The Denver Employees Retirement Plan (DERP) was established in 1963 to provide a defined benefit pension and post employment health benefits to employees of the city and county of Denver, Colorado. When the Denver Health and Hospital Authority (DHHA) was established in 1996, its employees joined the Plan; however, the Plan was closed to new DHHA members in 2001. The city and county of Denver and DHHA share responsibilities for all risks and costs of the plan. As of 12/31/12, the Plan held $1,781,633,331 in trust for the payment of pension benefits. The plan provides services to 8,175 active members and 8,045 annuitants. All active Plan members are required to contribute to Social Security while employed by the city, county, or DHHA. The Plan is governed by a five-member board, who serve staggered six-year terms and are appointed by the mayor of Denver. There is also a four-person nonvoting advisory committee of Plan members who serve three-year terms; three of them are elected by the Plan membership and one is appointed by the city’s Career Service Board. Amendments to the Plan must be enacted into ordinance by the Denver City Council and approved by the mayor.