PERA executive director, 56, dies in Hawaii
Greg Smith, the executive director of the Colorado Public Employees’ Retirement Association, died Tuesday night while on vacation in Hawaii with his family, the state pension system announced.
He was 56.
The Colorado native helped oversee, and later led, the pension fund through the most tumultuous period of its history, as a volatile economy, an aging workforce and ongoing funding shortfalls put PERA’s finances in peril on multiple occasions.
He became executive director in 2012, following stints as PERA’s chief operating officer and general counsel beginning in 2002. The state pension fund he led manages around $44 billion in assets, handling the retirement benefits of more than 566,000 current and former public employees — nearly 1 in 10 Coloradans.
“Colorado PERA and its membership have lost a true leader and dedicated servant to the public workforce,” Timothy O’Brien, who chairs the PERA Board of Trustees, said in a statement. “Those who knew Greg knew he loved his family, was a proud fourthgeneration Coloradan, and was fully dedicated to PERA and its members.”
In his first annual financial letter to PERA’s members after his promotion in 2012, Smith wrote, “I am honored to have the opportunity to serve our members and beneficiaries as executive director. I am proud to be a part of an organization with such a commitment to excellence and look forward to leading PERA through our future challenges.”
His tenure was marked by difficult challenges — both economic and political. After the housing market crashed, dragging the stock market and PERA’s investments down with it, Smith served as the No. 2 to then-director Meredith Williams when the system embarked on its landmark reform effort at the state Capitol, Senate Bill 1, in 2010.
Those legislative reforms succeeded in pulling PERA back from the brink of insolvency but ultimately proved inadequate to address a growing gap between money coming in and the retirement benefits it had promised to pay out.
Earlier this year, under Smith’s leadership, PERA’s board of directors recommended another round of austerity measures aimed at closing what is now a $32 billion financial gap. Smith has spent much of the months since gearing up for another major lobbying effort at the politically divided state legislature, hosting community meetings to educate members on the plan and working with lawmakers to generate political support.
Smith’s death was met with an outpouring of sadness from those who have worked with him over the years.
“Our hearts are very heavy today,” wrote Lynea Hansen, executive director of the Secure PERA advocacy group, in an email to retirees and public workers.
“Personally, I had the privilege of working very closely with Greg. He always made time for me to ask lots of questions and bounce some of my crazy ideas off of him. He was an amazing advocate for PERA and he was very supportive of Secure PERA and our efforts. He will be greatly missed.”
Walker Stapleton, the Republican state treasurer and candidate for governor who frequently sparred with Smith over PERA’s funding policies, offered a statement of condolence, as well.
“In spite of our sincere disagreements over policy, I always respected his work ethic and tenacity,” Stapleton said. “This is a terrible tragedy, and I send my deepest sympathies to Greg’s family during this difficult time.”
Smith’s death marks another major challenge for the embattled pension fund and its board of directors, which was already facing an uphill political battle to enact painful financial reforms in an election year.
In a news release, PERA spokeswoman Katie Kaufmanis said the association’s six chief officers and its executive team will run the pension’s daily operations until the board of directors names an acting executive director.
Smith was survived by his wife, Laura; and his sons, William and Austin; according to the news release.
Memorial arrangements are being planned and will be posted online at copera.org.