DENVER — Following the loss of more than $10 billion last year, Colorado’s largest public employee retirement system now can meet only 51.8 percent of its obligations to retirees, a development that could mean higher deductions from government workers’ paychecks and greater taxpayer subsidies.

That fact was revealed Monday before a legislative panel reviewing an audit of the Colorado Public Employees Retirement Association, which had $41.4 billion in assets in December 2007.

But, according to a report presented Monday, PERA now has just $29.5 billion in assets and faces $27.5 billion in unfunded liabilities.

“These are horrendous times,” said Meredith Williams, executive director of PERA.

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Colorado Springs Utilities’ Xeriscape Demonstration Garden boasts more than 60 Plant Select plants ” those plants specifically chosen for the challenges of gardening in Colorado •” including Mesa Verde and Table Mountain Ice Plant (Plant Photo by Courtesy of Colorado Springs Utilities