retirement is notified of a participant’s death. A deceased participant’s loan may not be transferred or assumed by the participant’s beneficiary (ies). If a participant’s loan has not been repaid as of the date of the participant’s death, any distributions made from the deceased participant’s plan account will be made net of any outstanding loan obligations. The amount of the outstanding loan as of the participant’s date of death will be tax reported as a distribution to the participant or to the participant’s estate as applicable.
Article XII. Future additions
Section 12.01
Future tax laws regarding plan loans will be incorporated into this loan policy and the Promissory Note.
Article XIII. Enforcement
Section 13.01
Empower Retirement is required to enforce these rules. The loan policy and loan administration procedures have been developed to comply with the requirements of Internal Revenue Code section 72(p) and the federal Treasury regulations thereunder, as amended from time to time.
Audit Report
December 4, 2025
To the Members of the Retirement Association:
It is with great pleasure that I have attached the annual financial report of Colorado Retirement Association (CRA), formerly CCOERA, for the fiscal years ended June 30, 2025 and 2024. The June 30, 2025 financial statements contained in the annual financial report were audited by Plante Moran.
CRA has continued to operate smoothly and efficiently throughout the changes over the past year and currently has approximately 250 member employers and 32,900 participants. As many of you are aware, the plan is governed by a seven-member Board of Directors. Through the efforts of the Board and staff I that this will be an understandable report containing relevant information that will enable employers and participants to better evaluate the CRA plans.
As always, if you have any specific questions about the financial statements, or general questions of the Retirement Association, please feel free to contact our offices.
Sincerely,
Timothy J. Mullen
Executive Director
CRA Fiscal 2025-2026 Budget
| Budget Item | Amount |
|---|---|
| Interest | $294,000 |
| Administrative Fees | $5,600,000 |
| TOTAL INCOME | $5,894,000 |
| EXPENSES | |
| Board Expense | $59,000 |
| Professional Dues & Publications | $10,000 |
| Consultants | $180,000 |
| Personnel Services | $2,429,000 |
| Benefits | |
| Payroll Taxes | $180,000 |
| Insurance | $476,000 |
| Other Benefits | $288,350 |
| Accounting & Audit | $80,000 |
| Computer Maintenance | |
| Consulting/Support | $25,000 |
| Repairs | $2,000 |
| Contract Management System | $20,000 |
| Website Maintenance | $35,000 |
| Software Upgrades/Support | $3,900 |
| Computer Maintenance - Other | $5,700 |
| Record Keeping - Empower Retirement | $1,100,000 |
| Business Insurance | $103,000 |
| Legal Services | $76,000 |
| Postage | $5,100 |
| Building Operational Expenses | $47,700 |
| Office Supplies & Equipment | $19,000 |
| Telephone | $27,000 |
| Travel - Staff | $130,800 |
| Education & Seminars | $13,000 |
| Marketing/Communications | $127,950 |
| Client/Member Services | $17,000 |
| Depreciation | $112,000 |
| TOTAL EXPENSES | $5,572,500 |
| BUDGETED NET INCOME | $321,500 |
Fund Changes
As part of the ongoing process of evaluating and monitoring the investment options in the core menu as well as in the target date portfolios, the CRA Board of Directors, with the recommendation of their investment consultant, Innovest Portfolio Solutions, will make changes to CRA’s investment options.
As the CRA plans continue to grow, new investment vehicles have become available that give CRA access to effectively the same strategy as the mutual funds currently offered at a lower cost. The two cost-saving opportunities that also meet various investment diligence criteria are listed in the table below.
As your retirement plan provider, CRA has a fiduciary responsibility to evaluate fees associated with the plan on a regular basis. With guidance from our investment advisor, Innovest Portfolio Solutions, and directed by our Board of Directors, CRA works to deliver on this responsibility in a variety of ways, including:
- Prudently selecting investment options – The CRA investment lineup is carefully curated to offer a variety of options to choose from with difference risk/potential reward characteristics. These funds have been through a due diligence process looking at both qualitative and quantitative aspects of each investment.
