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Basic Retirement Plan
Choices for New Employees
Retirement Plan Comparison
Understanding DC & DB Plans
FAQs
Retirement Choice Packet
(includes
forms, updated June 2008)
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
Return to Retirement Page
Return to Benefits Page
For
more information about Benefits contact the
DPA
Benefits Unit.
Email
comments to: DPA
Benefits
These
documents may be presented in PDF format, which requires the Adobe®
Reader.
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Division of Human Resources