Democratic candidate David Young has won the race to be Colorado's next treasurer. The former teacher and outgoing state representative defeated the Republican candidate, businessman Brian Watson.
Colorado Election Results
Young is a former teacher from Greeley. One of his biggest tasks will be to shore up the financial footing of the Colorado Public Employee Retirement Association, or PERA, which has a $49 billion portfolio and currently faces at least $32 billion in unfunded debt.
As treasurer, Young said he will oppose raising the retirement age for PERA enrollees. He said that would make filling empty state government jobs even harder.
“Making the retirement plan in the total compensation package even less attractive will only exacerbate the vacancy problem, and result in the inability to provide essential services to the citizens of Colorado,” Young said in response to a CPR News questionnaire.
Young also opposes freezing cost-of-living increases and replacing PERA’s defined benefit plan with a 401k-style plan. Rather, Young said he will find a “sustainable funding pathway our state’s retirees deserve.”
Young will replace Republican Walker Stapleton, who lost the campaign for governor.