- Offering institutional-class funds – Similar to shopping wholesale, CRA leverages the bargaining power of its $1.7 billion in assets to offer many of these funds at a lower cost, when available, than employee participants could attain as individual investors.
- Measuring against industry benchmarks – Individual fund management fees, as well as plan administrative fees, are regularly evaluated against applicable benchmarks and similarly sized plans to ensure costs are reasonable and justified.
- Making share class changes when optimal – CRA continually looks for opportunities to shift to lower fees and better institutional share-class securities to help maximize returns for participants.
Mutual funds typically offer a variety of share classes. These share classes have the same investment objective and the same investment strategy with the same risk/potential reward characteristics; however, each class has a different fee structure which impacts their performance. The three share class changes that CRA announced recently represent changes in these fee structures within institutional classes. Given the bargaining power that comes with having $1.7 billion in assets, CRA is able to offer institutional-class funds across its portfolio. Institutional shares, which are only available to qualified investors, generally offer lower expense ratios that in turn reduces the cost of owning a fund.
Mutual Funds
Mutual funds are available to a variety of investors and can be offered outside of retirement plans. You may be invested in mutual funds in your outside investment or brokerage accounts as well as your retirement plan accounts. Mutual funds are valued daily and are pooled investments, meaning your investment is part of a larger pool of money, combined with all others who are invested in that mutual fund. Mutual funds have ticker symbols, a unique identifier, that makes it easy to find information online on a variety of websites for the fund you are invested in. Mutual funds are regulated by the Securities and Exchange Commission (SEC).
Collective Investment Trusts (CITs)
Collective Investment Trusts (CITs) are only available to qualified and certain governmental retirement plans. Because of this, they are regulated differently than mutual funds. They fall under the jurisdiction of the state and the Office of the Comptroller of the Currency. It is cheaper to register with these entities compared to the SEC, which is one major reason these vehicles are offered at a lower cost. CITs have become common in large retirement plans such as CRA. CITs, like mutual funds, are valued daily and are pooled investments, meaning your investment is part of a larger pool of money, combined with all others who are invested in that CIT. CITs do not have tickers, but they do have CUSIPs, another type of unique identifier. Information on CITs can be difficult to find online, however, there will always be information available on Empower’s website for the CIT.
Institutional Separate Accounts (ISAs)
Institutional Separate Accounts (ISAs) are only available to institutional investors such as retirement plans. CRA’s ISA is sponsored by the plan recordkeeper, Empower, and offered on their platform. ISAs have become common in large retirement plans such as CRA. ISAs, like mutual funds and CITs, are valued daily and are pooled investments, meaning your investment is part of a larger pool of money, combined with all others who are invested in that ISA at Empower. ISAs do not have tickers or CUSIPs. Information on ISAs can be difficult to find online, however, there will always be information available on Empower’s website for the ISA. ISAs are regulated by state insurance departments.
CRA Book Value Fund
The CRA Book Value Fund is designed to give you steady income while keeping your original investment (your “principal”) safe. Its goal is to earn more than what similar U.S. government bonds would pay, but without taking big risks. The fund is made up of different types of investments like U.S. Treasury bonds, corporate notes (loans to companies), money market instruments (very low-risk, short-term investments), and Guaranteed Investment Certificates (GICs). When you invest in this fund, your money is combined with money from other investors — like a mutual fund. The total value of the fund is updated daily. This fund is built to reduce the ups and downs that often happen with other types of bond investments when interest rates change. The top priority is protecting your money while still earning a steady return.
