Get Can I Borrow From My Pera Account Colorado

DPS benefit structure You will pay taxes when you withdraw your PERA account, either as an ongoing monthly benefit or as a one-time payment if you refund your account. If you refund, there is a default federal tax withholding of 20% that can be increased using the IRS Form W-4R.

You are vested in PERA after 36 months of public service (60 months for members hired after June 2010). Being vested means you qualify for benefits at the minimum allowable age.

It can take up to 90 days after PERA receives the necessary documentation to receive your refund/rollover. What are my choices if I leave employment before I'm eligible to retire? You may leave your account with PERA for a future monthly benefit or rollover/refund your account.

(Effective January 1, 2023) * PERA DC Plan participants in the State Division have 10.15% of salary deposited in their account from employer contributions; the remaining employer contributions are deposited in the State Division Trust fund to pay off unfunded liabilities of the DB Plan.

» PERA does not withhold state tax, but you may be responsible for paying state taxes on the full amount when you file your state tax return for the year you receive the refund.

You are vested in PERA after 36 months of public service (60 months for members hired after June 2010). Being vested means you qualify for benefits at the minimum allowable age.

To withdraw your PERAPlus 401(k)/457 Plan accounts or PERA Defined Contribution Plan account, call Empower at 1-833-4-COPERA (1-833-426-7372).

The “Rule of 80” (or “Rule of 90” in MSEP 2011) simply allows some members with a lot of service to reach normal retirement age sooner than they otherwise would. Keep in mind that the longer you work, the higher your monthly pension payment will be.