PERA Defined Benefit Plan
Retirement Choice Packet (includes forms, updated October 2008)
Summary of PERA DB Plan's Benefits
|How the plan
|Contributions are pooled and professionally managed in a variety of asset classes.|
|Benefit at Retirement||Lifetime retirement benefit received is based on formula using age at retirement, years of service, and highest average salary, or employee may elect to receive lump sum.||Retirement|
|REQUIRED Forms for ALL Retirement Plans||Social Security Release
Retirement Choice Release
Retirement Choice Election
|Investment Provider||Colorado PERA (1-800-759-7372)||Plan Benefits & Options||Web site||Enrollment form|
|Supplementing this Plan||State 457 Supplemental Retirement Plan or PERA's 401(k) Plan|
|Statutory Employee Contribution||8% of your pre-tax income is contributed to the retirement plan of your choice (10% for State Troopers).|
|Statutory Employer Contribution||State contributes 10.15% (12.85% for State Troopers) to the retirement plan of your choice.|
Note: The State does not manage any of the PERA products.
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?
For more information about Benefits contact the DPA Benefits Unit.
Email comments to: DPA Benefits