Fund Changes Effective: June 30, 2026
| Old Investment Vehicle | New Investment Vehicle | Similar Investment Style & Objective | Offered in Core Menu | Offered in Target Date Funds | Rationale | |
|---|---|---|---|---|---|---|
| N/A | Hood River SMID Cap Growth (438857203) (Collective Investment Trust (CIT) Vehicle) | N/A | Yes | No | Additional opportunity to diversify in the small and mid cap growth segments of the U.S. stock market. The new investment vehicle is a Collective Investment Trust (CIT). An explanation of CITs is listed below. The CIT implements the same strategy as its mutual fund counterpart, Hood River New Opportunities (HRNRX). |
Fund Changes Effective: July 31, 2026
| Old Investment Vehicle | New Investment Vehicle | Similar Investment Style & Objective | Offered in Core Menu | Offered in Target Date Funds | Rationale | |
|---|---|---|---|---|---|---|
| Artisan Mid Cap (APHMX) (Mutual Fund Vehicle) | Artisan Mid Cap ISA (VAUSA0Q19Z) (Institutional Separate Account (ISA) Vehicle) | Yes | Yes | Yes | The new investment option mirrors the old investment option, following the same strategy with the same portfolio management team, and is offered at a lower cost. (0.98% to 0.66%) The new investment vehicle is an Institutional Separate Account (ISA). An explanation of ISAs is listed below. |
Investing involves risk, including possible loss of principal.
Colorado Retirement Association is not an investment advisor and does not make any representations nor guarantees as to the future performance, risk, or return of funds. This plan and its self-direction provisions are intended to constitute a plan similar to that described in section 404(c) of the Employee Retirement Income Security Act and Title 29 of the Code of Federal Regulations Section 2550.404c-1. The fiduciaries of this plan may be relieved of liability for any losses which are the direct and necessary result of investment instructions given by the employee.
Making Withdrawals
Once you have retired or separated from employment with a CRA member employer and if you want to withdraw from your CRA account, you have three options.
To pursue any of these options, complete the CRA Separation from Employment Withdrawal Request form, which can be accessed through the account portal or by calling 800.352.0313.
Withdrawal strategies
Withdraw what you need
We recommend this option as it enables you to access your income when you need it while also keeping the remainder of your earnings secure and working for you. You can set up systematic distributions with specific distribution amounts, and control how much you need every time. And there’s no cost to set up periodic withdrawals with CRA.
If you want to withdraw the full account balance, be aware that there could be tax impacts as a result of the IRS Mandatory Withdrawal requirement, which requires 20% from the withdrawal to be sent to the IRS and applied against your income taxes. (Tax withholding regulations vary with periodic withdrawals. It’s important to review withdrawal strategies with a tax advisor.)
On top of that, you may be subject to a 10% early withdrawal penalty (on the full amount, not the remaining 80%!) when you file taxes if you make a withdrawal prior to age 59½.
While you can essentially set up annuitized withdrawals at no cost with CRA, you may choose to purchase an annuity product through an annuity income provider for a guaranteed stream of income.
To do this, you would roll over a portion of your CRA funds and open an Individual Retirement Account with an annuity provider. Read more about income annuities here
If You're Nearing Retirement
Congratulations, your retirement is in view!
As you begin exploring distribution options for your retirement income, reassessing your goals and understanding how much you will need are the first steps to decide which option makes the most sense for you.
If you decide to make a withdrawal, we’re here to help.
You are not alone if you do not know these numbers. Getting answers requires some detailed calculations. Your CRA account portal features a range of retirement planning calculators to help you get a rough idea.
Within six to 12 months prior to your anticipated retirement date, it’s best to contact CRA to meet with our client services team. CRA offers a range of distribution options for retirees to meet your unique goals and needs. We can discuss these options in detail and help you determine how long an income stream will last based on specified or changing amounts, and an assumed interest rate.
Required Minimum Distributions (RMD)
IRS Required Minimum Distribution is an annual calculation based on account balances and IRS-defined life expectancies for the current year. Generally, beginning the year you turn 73, you must begin to withdraw RMDs from your retirement accounts, unless you are still working at that time.
RMD amounts change every year and are required every year after the aforementioned threshold is met. Also, employer retirement plans can each have their own RMDs, for instance both for your 401(a) CRA account as well as your 457(b) account, if applicable. You cannot pool these RMDs and have them withdrawn from only one of the accounts.
