Colorado's public employee pension fund netted a 7.3 percent return on its investments last year, according to its annual report.
But while the Public Employees' Retirement Association earned $3 billion in 2016, its unfunded liabilities grew to more than $32 billion.
The Denver Post reports Saturday that those obligations are up 20 percent after PERA lowered investment return expectations in November.
Lawmakers are expected to examine the fund's growing liabilities in next year's legislative session.
PERA provides retirement benefits to 568,000 current and former public employees.
