PENSION FUND (PERA)
PERA Pension Plan (participation is mandatory)The Colorado Public Employees Retirement Association provides retirement benefits for public sector employees working in Colorado. You will not contribute to Social Security while employed as a SVVSD employee and so, will not receive Social Security benefits for your PERA-covered employment at the district. Every time you get paid, a portion of your paycheck is deposited into your PERA retirement account. The district also contributes to PERA and those dollars are invested by PERA and may provide a monthly pension check for you if you meet PERA’s age and service requirements. Your contribution is 11% of your monthly gross salary and the district matches with a 21.4% contribution. After working five years under PERA-covered employment, you become vested in the pension plan and are eligible to receive retirement payments once you reach retirement age. For additional information, contact PERA at 800-759-7372 or check out this short, informative video: https://vimeo.com/542751881 [vimeo.com]
PERAPLUS OPTIONAL RETIREMENT PLANS
Because your PERA Pension retirement income may not be enough to meet your retirement income needs, you are also encouraged to participate in the optional PERAPlus 401(k) and/or 457(b) plans. These plans allow you to save additional amounts up to the IRS elective deferral limit on a pre-tax basis (plus catch up contributions if you are age 50 or older) to invest and save for retirement. PERA also offers a Roth option that allows you to contribute on an after-tax basis. Earnings and qualified distributions are not taxed, upon withdrawal from the Roth option. For more information, please contact PERA at 800.759.7372 or online at copera.org.