PERA 401(k) Supplemental Retirement Plan
PERA's 401(k) Enrollment Information
Summary of PERA 401(k) Supplemental Plan's Benefits
| How Investments are Chosen | You choose specific investments depending on your investment knowledge and risk tolerance. |
| Benefit at Retirement | Your retirement benefit will depend how much you contribute to the plan and on the gains or losses of the investments you choose. |
| Eligibility | Only State employees who choose one of PERA's 2 basic retirement plans are eligible to participate in the 401(k) plan. |
| Plan Management | CitiStreet - Contact PERA at 1-800-759-7372 or visit copera.org for information on Investment Performance, Account Access, and Enrollment. |
| Min / Max Contributions | Minimum: No minimum Maximum: $15,500 for 2008; $16,500 for 2009 |
| Plan Fees | Monthly administrative fees range from $2.00 to $3.25 depending on account balance. Investment management fees apply to each fund selected. |
| Commission or Load Fees | None |
| Distributions | Age 59 1/2, retirement, separation from service (1) (2) |
| Penalty on early withdrawals before age 59 1/2 | Yes, unless rolled over to another tax-deferred account, life time monthly payments, or an exception applies. |
| Rollover Provisions | Rollovers between 457, 401(k), 403(b), IRA plans (3) |
| Loans | One per account balance for any reason |
| Active Service Withdrawals | For financial hardships or after age 59 1/2 |
| Purchase Service Credit | Yes |
| Catch-up Provision | Not available |
| Catch-up Provision age 50 and over (2007 / 2008) | Participants age 50 and over may make additional contributions of $5,500. |
(1) All withdrawals are subject to mandatory, 20% federal withholding income tax.
(2) A 10% federal tax penalty may apply to withdrawals made prior to age 59 1/2.
(3) Any monies rolled over from the 457 to any other plan may be subject to the 10% federal tax penalty for withdrawals made prior to age 59 1/2.
Note: This is only a summary. The actual terms of the above plan are governed by the legal plan documents and federal and state law. The State does not manage any of the PERA products.
More Supplemental Retirement Plan Information
PERA 401(k) Account Access
457 Account Access / Enrollment
Retirement Planning (link to US Dept. of Labor site)
Who is my human resources contact?
Additional Retirement & Investment Sites
College Savings
College Invest
Social Security
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For more information about Benefits contact the DPA Benefits Unit.
Email comments to: DPA Benefits