Who is covered by PERA in Colorado?

Members of PERA include employees of the Colorado state government, public school teachers in the state, many university and college employees, judges, many employees of cities and towns, State Troopers, and the employees of many other public entities.

Does the state of Colorado match 401k contributions?

Most Colorado PERA members do not contribute to Social Security, so if an account is refunded, retirement savings for that period of employment are gone. If you have five years of earned service credit and you are not eligible for retirement, you will receive a 50 percent match on contributions and interest.

Do PERA employees pay Medicare taxes?

Reemployed retirees, or employees who retired under a PERA Phased Retirement Option, may not contribute to PERA on the post-retirement earnings, but they must pay Social Security and Medicare on those wages. With respect to the Correctional Plan, all members are subject to Medicare withholding.

Is Pera only in Colorado?

The Colorado Public Employees’ Retirement Association (PERA) provides retirement and other benefits to employees of the State of Colorado; all school districts; the judicial system; and numerous municipalities, special districts, and other local government entities.

How do I get my money from Pera?

Cash-Out Options You can roll the amount over into an existing IRA account or into a new employer’s retirement account if that plan will accept it. There is no federal or state tax liability when rolling over your account within 60 days. Your alternative is to take a lump-sum cash distribution from your account.

Can you collect Social Security and Pera at the same time?

Yes. There is nothing that precludes you from getting both a pension and Social Security benefits. But there are some types of pensions that can reduce Social Security payments.

Is Colorado PERA a lifetime benefit?

Benefit Options As a PERA retiree, you will receive a lifetime monthly benefit payment. You can also choose a benefit option that will continue to pay a person of your choice following your death. The person receiving the continuing benefit is called your cobeneficiary.

Can I roll my Pera into an IRA?

The majority of a refund from PERA normally consists of tax-deferred funds. With a few exceptions, this money can be rolled over to an IRA or to another tax-deferred employer plan that accepts rollovers. PERA can tell you what portion of your refund consists of tax-deferred funds.

Can I take money out of my PERA account?

You can cash out your PERA account when you stop working for your public employer. If you cash out before you reach 59 1/2 years old, it may trigger an early withdrawal penalty or income tax liability.

Can I cash out my Colorado PERA?

Can you withdraw from Colorado PERA?

You will pay taxes when you withdraw you PERA account, either as an ongoing monthly benefit or as a one-time payment if you refund your account. If you refund your account before age 59½, you may also be subject to a federal 10 percent early withdrawal penalty.

Is Colorado PERA better than Social Security?

As a Colorado PERA member, you do not contribute to Social Security,* so you are not earning Social Security benefits while working for a PERA employer. That benefit may be reduced because of your PERA membership. Your PERA benefit will not be reduced because of any Social Security benefit you receive.

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