To help make your money last, avoid taking out more than the required minimum and what you need now. It is also important to remember that RMDs may be taxable, and withdrawals could count toward your total taxable income for the year the withdrawal was completed.
CRA offers two options for RMD distributions:
CRA can calculate your RMD amount for either a one-time or periodic distribution. Just complete the CRA Required Minimum Distribution Request Form, which can be accessed through the account portal or by calling 800.352.0313
Your CRA Retirement Plans
CRA retirement plans are designed exclusively for employees of Colorado counties, municipalities, and special districts. Employers may offer one or both types of these plans to their employees.
CRA’s two retirement plan types are the 401(a) government employee retirement plan and the 457(b) deferred compensation plan. To learn more about the unique aspects of these plans, review the information below. If you have any questions or would like to make changes to your current plans, contact a CRA Client Services Manager for assistance.
401(a)
Defined Contribution Money Purchase Pension Plan
The CRA 401(a) plan is a unique retirement plan especially designed to help employees of Colorado local governing bodies reward themselves for their years of service and enjoy their retirement.
457(b)
Governmental Deferred Compensation Plan
The 457(b) plan is voluntary. You can choose to start, stop, increase or decrease contributions at any time. Since investing experts today recommend putting between 15% and 20% of current income toward retirement, the 457(b) plan enables employees to augment the savings they are putting toward retirement beyond their 401(a) plan.
Key Features
401(a) Contributions are Automatic
Both employer and employee contributions are mandatory to ensure consistent savings and help you realize your retirement goals. The details regarding the employer contribution amount and requirements for employees to participate are specified in each employer member’s participant agreement.
Contributions Amounts are Defined
The contribution amount is set for an employee’s 401(a) plan by the employer.
Once set, that amount does not change for the duration of that employee’s employment, or until the member employer adopts a new participation agreement with new elections.
Some member employers allow employees to choose the employee contribution amount within specific limits. In that case, if an employee does not actively choose a contribution amount, the employer will automatically deduct a specified amount (typically a percentage of compensation) from the employee’s paycheck toward the 401(a) plan, and that amount will not change until the aforementioned criteria is met.
457(b) Contributions are Voluntary
The 457(b) plan is completely voluntary. You can choose to participate at any time, and you can decide when you want to increase or decrease your contributions.
Participants can contribute up to 100% of their salary, provided it doesn’t exceed the IRS stated dollar limit for the year. Read the section below for more details about IRS contribution limits.
Contribution Amounts May Be Changed
Employees are allowed to opt-in, opt-out, increase or decrease their 457(b) contributions at-will.
401(a) Vesting Varies
With the CRA 401(a) plan, your employer contributes toward your retirement savings in addition to the contributions that are automatically deducted from your paycheck.
Most employer members offer a vesting schedule to encourage employees to build tenure within their organization.
If an employee leaves the organization before they are fully “vested,” a percentage of the employer contributions into their CRA account is forfeited – unless the employee begins employment at another CRA member employer within 30 days of leaving the prior member employer.
457(b) Contributions are Immediately 100% Vested
All employee participants are immediately 100% vested in their 457(b) plan.
401(a) Contributions are Typically Made Pre-Tax
All employer contributions and investment gains are tax-deferred, and most employee contributions are before-tax. Those contributions and their earnings are not taxed until money is withdrawn.
457(b) Contributions may be Pre-Tax or ROTH After-Tax
Ability to reduce taxable income
You determine the amount you want to contribute. You can choose either a pre- or after-tax 457(b) plan. If you choose the pre-tax plan, you will inherently reduce your current taxable compensation. In some cases, this might place your income in a lower tax bracket. You may want to consult with a tax advisor before making your decision.
Tax-deferred earnings
When you choose the pre-tax 457(b) plan, your earnings are reinvested and are not subject to taxes during this phase. You will be responsible for paying income taxes on your savings when you make a withdrawal.
Alternatively, if you choose the after-tax 457(b) plan, you will not pay tax penalties when you withdraw your earnings because you have chosen to contribute a portion of your current after-tax compensation toward your 457(b) plan.
