How does PERA meet the needs of a modern workforce?
Here’s what most people don’t know about PERA’s retirement plan, and how it continues to be one of the most important benefits in the public service sector.
- Every PERA member receives more dollars than they put in—regardless of how long they have been a member.
- Members with less than five years of service credit can withdraw all of the money they contributed plus interest.
- Members with five years or more of service credit receive all of the money they contributed, as well as a 50 percent match on their contributions plus interest.
- Members who are retirement eligible and choose to refund their account receive a 100 percent match on their contributions plus interest.
- All members who leave PERA-covered employment but choose not to refund or roll over their contributions become eligible for a monthly PERA benefit at age 65.
- PERA provides the most income at retirement compared to any other retirement plan.
- Colorado public service employees value retirement security more than job benefits such as salary.
Recent research released by the National Institute on Retirement Security (NIRS) shows that:
- 82 percent of Coloradans believe the nation faces a retirement crisis.
- Younger Coloradans appear to be more nervous about the security of their retirement than those closer to retirement (44 percent compared to 31 percent), and perhaps as a result, willing to save more for the future.
- Almost seven in 10 Coloradans (69 percent) view retirement benefits as an extremely or very important job feature. About 65 percent say they are willing to sacrifice pay for guaranteed retirement income.
This infographic from NIRS further illustrates the rocky road Coloradans face when preparing for retirement.