Basic Retirement Plans

Basic Retirement Plan Choices for New Employees

 

Retirement Plan Comparison

Understanding DC & DB Plans

FAQs

Retirement Choice Packet  (includes forms, updated Jan. 2009)

 

Important Information about Selecting Your Plan
-  Paper forms must be submitted to complete Retirement Choice.  Refer to the plans below or the Retirement Choice Packet above.
- State employees hired since 1/1/06, excluding employees of four-year colleges and judges, may enroll in one of the three retirement plans below.
- Community College employees hired on or after 1/1/08 may only enroll in either of the two PERA retirement plans. 
- You have 60 calendar days to make your retirement choice.  If you do not choose a plan, you will default to the PERA DB plan. 
- Your Retirement Choice is IRREVOCABLE.  Once you have made a choice, you cannot change your plan.

 

Your Retirement Plan Choices

Plan Name

How Managed

Retirement Benefit

Vesting* (Employee
Contributions)

Vesting* (Employer
Contributions)

State's Defined Contribution Retirement Plan (State DC)

Employee chooses investments based on risk tolerance

Dependent on employee / employer contributions and investment gains and losses

100%

100%

PERA Defined Contribution Plan (PERA DC)

Employee chooses investments based on risk tolerance

Dependent on employee / employer contributions and investment gains and losses

100%

50% immediately, 10% per year until 100% vested at five years

PERA Defined Benefit Plan (PERA DB)

PERA manages pooled investments

Based on formula using age at retirement, years of service and highest average salary.

100%

100% vested after five years of service

* Vesting is the amount you own or are eligible for at retirement or separation from employment.

 

More Retirement Plan Information
Retirement Choice Workbook  updated June 2008
Retirement Choice Policy  updated June 2008
Retirement Planning  (link to US Dept. of Labor site)
Windfall Elimination Provision  (WEP) Info (link to Social Security Administration)
WEP - If you work for an employer who does not withhold Social Security taxes from your salary, such as the State of Colorado, the retirement benefit you receive may reduce your Social Security benefits.  Review the information at the above WEP link. 
Government Pension Offset  (GPO) Info (link to Social Security Administration)
GPO - If you receive a retirement benefit from a federal, state or local government where you did not pay Social Security taxes, your spouse's, widow's or widower's Social Security benefits may be reduced.  Review the information at the above GPO link. 
Who is my human resources contact?

 

Additional Retirement & Investment Sites

College Savings
College Invest

Social Security

 

For more information about Benefits contact the DPA Benefits Unit.

 

Email comments to:  DPA Benefits