Contribution credit
Eligible employee participants may be able to use the IRS Retirement Savings Contribution Credit, a tax credit based on retirement plan contributions designed to encourage low and middle-income taxpayers to save for retirement. The credit amount depends on your filing status and adjusted gross income and changes each year as set by the IRS.
401(a) Distributions
Eligibility to access your savings through a distribution begins once you retire or leave your employer. It also may be accessible for people with a disability, or to designated beneficiaries if an employee participant dies. Some employers also allow employees to take out a loan on their retirement account.
It’s important to know that you don’t ever have to close your CRA account – even after you retire. It’s advantageous to keep your CRA account so you can continue investing, postpone taxes assessed on those earnings and keep growing your savings through compound earnings.
However, no further contributions are permitted after you retire. We offer many flexible distribution options so you can choose how much you want to withdraw and when, while also allowing the remainder to remain secure and to continue growing for you.
457(b) Distributions
Unlike other retirement plans such as 403(b) and 401(a) accounts, participants can withdraw from 457(b) plans without penalty, regardless of your age, provided you meet distribution eligibility requirements. Remember though, a distribution from a deferred compensation plan may be subject to income tax assessments.
Just like other retirement plans, you need to start taking distributions, called required minimum distributions, or RMDs, from your 457(b) plan by the age of 70½ if you are not still working at that time, although you do not have to liquidate the account at that time.
401(a) Rollover Benefits
You can rollover a range of other retirement income into your CRA account. Types of plans that you can move into your CRA account include: 401(a), 401(k), 403(b), 457(b) and most IRAs.
Click here to read about the benefits of putting all of your retirement savings in one place.
457(b) Rollover Benefits
You can move other retirement plan savings into your 457(b) plan in order to maximize potential compound earnings, simplify your plan management and get a more complete picture of your total retirement savings.
401(a) CRA-Provided Plan Benefits
Specialized Individual Counseling
Our certified retirement counselors are dedicated to helping you reach your retirement goals. We offer one-on-one counseling meetings to answer questions about your retirement accounts and provide resources for smart financial management.
Flexible investing strategies
We recognize that while some might consider themselves to be knowledgeable investors, others might be less comfortable choosing investments. That’s why we offer both automatically allocated “target date portfolios” as well as a wide range of individual funds to select.
Best-in-class Investment Funds
With a CRA 401(a) plan, you have access to a full portfolio of investment funds, all of which are institutional class and have been selected for their performance and rate of return by our Board of Directors with guidance from Innovest Portfolio Solutions, a Denver-based registered investment advisory firm.
Competitive fees
As a not-for-profit organization, CRA’s focus is on helping our members save and invest for the future. Our low-cost fiduciary service fees allow you to make the most of each contribution.
457(b) CRA-Provided Plan Benefits
Distribution and withdrawals
Unlike other retirement plans such as 403(b) and 401(a) accounts, participants can withdraw from 457(b) plans without penalty, regardless of your age, provided you meet distribution eligibility requirements. Remember though, a distribution from a deferred compensation plan may be subject to income tax assessments.
Just like other retirement plans, you need to start taking distributions, called required minimum distributions, or RMDs, from your 457(b) plan at a certain age if you are not still working at that time, although you do not have to liquidate the account at that time.
457(b) Special Provisions
Special Catch-Up Limits
For three years before the normal retirement age specified in your 457(b) plan, you may be eligible to contribute up to twice the annual limit. Or, you may be able to contribute the standard annual limit plus the amount of the standard limit not used in prior years (this cannot be used in combination with other catch-up contributions).
Retirement Savings Contributions Credit
The IRS Retirement Savings Contributions Credit provides a tax credit for voluntary contributions or elective deferrals to eligible retirement savings plans, such as the CRA 457(b) plan. The amount of the credit depends on your tax filing status and adjusted gross income. The amount of the tax credit can be determined by completing IRS Form 8880.
Consult your tax advisor for guidance on how these and other limits apply to your tax situation.